As the years pass, the second-hand cars market is also being transformed from an unorganized system to a little manageable one. Yes! Unlike the US, China, the UK, Germany, and France, the Indian used car market is also in the queue for growth. In FY 2021-2022, 4.4 million pre-owned cars were sold in India. It is estimated to rise 19.5% till FY 2026-2027.
The biggest steal on purchasing a car from used has many more chances to save money. Yes! Only if you know what suits your pocket and needs. Before you proceed, before making decisions, explore used cars online like on Droom, or with dealers to understand better. What strikes next? If second-hand cars are worth or worthless. Well, to know about it, read the blog below.
The Pros of Buying a Used Car
Let’s make your investment in any of the Used Cars a sense, with descriptive pros next.
1. Price Efficiency: That’s very true. The car’s actual value decreases with its first start, so buying a used one can be good. It is cost-efficient over the new car’s value depreciated rate of almost 50%. This means that a year-old car that is good in condition will let you save 20% of its original cost. Such a profitable deal.
2. Available Variants: The availability of different brands of cars and models can be an exciting deal in used cars, of course. You can easily look for variants and compare on best price offers too. It is important to search well for top second-hand cars and remember to evaluate their resale value.
3. Lesser Loan Amount: The easy efficiency of loans is also an advantage with pre-owned cars. You can get a quick response from a reliable loan provider with a lesser interest rate. Therefore investing in a used car is good and budget-friendly again.
4. Lowers Insurance Rate: After getting a loan on a second-hand car, the efficiency of a lower insurance rate is also available. The insurance premium of a new car is higher than that of an older one. So manage your money well with low insurance premiums on used cars.
5. Repair Warranty: Buying a second-hand car can be only good via an authorized dealer or platform. This will let you have an assured warranty on the repair. So it’s a benefit to get a desired car at an affordable price with a reliable repair warranty.
The Cons of Buying a Used Car
Investing in the second-hand car needs to be done carefully. However, the chances of getting into the wrong deal can ruin your time and money simultaneously. Here are some considerable cons you should know before buying a used car.
1. Scam Alert: This is common, especially when you trust an unauthorized dealer or platform. Maybe you won’t get the car, else can be a situation of no negotiation. In fact, the chance to get a poor-condition car at a high price then it wasn’t of value can be a cheat. So there can be any case, thus take it alert.
2. Risk of Individual Buying: That’s your fault if you buy directly from an individual car seller, not any authorized dealer, etc. This can increase the aspect of not getting any warranty/guarantee. Even the chance to get an add-on benefit is zero.
3. Higher Interest Rate: In fact, applying for a loan is easy for a lesser amount. But still, not all loan providers and banks offer the same. Usually, charge a higher rate of interest on a used car loan than a new car loan. So much you still have saved, but some insurance companies let you offer high-interest rates.
4. Lack of Choice: Yeah! You may find the exact car variant or model but not the desired color. So that’s a case you can get bounded with a lack of choice. Maybe you will find the perfect car but still can be missed on the higher model you wished for. So it does happen, thus major cons.
5. Zero Additional Benefits: A yes new car is of the latest technology and features. An older one could be an odd one in fulfilling your needs. There may be zero add-on benefits and even fewer chances to get them.
The Wrap-Up:
Time to sum up the blog. The above-mentioned pros and cons will help you decide better on second-hand cars. Yes! Now, buying a pre-owned car is a deal to take on worth or worthless. If you want one, check for used cars in Gurgaon and other cities you want on Droom. Next, don’t miss out on exploring OBV to get a real-time evaluation of the used car.
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