It has become a necessity! What, You ask? Owning a personal vehicle for commuting. This pandemic has taught us that sometimes, it’s best to have a personal space. And when it comes to cars, one can have enough money to buy a new one, or have a tight budget and might settle for a new yet not the best one. Well, there’s another option too. And that is the second-hand car. You can always opt for buying a used car instead of a new one. This comes with a lot of benefits and today, we’ll list 5 of them!
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Light on the pocket!
Right from the affordable prices and lower insurance premiums, second-hand cars are really light on pocket when compared to a new car. They also attract lower sales tax. If you are able to get your hands on a good condition used car, you can actually reap the benefits of paying less.
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The second-hand car attracts lower depreciation
A new car depreciates a lot faster than a used car. For instance, a new car when sold as a used car after some time can attract a depreciation of up to 50% of the initial investment. On the other hand, the already depreciated price of a car won’t go much down even if you plan to sell after buying a used car. In short, the major depreciation is seen from the first owner to the second.
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You can go for a better spec second-hand car instead of a lower-spec new one
If you are planning to buy a new car but the budget seems to be a constraint, you might end up buying a lower variant. But, you can always go for a higher variant while buying the same car in the used car market. Better features and lower price, who wouldn’t want that!
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Lower loan amount
If you buy a new car and get it financed, you end up paying a lot more than the value of the car. And, on top of that, you won’t get a return even close to the initial cost of the car. So, a car becomes a liability instead of an asset. Buying a used car will attract a lower principal amount thus lowering the overall cost of the car. Lower EMIs, who would not love that?
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You get a warranty on a used car too
Buy it from an authorised car dealer such as Maruti Suzuki True Value, Mahindra First Choice or from Used Car Startups such as Spinny and you’ll get a warranty on your car. Plus, you get a fully inspected vehicle. So, you can enjoy a seamless used car buying experience with no tension in the future.
So, these are my 2-cents on why you should invest in a second-hand car. What do you think? Do let me know in the comments section below. Also, if you want my 2-cents on some other topic, I am at your service!