Midsize SUV Market Landscape
The midsize SUV segment, commonly known as the ‘Creta segment,’ is heavily influenced by the Hyundai Creta, which remains a bestseller despite its price range of Rs 11-20 lakh (ex-showroom). This success highlights Hyundai’s strong market presence. Competing brands, including Kia Seltos, MG Astor, Skoda Kushaq, Volkswagen Taigun, Honda Elevate, Citroen Aircross, Toyota Urban Cruiser Hyryder, and Maruti Grand Vitara, are attempting to capture market share. This study examines how these models perform within the used car sector.
Resale Value Insights
Comparative Depreciation Patterns
The Hyundai Creta, thanks to its robust brand reputation, holds significant value in the used car market. Notably, the diesel-automatic variants demonstrate the most stable depreciation rates over a four-year period. Its counterpart, the Kia Seltos, shows a similar trend, although it is noteworthy that three-year-old Seltos models experience less depreciation compared to the corresponding Creta models. Generally, used diesel variants of both the Creta and Seltos retain their value better than petrol models.
In contrast, newer entrants in the market, such as the Skoda Kushaq, Volkswagen Taigun, and MG Astor, display akin depreciation trends among themselves. One-year-old Honda Elevate models maintain slightly better resale values than the previously mentioned models, although it is premature to draw definitive conclusions given their recent introduction. Additionally, due to insufficient transaction data, the Maruti Grand Vitara, Toyota Urban Cruiser Hyryder, and Citroen Aircross were not included in this analysis.
Collaboration with Spinny for Resale Value Analysis
This study results from a collaboration between Autocar India and Spinny, a prominent used car platform operating in 22 cities across India, including Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, and Indore. Spinny provided average selling prices (ASP) based on actual sales transactions of 21,944 cars sold through its network during the 2024 calendar year. For clarity, if a model had multiple engine types of the same fuel category or several variants, these were combined and averaged. Depreciation rates were calculated by assessing the percentage difference between a car’s on-road price at the time of manufacture and its resale price in 2024.
