Buying a pre-owned car? Here are the key factors to consider
- Buying an used car be a lucrative deal if the vehicle meets some key criterions.
Personal mobility has received a shot in the arm after the pandemic showed the vulnerability of public transport mediums. Across the world, people who used to rely on public transport, ride sharing, ride hailing services for daily commuting, are shifting their focus on personal mobility mediums, which is boosting the demand for cars, motorcycles and scooters.
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While many people incline towards buying a new personal vehicle, some people mull the idea of buying used cars or used two-wheelers. However, there are skepticism about buying used or pre-owned vehicles. But, buying a used car can actually result in more benefitting than buying a new model, of course if the pre-owned vehicle meets some criterions.
If an used car is older between 1-3 years and ran not heavily, and in good condition, then it can be considered for buying over purchasing a new model. Here are few reasons why you shouldn't shy away from buying an used car.
Depreciation benefits
It is said that whenever a C2-segment sedan is out of the showroom, the car loses a value up to ₹75,000. New cars depreciate fast for the initial 3 years, and then the rate gradually slows down. If the buyer is purchasing an used car that is not more than 3 years old, it means he or she is paying a lot less for an almost-new car.
Within factory warranty and availability of extended warranty
As such an used car is almost brand new, it still come with standard warranty coverage from the OEM. This means the buyer's risk is zero. Also, the buyer can opt for an extended warranty easily for the car, resulting in extended peace of mind.
The new feel and well maintained car
If the vehicle is not more than 3 years old, then there is high possibility that the used car is almost new to feel and well maintained as well. A vast majority of the new cars are usually serviced at the OEM authorised workshops, resulting in good and quality care. The case is not the same for 5-6 years old cars.
Safety and emissions standards, likely up-to-date
With the stringent emission and safety norms being implemented alongside the increased consumer awareness about safer and lesser polluting cars, an used car aged less than 3 years is possibly to come with better safety and emission standards to meet the current requirements. At a cheaper price than the brand new model, this means a true good deal.
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Currently, around 24 lakh cars are sold every year. The impulsive buying nature, indomitable need to upgrade, lifestyle enhancements are few factors that often lead people selling their cars to buy a new one. This often brings a wide supply of almost new used cars to us. In fact, at times, used cars can be better than brand new ones.
What to note while buying an used car
Buying used cars can be a deal like purchasing lottery tickets. To get the best deal, the buyer should always focus on few factors. Homework is must, be it for a brand new model or an used car. Which body style, which model, source, pricing, availability of finance are some factors, the buyer should decide before making the deal.
Also, knowing about the condition of the car, availability of warranty, usage history, documentation should be checked before finalising the deal. Also, if you are unsure about the car, never shy away from asking a friend who is an expert in cars.