Top 7 Benefits Of Buying Used Cars

Indian used car market is booming at a rapid pace. The key factors contributing to increased sales of used car are easy availability, lower interest rate, and low cost of purchase. At present the market is dominated by unorganized sector but gradually organized sectors are picking up the growing used car market.

Leading Indian car players like Maruti Suzuki, Honda Seil Cars India, Tata Motors, and General Motors have set up their used car business in the country to tap lucrative opportunities in the segment. Today, as more and more car manufacturers are entering the used car market people are confidently buying used cars. These authorized used car dealers refurbish the car and do the required servicing so that the value of the car can be enhanced. The skilled engineers even do on-spot checking of various car points to satisfy customers.

In addition, the tight financial market has contributed to boost the sales of used cars in the country. There are various advantages of buying used cars over new car purchase.

Here are the top 7 benefits of buying used cars:

1. The key benefit of buying a used car is low cost of purchase.

2. New cars lose 20% of its value in the first year of its ownership and 10% in the subsequent three years. After that the car loses it value at a rate of 5% every year. So, if you buy a used car then the depreciation value will be much lower than that of a new car. This is mainly because the used car that you plan to purchase has lost most of its value during its first ownership period.

3. If the price of the used car is low then obviously the insurance premium is lower as compared to the new car insurance.

4. In the used car market, you can get a wider option for selecting your car. If you have kept aside an amount of Rs 3 Lakh for buying a car, you can either buy a new Alto or a new Spark. The same amount can also be used to buy a used Swift Dzire or even a 10 year old Mercedes-Benz car.

5. While buying a used car you don’t have to pay an additional cost for latest car accessories. Most of the car owners load their car with a host of new features and technologies.

6. The overall ownership cost of used car is comparatively lower than the new car ownership cost. The total cost of ownership includes the price of the car, insurance, maintenance cost and the depreciation value.

7. When you decide to buy a used car the performance of the car is transparent as you verify the working of the car as well as the problems faced by the car by simply checking the service history of the car. This will help you make a wise decision with regards to used car purchase.