Stakes of pre-owned luxury cars going high in Kerala

Arshad Cocktail is a textile businessman based at Nedumangad.
Actor Prithviraj receives the key of the 2019 model Lamborghini Urus
Actor Prithviraj receives the key of the 2019 model Lamborghini Urus

THIRUVANANTHAPURAM: Arshad Cocktail is a textile businessman based at Nedumangad. When he planned a major expansion of his business five years ago, he faced hurdles in getting the capital as credit. In 2019, Cocktail bought a pre-owned Benz S-Class car.

“Suddenly, I was treated better by creditors who offered me loans at lower interest rates than what they had offered a few months before. During corporate meetings, other businessmen began to listen to me seriously,” Cocktail told TNIE.

He firmly believes that what has added to his trustworthiness was the decision to buy a Benz. “As a person, I haven’t changed at all. The business proposals are also old. But the perspective of those around has changed,” he said.Cocktail is a member of the fast-increasing breed of pre-owned luxury car buyers in the state. In the last three years, he bought five pre-owned luxury cars.

The latest one is a Land Rover Discovery. In January this year, Royal Drive, a pre-owned luxury car showroom in Kochi, bought a seven-year-old 560 model Lamborghini from then former India cricket team captain Virat Kohli and the car was sold within a few days.

“There are many customers who are willing to shell out lakhs of rupees to buy pre-owned cars. If the car is pre-owned by a celebrity, there will be a premium on the price too’,” said Mujeeb Rahman, MD, Royal Drive.

One of the latest purchases by actor Prithviraj Sukumaran is also a pre-owned car. Prithviraj bought a pre-owned 2019 model Lamborghini Urus, an SUV, from Royal Drive. Rahman says Royal Drive which has showrooms in Kochi and Kozhikode will soon launch operations in Thiruvananthapuram too as there is a surge in demand. “What makes customers including celebrities chase pre-owned luxury cars is mostly the comfort quotient of such vehicles. Safety factor is also there. Most importantly,you are getting a machine which will make onlookers’ eyes sparkle when you drive past them,” said Lekshmi C Pillai, an automobile reviewer and vlogger.

With Covid and economic slowdown impacting all sections of people, demand for cheaper variants of premium goods increased in all sectors. The prices of luxury cars depreciate sharply and a five-year-old luxury car can be owned by spending 50% to 60% of the price of a new variant. ‘If jewellery acts as a status symbol for women, it is a luxury car from a classic brand for men,” said Lekshmi. The status symbol factor ensures that the market will continue to thrive.

Mohammed Shan, marketing manager at Link 4 U, another successful pre-owned car showroom in Kerala, said there is more demand from people from the middle-income group for luxury cars nowadays.“Buyers from the group naturally prefer pre-owned luxury cars. Most of them look for the driving experience that such cars provide. Safety is another factor that attracts more people to luxury cars,” he said. “Moreover, you can buy a pre-owned luxury car at the price of a new premium sedan made by an Indian manufacturer,” he said.

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