The prices of cars are indeed on the rise, reflecting the rapidly evolving dynamics of the automotive industry. With each passing year, new vehicles are becoming increasingly expensive, making them a significant investment for the average individual. This can be particularly challenging for first-time buyers in Gurgaon transitioning from two-wheelers or public transportation and those seeking an additional vehicle for their family.
As of 2021, the size of the global used cars market was estimated to be worth $1.4 trillion. However, by 2031, this market is projected to experience significant growth and reach a value of $2.6 trillion.
Opting for a used car often makes more financial sense. Buying used cars in Gurgaon serves the intended purpose while being available at more reasonable prices compared to brand-new vehicles. They offer a practical and cost-effective alternative, allowing buyers to meet their transportation needs without breaking the bank.
Value For Your Money
You can find a significantly more affordable option in the used car market than buying a new one. Additionally, within your budget, you can choose a more feature-rich model or even a car from a higher price segment. This allows you to pay for your pre-owned vehicle upfront if you prefer. Banks also offer favorable interest rates and repayment terms when financing a used car.
By making a substantial down payment, you can reduce the monthly installments and the loan duration, improving your financial security. Reliable used car platforms offer a reliable way to purchase a car and provide convenient financing options. Overall, buying a used vehicle offers better value for your money and allows you to aspire to bigger dreams.
Increased Longevity of Used Cars
Advancements in technology and materials used in modern vehicles have significantly extended their lifespan, making buying a used car a more practical choice. Nowadays, engines are constructed with aluminum and stainless steel inserts, unlike the older cast iron ones. With proper maintenance, such machines can easily cover 200,000 kilometers or more.
Reduced Depreciation
The value of a new car starts to decline as soon as you drive it off the showroom floor, typically losing around 10% of its value instantly. In the first year of ownership, the depreciation can reach up to 30% of its original cost.
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While used cars also experience depreciation, it is significantly less compared to buying new. Opting for a used car provides greater flexibility for those who prefer to upgrade frequently, with the added benefit of experiencing lower depreciation than a new car.
Assured Peace of Mind
What happens if your pre-owned vehicle breaks down? Well, worry not because most used cars are still covered under the original factory warranty, or you can take advantage of extended warranty options offered by various car manufacturers.
Even if those options are unavailable, many reputable used car dealerships, such as certified pre-owned car showrooms like Droom, provide a range of warranty choices to ensure complete peace of mind ownership. The tales of purchasing a faulty car that breaks down right after leaving the lot, leaving you stranded with a hefty repair bill, can now be relegated to the past.
More Affordable Insurance
The cost of your car insurance premium is heavily influenced by the value of your vehicle, along with other factors such as your age. The higher the car’s cost, the higher the premium. However, when you buy a pre-owned vehicle, the cost of ownership significantly decreases due to the lower value of the car.
Additionally, you may find that the previous owner has already paid for the insurance on the vehicle, and you only need to reinsure it when the policy lapses. Therefore, an already cost-effective purchase provides an additional financial benefit to consider.
Abundance of Choices
Car manufacturers introduce new models almost yearly, limiting your options to cars launched in the past two to three years. In the used car market, you can buy used cars in Gurgaon that are no longer available in the showrooms, for example, a discontinued diesel car model like the Huyndai i10. If you prefer something else to the appearance of the latest model, you can opt for the previous generation that appeals to your preferences.
Some cars are timeless classics like the Maruti Suzuki Swift, with enduring designs that never go out of style. You can buy them at a significantly lower price in the used car market.
Wrapping up
It’s essential to appreciate the value of second-hand cars. The sales volume of used vehicles is more than twice that of new cars. This means you can pursue your aspirational purchase rather than settling for a vehicle that simply fits your budget.
Opting for a pre-owned car brings with it numerous benefits that can have a positive impact on your life. By exploring the world of used cars, you can find a vehicle that meets your desires while enjoying the advantages that come with it.
