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Looking for reasons to buy a used car? Here are seven!

In the past few years,the profile of the Indian car buyer has changed significantly. Affluent Indians purchase multiple cars, and with the introduction of newer models, their loyalties shift.

However, buying a new vehicle every two or three years is not easy for most of us. That is why the used cars market is doing exceedingly well.

Moreover, in the post-GST scenario, the used car market is likely to be flooded with options. This is because, while on one hand, the new cars have gotten cheaper, on the other, there is no GST when individuals sell their old vehicles!

If you are still looking for reasons to own a used car, here are seven:

A quick search for used cars throws up hundreds of options. There are many portals where you can meet potential sellers and dealers of used cars. You can look up several models and zero-in on the one that best suits your needs. A comparative study will help you analyse the market trends and bag a good deal.

With the entry of most auto manufacturers, the pre-dominantly unorganized used car segment has received a major professional facelift. It is a competitive market, and dealerships are mindful about customer sentiments associated with purchasing a used vehicle. Across dealerships, certified engineers conduct hundreds of quality checks for every vehicle, to give the new owners a hassle-free experience.

  • Great value and good deal

Some used cars will still carry a part their original warranty, while others give you the option of getting a new warranty. With an extended warranty, trained technicians will repair the vehicle with quality parts and ensure prompt service. You can even use a certain portion of your old car loan to extend your vehicle’s warranty.

  • Extended warranty

The moment a new car is driven out of the showroom, its value depreciates (approximately 30% p.a., in the first couple of years of ownership). This impacts the insurance premiums during renewal. Since, for used cars, the bulk of depreciation has already occurred, the insurance premiums are much lesser.

  • Low insurance rates

Money will not be a constraint to owning a vehicle with superior features and specifications, if you buy it second-hand. Used cars are cheaper and you can buy a higher model/variant within a limited budget.

  • Higher model in limited budget

The waiting period after purchase of a new vehicle is frustrating for most buyers, more so during festive seasons or special occasions. However, with a used vehicle, there is no waiting period. Whenever you are ready, the vehicle is available to be driven out of the showroom.

  • Quick delivery - zero waiting period

The rising demand of radio cabs have boosted the sale for used cars. They are perfect for commercial use, as one can earn and pay the car loan EMIs, because in such a scenario, using a new car is neither advisable nor conducive.

  • Ideal for commercial use

Unlike loans for new cars, loans for used cars are quick and fast. Once all the paperwork is in order, the processing hardly takes time. A word of caution about used cars - ensure that all the paperwork is completed properly and the vehicle is transferred in your name. Most professional dealerships ensure that this aspect is taken care of.

So, don’t think too much and go ahead with a used car. You might just find a beautiful set of wheels that you always yearned for. If you need financial assistance for the used car, feel free to get in touch with Reliance Commercial Finance for used car loans.

  • Quick loans, fast disbursal