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BUSINESS AT the secondhand car market in Sector 7 has suffered following the government’s decision to demonetise Rs 500 and Rs 1,000 notes. Dealers say that not only has the business come to a standstill due to unavailability of cash but visits by prospective customers have also come down.
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Cars are put on display at the secondhand car market every Sunday. “The new decision has caused a heavy dent to our business. Generally, almost every dealer used to sell six to seven cars every Sunday. This is now down to one or two,” said Rajinder Rawat, a dealer.
The car market has a total of 43 shops and each dealer can put up a maximum of 15 cars on display for sale. The majority of the car dealing business was being done in cash and now the market has come to a halt after the demonetisation decision.
“First, there is no customer at the market. Secondly, people are asking for concession which the dealers can’t afford to give, and they come with old currency notes,” said Jatinder Singh. “Until 4 pm today, not a single car has been sold in the 43 shops that are set up in the bazaar.”
President of the car market Gulshan Kumar has a similar story to tell. “The state of affairs is such that we are taking Rs 8,000 as an advance payment from customers for a car worth lakhs. People are making requests for delaying payments.”
“Today I visited almost 12-13 ATM machines for withdrawal of cash just to have money in my pocket,” said a dejected Gulshan.