This is why billionaire Ashneer Grover buys used cars. Real reason here

Ashneer Grover of Shark Tank 1 fame has revealed a piece of unique information about himself, which makes him different from many billionaires. The Indian businessman has revealed that he often buys used cars instead of brand-new models, which is quite the opposite of what other industrialists and businessmen do. Grover has explained why he does that.

The businessman has said that he buys used cars as it doesn't hurt too much if a pre-owned vehicle gets scratched on the road, as compared to when a new car does. This is the primary reason why he would not generally buy a new car, Grover said. He also added that he gets into a bad mood for almost a week if his new vehicle gets scratched.

In an interaction on Instagram, Grover also said that he has noticed many other big founders buy sportscars after getting funding for their businesses. He even narrated the story about Zomato founder Deepinder Goyal and how he purchased a Range Rover after securing the funding for his company. Grover further added that he also loves sportscars and wants to buy them whenever he gets a chance. The businessman who loves cars owns some really expensive cars, which include the Mercedes-Maybach S650, Mercedes-Benz GLS 350, Porsche Cayman S and Audi A6.

In India, where roads are congested, and the number of vehicles is really high, despite the narrower roads, the chance of a vehicle getting scratched is high. A scratch on a brand-new vehicle not only dampens the owner's mood but also impacts the car's value. Also, a vehicle is generally a depreciating asset, no matter how expensive it is. The value of a brand-new car drops immediately after getting out of the showroom and continues throughout its lifecycle. On the other hand, the value of a used car drops slower than a new car, it has already been on the road and often comes with a slight share of misfortunes like scratches and dents. Hence, adding another one to that list doesn't impact much, as it does in the case of a new model.