Every financially independent adult has a certain set of milestones to achieve, including having their own car. Especially in Indian societies, owning a car is judged as a symbol of status and luxury, making sure every Indian takes a chunk out of their finances to make this investment. Today, with the rise of the second hand cars industry, buying a car does not have to be as big an investment as buying a brand new one. In the past, second hand cars have often been perceived as being bad in quality which led to a decrease in their popularity. However, as more and more people have been dipping their toes into the used car market, their benefits have become quite attractive for anyone who wants to invest in a car.
Buying second hand cars is an exceptionally financially wise decision, and here’s why:
- Good Quality for Lesser Price: One of the biggest myths about second hand cars that many seem to believe is that they aren’t good in quality. However, this is far from the truth. The used car industry has given an easy way out for people who like to upgrade cars often, helping you buy cars in great condition for a much lesser price. In addition, if you’re buying from a car dealer, they sell you the car only after performing a thorough inspection, so you need not worry about any internal damage as well.
- Cheaper Insurance Costs: As premium amounts tend to decrease as the age of the car increases, insurance costs will be much cheaper on second hand cars. Also, it is possible that when you buy a used car, it already has a pre-existing insurance, so you won’t have to worry about it for a while.
- Variety in Lesser Price: The used car market is a highly versatile place with available models of any car that you’d like to buy. From sedans and hatchbacks to SUVs and luxury cars, the right car dealer can help you get the car of your dreams at a much cheaper price.
- No Additional Charges: Many additional charges like registration fees, road taxes, RTO fees, etc., need to be paid off on buying a new car. You won’t have to spend any of this when buying a used car as these charges must already have been paid by the first owner.
- Slower Depreciation Rate: Any car’s resale value starts depreciating as soon as it steps out of the showroom, so within the next couple of years, its reselling rates are much lower than what they initially were. Depreciation tends to slow down after the initial period, so chances are, when you buy a used car, it has already passed this period and can be resold for a good price.
Keeping these things in mind, investing in second hand cars becomes the obvious decision if you’re looking to buy a car on a budget. Check out the second hand cars collection on Spinny, a certified car dealer that provides its customers with a 5 Day Money Back Guarantee, Fixed Price Assurance, 200 Points Inspection and many more benefits!