10 Must-Know Advantages of Used Cars
In India, almost 5 million used cars are sold every year. The used cars market has been increasing yearly, and no wonder India is one of the fastest-growing markets for auto manufacturers worldwide. Due to the pandemic outbreak, most of them are considering new cars prioritizing their safety in the first place. As the sales of the new cars have increased, the waiting period for the best selling cars in the country has increased too. But, the demand for used cars exists even today.
New cars might draw your attention due to their shine and dazzling features but when it comes to the price, used cars win the race as they are budget-friendly and fit in your pocket. New cars waiting period is around 8 months from the time of booking. For a quick buy, used cars may support you in all the ways. Guilt-free maintenance is possible with used cars.
In this article let's learn the 10 advantages of used cars in the market, with a detailed explanation of which is being the biggest money saver in the industry.10 must-know advantages of USED CARS
1. Cars for a cheaper price
2. Low insurance premiums
3. Depreciation is an added benefit
4. Lower loan amount
5. No exaggerated fee
6. Guarantee for warranties
7. Certified and inspected
8. Lower annual registration fee
9. No waiting period
10. Environmental friendly
• Cars are considered one of the depreciating assets in terms of the overall investment. On average, the cost of the used cars is 50% lower than that of new cars.
• The loan amount becomes much easier to pay to save the financing fee. For instance, when you buy a used car with fewer kilometers, it is around one lakh cheaper than the new car in the market.
• A report revealed that consumers shift their cars within six years of their purchase and the amount saved in purchasing used cars can be used to buy another model without spending much.
• Hence, it allows you to upgrade and buy a better car on the same budget. It also helps you buy a superior product at a similar car price.
• When your new car meets with an accident, the insurance is ready to pay for what the car is worth at that time, leaving a gap between the purchase price and the vehicle's worth.
• This phenomenon is explained as gap insurance and covers the difference between paying for a new vehicle and its depreciated value. Eventually, it raises the insurance premiums.
• Used cars need not work with gap insurance as the depreciation has already occurred.
• Customers often complain about the quick depreciation of the new car. In most cases, the value of a new vehicle can drop 11% once it leaves the lot.
• Depreciation continues for years and with the used cars, it has occurred already. So, they might also gain value. The real cost of the vehicles will quickly lose value within years of purchase.
• Used cars are much more affordable with significant margins and hence the loan amount to pay is also less compared to used cars.
• It not only saves the additional interest but also takes off the burden with low EMI costs.
• There are many hidden secrets to new cars. It may include shipping charges, destination fees, and dealer preparation. Some new car prices may also include advertising fees which may exceed thousands.
• Used cars will not have any hidden charges other than document fees, which could cost a few hundred.
• You need not doubt if the used cars have a warranty. Of course, many used cars still possess an original warranty. Some might have the option of creating one.
• An extended manufacturer warranty on a used car provides trained and equipped technicians to service your car with quality hardware.
• Additionally, you also can utilize a portion from restricting yourself to buying a new car and have a warranty that covers everything more than 100,000 miles.
• Certified used cars assure great quality and are thoroughly inspected, refurbished, and certified by the manufacturer or other certifying authority.
• Certified pre-owned cars often come with a warranty, special financing, and adequate benefits. Whereas new cars are simply new.
• In our country and many others, the rate of your annual registration fee is based on your car’s value and its model. Usually, the registration rates are higher in the initial years and gradually decrease.
• Customers can save thousands by avoiding new and annual registration fees by purchasing used cars that are at least three years old.
• As discussed, there's no waiting period for used cars. New cars will have a minimum of 8 to 9 months of waiting period depending on the price and model of the car.
• One can directly take a chosen used car after a perfect documentation process and no one can stop you!
• In a car's lifetime, it produces a quarter of carbon dioxide during manufacturing and initial shipment. Used cars will have less impact when it comes to emissions.
• As the product is recycled, the impact on the environment is less than on newer, and hybrid vehicles.
• Hybrid vehicles use lithium-ion, lead-acid, or nickel-metal hydride batteries. These have a larger environmental impact due to the toxic waste left behind by batteries and acid.
There's always confusion hidden when it comes to buying a brand new or a used product. But, when it comes to cars, customers can preferably go with the used cars as they hold on to the above 10 advantages or benefits. Get to know the car price and have a clean car check and proceed with your ideas on the model.
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