Are you looking to buy your first car? Here are some reasons why you should consider buying a used vehicle.
As a result of the ongoing pandemic, social distancing and personal mobility are at an all-time high. The increase in personal transportation and demand for cars and bikes has certainly increased in the country – not only for new ones but for used vehicles as well.
According to the ‘OLX Autos-CRISIL Study 2021,’ first-time purchasers account for roughly 40-45 percent of pre-owned car sales in India. So, should your first car be a used one as well? Here are five compelling reasons why.
More money saved
The reduced purchasing price is perhaps the most compelling incentive to buy a used car rather than a new car. New automobile prices have grown dramatically in recent years as a result of growing input costs and the implementation of newer technologies required to fulfill tighter pollution and safety standards. Taxes have also played a role, and rising gasoline costs have obviously increased ownership costs. Most manufacturers have already declared price increases for 2022, as they have every year.
As a result, buying a used car means not only paying less than the car’s original worth but also paying much less than buying a new car today. When you factor in cheaper insurance costs, your savings continue to grow.
And, because the prior owner took such a large depreciation hit, you’ll likely lose a lot less money upon the subsequent resale. Furthermore, most manufacturers, as well as many players in the organized pre-owned market, now do a thorough inspection and provide a warranty on used vehicles.
Due to financial constraints, many purchasers prefer to stick with their two-wheelers or wait until they can afford a fresh new car. This can jeopardize not just your safety but also that of your family, as taking public transportation such as autorickshaws or a two-wheeler isn’t as safe as driving your own automobile.
Purchasing a used automobile thus gives you the security of four wheels and a roof over your head, as well as weather protection.
Ascend the ladder
The used automobile market also offers a wide range of options to suit any budget. Unlike new automobiles, where a budget of Rs 5 lakh would only get you a new entry-level hatchback, purchasers in the used market can get a premium hatchback or even a somewhat older compact SUV or sedan for the same amount of money. The buyer has complete freedom of choice, as there are automobiles in every body style and price range.
Buying used allows you to get a larger and more luxurious car than you could if you bought new.
Beat the Queue
The current semiconductor shortage, which has impacted nearly every automaker in the country, is arguably the worst blow the pandemic has dealt with the industry. And, because demand for new cars is highly skewed toward fewer models, waiting times have soared, with some waiting periods exceeding a year.
In comparison, a used car is immediately available, and you won’t have to make many compromises on version or color because most popular automobiles currently have a large parking lot.
Improve your skills.
If you’re a new driver, another advantage of buying a used automobile as your first vehicle is that you can practice your driving skills without risking damaging a brand-new vehicle.
Most new drivers who buy a secondhand automobile compare it to a scribble on a piece of paper, and who can blame them given the chaotic and clogged roads around us?