The second hand vehicle trading service market was valued at US$ 647.3 million in 2018, and is expected to reach US$ 1,360.1 million by 2027, according to a new market research report, Global Second Hand Vehicle Trading Service Market, by Vehicle Type (Passenger Cars (Hatchback, Sedan, SUV),Light Commercial Vehicles, Heavy Commercial Vehicles), by Fuel Type (Petrol Vehicles, Diesel Vehicles, Electric Vehicles and Others), by Sales Channel (OEMs/Direct Sales, and Third Party Services), by Mode of Sales (Online and Offline), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), published by Coherent Market Insights.
Second hand vehicles are owned previously by one or multiple retail owners. These vehicles are also known as pre owned vehicles or used vehicles. The second hand vehicle trading services market has increased significantly in recent years. The introduction of organized players in this market has propelled the growth of second hand car trading services market globally. These organized players provide certified, well maintained vehicles with extended service warranty to their customers. Moreover, to attract customers, the second hand vehicle trading service providers offer attractive discounts, which is also expected to fuel the market growth in the near future.
In addition to this, various OEMs across the globe have started their own used cars trading services to cater to consumer demand. For instance, Mercedes Benz trades its certified used cars through its own sales channel. The Mercedes Benz provides extended warranty of one year for a used vehicle if the vehicle is sold before four years of registration.
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