Why used cars are trending and are preferred over new cars?

Buying pre owned cars is preferred over brand new cars. Consumers are being very cautious about their purchase decisions and the recent economy has made them to be even more alert and aware of their spendings and investments. While buying brand new cars is a luxury for many people, purchase of pre owned/used cars is more preferred as it gives the consumer a chance to switch to other cars often. A lot of parameters affect and drive the decision of the consumers before buying a used car. A few of the factors affecting the decision are listed below

Cost Savings

  1. One of the major reasons why consumers are preferring used cars over brand new cars is cost savings. The average new car loses 20% of its value within a year or two of its ownership. Buying a pre owned car makes it more sensible and is a practical option as it is reasonable. You can avoid depreciation and a lot of other charges that come with the purchase of a new car in the first few years of its life and ownership. Cost savings and proper budgeting of all the expenses going to be incurred before purchasing a car is utmost important as it helps make a rational decision

Better Value for Money

  1. While buying a new car, you often have to settle with the basic version or model of the car because of the budget constraints  the consumer must be having. However, another major reason why people are choosing used cars is because they are finding a better value for money. On purchasing a pre-owned car, the consumer often happens to get better features, options and varieties as the previous owner would have had a better version and would have enhanced the car by adding more features. For instance, one could buy a used car with a higher trim level and more advanced features, even better model for equal to or less than the price of a new car

Better options to choose from

  1. Purchasing a used car also gives you the privilege to choose and select from a wider range of options. Whereas while buying a new car, your options get limited and restricted to the budget and models that are available or in production. However, when buying a used car gives you the liberty to choose from wider range of car models, colors, features, accessories including the older models that are no more available in the market or are in production

Quality Assurance and Check 

  1. Used car dealers now offer certified pre-owned cars that are assessed and verified thoroughly and also undergo rigorous inspection and refurbishment process to ensure the proper quality check. This gives the consumer the assurance and peace of mind they look for while purchasing a used car. The assurance that the vehicle has been well inspected and is in proper condition

Eco-Friendly Choice

  1. Lastly, purchasing a used car is more eco-friendly than buying a brand new car. Manufacture of a new car requires abundant amount of resources, energy, raw materials etc. whereas purchasing a used car reduces the demand of new cars which in return reduces the resources and energy required to produce them making it an eco friendly choice

To summarize there are many factors influencing the decision making of the consumers as to why they are choosing used cars over new cars. Dealers selling used cars are also providing a lot of benefits to the buyer which makes it easier for them to buy a used car. Dealers help them in getting pre approved loans or instant loans on the car which helps them smoothen their business while ensuring customer satisfaction. Lenders and a lot of loan lending platforms have also contributed to the increase in the trend of buying used cars over new cars. 

Cost efficiency, eco-friendly, quality assurance, value for money, varieties to choose from all these factors drive the decision of the customers. Thus, used cars are trending over new cars and are being more and better preferred by the customers keeping the current economy and market scenario in mind. The automobile industry has a lot of scope and is only going to go bigger in the coming years


Leave a comment : Why used cars are trending and are preferred over new cars?