7 Top Reasons to Buy a Used Car

Last Modified: 30-November-2022

Used cars have always offered the best value for money. Buying a used car in India might be the smartest thing to do if one is looking to save some cash. However, you must weigh the benefits and drawbacks of buying a second-hand automobile before finalising the transaction.

Buying a pre-owned vehicle rather than a brand-new one offers several advantages. For starters, one will get to enjoy a lower price tag. Secondly, its mileage rating is usually higher, meaning one will not spend as much on fuel. Lastly, the buyer can also receive better maintenance services and warranties.

Buying a used car in India can help save big bucks without giving up anything significant. However, it comes with its risks. Before going ahead and making the call, here are the top reasons to choose used instead of new vehicles. 

Justifications for Buying a Second-Hand Car

1. Provides wider variety within your budget

A person may not have enough money to buy a brand-new car, but buying a used car in India can still give them access to many options within their budget.

They have access to a huge selection of automobiles in various pricing, models and designs. Whether looking for something specific like a sports car or a reliable family sedan, second-hand cars can offer them both.

However, before buying a used car, know how to buy used cars in India to make the process smoother. 

2. More affordable

The most obvious factor for buying used cars in India is that they are far less expensive than brand-new cars. The difference between the new car loans and used car loans with respect to price can be substantial.

Therefore, one can save a lot of money if they are patient enough to discover the correct price to buy used cars in India. 

3. Slower depreciation

Since new automobiles depreciate significantly more quickly, which is one reason old cars are less expensive. An automobile loses the majority of its value in the starting years.

On the other hand, used automobiles degrade at a considerably slower rate, so even if buyers sell their used car after some years, they may obtain about the same value for it, provided it is kept in good shape. 

4. Low insurance costs

Another benefit of owning a used car is lower insurance costs. When a person owns a newer model, they might be liable for higher rates based on the car’s market value.

However, with a used car, one can qualify for lower insurance premiums as the market value for the car is low. 

5. Low registration fees

Used cars come without any additional charges. Buyers must pay registration, road tax, and other RTO fees if they buy a new car. In contrast, individuals pay just for the car when they purchase a used car, obtaining full value for their money. 

6. Full assurance and warranty

The process of selling and acquiring used vehicles has changed along with the auto sector. Now, a person does not have to trust merely the spoken word of a deceptive car salesman or dealer regarding the used automobile being in excellent condition.

They can ask for the certification and ensure they get the right deal. To ensure a good deal, know how to buy used cars in India.

Additionally, if they want to be sure the used automobile they just bought performs almost as well as a brand-new one, they may purchase a post-purchase warranty. 

7. Financing is easy

Used automobiles, often known as pre-owned vehicles, are highly regarded and have grown fairly popular today. One can utilise a used car loan to buy a pre-owned vehicle. Customers who choose this credit option get quick approval, a sizable loan amount, competitive used car loan interest rates, an easy application, and flexible payback terms.

For people who fulfil specified criteria, lenders provide used car loans. The borrower receives money from lenders in exchange for interest payments. The used car loan offer is available to borrowers so they may purchase their desired car.

With Muthoot Capital, acquiring a used car loan is simple and quick with few documents, LTV up to 95%, competitive interest rates, flexible repayment terms and easy-to-meet eligibility requirements. 

Conclusion

Buying a used car in India makes sense for numerous reasons. The main motivations are saving money, having a more dependable automobile, and avoiding new car depreciation.

Additionally, used automobiles may require less upkeep and repairs and are simpler to finance. However, research before buying a second-hand car, and always have a professional technician check it.

About Author
Muthoot Capital Services Limited is one of India's most progressive financial companies. It is the part of Muthoot Pappachan Group which carries a legacy & trust of more than 133 years.

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