There is no point in blowing your life saving on a brand new car. Not when a second-hand car can do everything and more. Plus a used car is way cheaper! Here are some reasons why we think your money is better spent if you buy a second-hand car instead.
Second-Hand Cars are cheap. Duh.
The biggest reason to invest in second-hand cars is this. You can get great deals with second-hand vehicles. If you are looking to buy a brand new Maruti Swift you would have to spend at least Rs. 5.49 lakh. On the other hand, if you are hunting the used car market instead, you can buy the same car at half the price. And make a few compromises you can strike an even better bargain. Additionally, you can take home premium sedans like Maruti Suzuki SX4 and Kizashi if you can dough out 5 lakhs or less! Impressed?
Might look like a brand new car
You can find used cars that have not suffered a lot of wear on the exterior. This means you don’t have to spend much and at the same time, no need to make compromises on the appearance quotient either. And with good maintenance and a bit of detailing your service centre can make your car look spic-and-span.
New car owners have to pay the road taxes and registration fee. However, used car buyers don’t have to make such payments to the government. All the more reason to love used cars.
You can use depreciation to your advantage
New cars depreciate faster. A little less than half of the depreciation the car endures throughout its life happens in the first year of purchase. But after a couple of years, the car would not wear as much. Many luxury cars are infamous for depreciating very fast in the initial years.
This means that, as the years pass by the rate of depreciation would decline. Therefore, the silver lining here is used cars won’t depreciate further. At least not by a lot. So if you own a second-hand vehicle you won’t have to spend a lot of money. Serendipity we would say.
You can use it or abuse it
If the car is cheap you won’t feel bad if it gets dinged or scratched. And we should not forget how nerve-wracking it is to get your sedan safely and un-dented back and forth from work every day. You will be plagued by the constant fear; Will it get scratched? What will become of my exhaust? What if a careless cyclist hits it and the paint gets chipped? Less reason for road rage with a used car. You can take a break from unleashing your wrath on cyclists and your fellow motorists. Stay untroubled, my friends. Buy a used car.
Cost of Insurance
Like the maintenance expenses, you would have to churn out every so often as a car owner, another inevitable payment you need to take care of is the insurance premium. In India, you need to insure your car, just like all the motor vehicles on the road. There is no way around it.
Cost of insurance is an important factor you need to keep in mind while shopping for cars. In most cases, the insurance premium for new cars is higher than older ones. This is because the market price of new cars are more. Another reason why used cars would help us save money.
However, do note that this would not always be the case. Since newer cars have updated safety features, technically there is a lower chance of motor accidents. The insurance company would have more peace of mind hoping that they won’t have to pay out your claim. Hence the lower premiums.
But on an average, you won’t have to pay a hefty sum as insurance premium with used cars. Besides, there is a lesser chance of theft with older vehicles. Thieves would take one look at your second-hand vehicle and move on.
You always have an option of buying a certified used car. This means that the second-hand car you buy is inspected beforehand. Plus, any damages the car might have had will be fixed as well.
Car companies have standards that they use for certification. Based on the age of the car and the distance clocked on the odometer, your dealership would certify your car. Certified Pre-Owned car (CPO) comes with the many perks like an option to return it, manufacturer warranty and roadside assistance.
Gone are the days when used cars were called lemons. Now there is a lot of transparency in the market. You can even get your hands on the service history of your prospective car. Besides, the dealership you buy your car from can provide you with a full or partial warranty. The warranty will take care of most of the engine damage that can possibly happen. On the off-chance that they cannot fix your vehicle, they might even get you a replacement. The warranty on used cars can be for up to 3 years.
Reduce the carbon footprint
It might look like newer cars are environmentally friendly because they have better exhaust systems and more fuel-efficient engines. But if you put sustainability first you have to go with a hand-me-down. This is because a lot of the carbon emission from the vehicle takes place during the production and the initial logistics stage. So by buying a used car you can do your part to reduce the damage inflicted upon the environment.
So the next time you need a car, don’t think twice. Buy a used car. Who wants the all bling anyway. Just make sure you inspect the car thoroughly before putting the money down. Or better, get a mechanic to do it. This means you will get what you sign up for and nothing less.
Here is some more great news! GoMechanic provides inspection services for your second-hand cars. Download the GoMechanic App now!