German luxury car maker BMW launched its pre-owned car business in India, pharmacy BMW Premium Selection, that offers used cars from the brand from as low as Rs 16 lakh (around $30,700).
The company estimates BMW Premium Selection to account for up to 10 percent of its total sales in India.”Till October this year we have sold a total of 8,042 cars in India, accounting for 40 per cent of the luxury car market. With the BMW Premium Selection, we are looking to enhance position,” BMW India president Andreas Schaaf told the press. “We expect the used car business to be about 10 per cent of new car sales,” he added.
Pricing of used BMWs compared to new models will be favourable to customers, the executive said. “For example, a 3 Series sedan with three years of usage can be available for up to Rs 16 lakh as against Rs 24 lakh for a brand new one,” Schaaf detailed.
Pre-owned BMWs will be available in seven exclusive BMW Premium Selection dealerships across India. “The number of dealerships will be increased gradually as we go along in the next one to one-half years,” BMW India president added.
In order to boost sales, BMW is offering 13 percent finance rate on purchase of its pre-owned cars through its financial arm BMW Financial Services.