The auto industry is changing rapidly and car prices are only going up. So to speak, new cars are getting costlier each year, making them a very high value purchase for the common man. And quite ironically, the average life span of a car is going down despite the steady rise in prices, which brings in good news for potential used car buyers! Thanks to manufacturers launching newer versions of their models sooner now as compared to a few years ago, more and more modern cars are now entering the used car market, which makes it easy for you to make a good buy without having to bust your wallet.
A used car in fact makes more sense for first time buyers upgrading from two-wheelers or public transportation, or for that matter, someone looking to buy a second set of wheels in the family. Now here’s five reasons clarifying why buying a used car instead of a new car is more sensible.
- Reason 1:Save money and you can even upgrade your segment
- Reason 2: Tension free drive 24×7Â
- Reason 3:Slower depreciation means you lose less moneyÂ
- Reason 4: Slower depreciation means you lose less moneyÂ
- Reason 5: Insurance is cheaper and you need not pay additional chargesÂ
Here is how it generally works:
| New Maruti Swift LXi | Used Maruti Swift LXi (1 year old) | Depreciation value |
| Rs. 5,28, 057/- (on road price) | Rs 4,15,000/- (on road price) | |
| Rs 4,15,000 (Depreciation = Rs 1,13,057) | Rs 3,59,000/- (Depreciation = Rs 56,000) | After 1 year |
| Rs 3,42,000/- (Depreciation = Rs 73,000) | Rs 2,97,000/- (Depreciation = Rs 62,000) | After 3 years |
Details mentioned above are tentative figures with average car running taken as 12,000 km per year
With considerable amount of savings along with the assurance of certification and warranty, you now get almost all the benefits in a used car that one would expect when buying a new one. Even if you decide to sell it in the future, it won’t dent your wallet much by losing less amount of money than a new car would do. Especially for the first timers, a used purchase is more practical and affordable at the same time. Unless you really want the latest car in the market or that new car smell is all you are looking for, a used car can very well cater to almost all types of buyers quite conveniently.
The difference between the depreciated amounts listed above of a brand new car over 3 years to a used car shows how less your used purchase will lose money over a brand new one.
Insurance is cheaper and you need not pay additional charges
