India is currently one of the fastest-growing markets for auto manufacturers worldwide and with life now returning to normal after the COVID-19 breakout, more and more people are now considering buying new cars in the interest of their personal safety. Having said that, with the demand for new vehicles going up day by day, we are seeing a steady increase in the overall waiting period for most of the best-selling cars in the industry. For instance, mass-market cars like the Alto, WagonR, and i20 have a waiting period of around 1-6 months while the buyers of a car like the new Thar will have to wait for almost 10 months before the delivery of the vehicles. Under such conditions, you may plan to buy a used car, and here is a list of 6 big benefits of buying a used car.
No Waiting Period
Successful cars, like Hyundai Creta, Nissan Magnite, etc, often command huge waiting periods. For example, the waiting period for the entry-level Magnite currently extends to as much as 8 months! However, there's no such issue when buying a used car because the inventory is immediately accessible. So, you can simply make the payment and start driving without having to wait for your car to arrive.
Used cars are cheap and VFM
Cars are one of the primary depreciating assets in terms of the overall investment that we make and the value of the car starts to depreciate right after you drive it out of a showroom. Hence, you can save a considerable amount of money by buying a used car. For example, a six-month-old car with very few kilometres on the odo will be around one lakh cheaper in the used car market when compared to the cost of the same car when it was new.
Read Also: Five tips for buying used cars
You can buy a better product for the same amount
Of course, one of the biggest benefits of buying a used car is that used cars can be bought at a more affordable rate, and hence, it gives you an opportunity to upgrade and buy a better car in the same budget. Confused? Let me explain. A new Swift will cost you around nine to ten lakh rupees on the road if you buy a brand new car but you can buy a sparingly used Ecosport or any other compact SUV or cars like the Creta and the Seltos in the same budget. This helps you buy a superior product in a similar price range.
Lower Loan Amount
Used cars are more affordable when compared to new cars by a significant margin and hence you will require a lower loan amount to buy a new vehicle. This will not only save you from additional interest on the extra amount that you would have paid while buying a new car but will also ease off the burden off your wallet as the EMI too will be lower than before.
If you buy a used car in the market today, chances are very high that the value of the vehicle has already depreciated to the maximum and it won't depreciate so steeply in the next few years. This will reduce the loss of capital that you will suffer from once you plan to sell your car to someone else. Hence, buying a used car is not just more affordable but also takes care of the overall depreciation.
After-sales support and Repairs
Most used car dealers provide extensive warranty periods on their cars which sometimes can be longer than the standard factory warranty. Many brands have also started many chains which specifically handle the used car transitions and also provide additional warranty offered by the brand.
Considering the 6 big benefits of buying a used car mentioned above, it will not be wrong to conclude that buying a used vehicle can definitely save you some money but do not forget to get the car checked thoroughly before you finalize a deal in the used car market. Also, try and buy cars that are backed by the brand's official after-sales support and consider buying a used car via trusted second-hand car dealers.
Are you planning to purchase a used car? If so, it needs to be mentioned here that IndianAuto, our sister concern, offers a wide range of used car classifieds from almost every city across the country. These classifieds offer full details of the car on sale along with even providing many high-quality pictures. Finally, the website has a highly user-friendly interface that allows you to quickly set filters and get the most relevant results.