| Indian used car market is booming at a rapid pace. The | | | | is mainly because the used car that you plan to |
| key factors contributing to increased sales of used car | | | | purchase has lost most of its value during its first |
| are easy availability, lower interest rate, and low cost | | | | ownership period. |
| of purchase. At present the market is dominated by | | | | 3. If the price of the used car is low then obviously the |
| unorganized sector but gradually organized sectors | | | | insurance premium is lower as compared to the new |
| are picking up the growing used car market. | | | | car insurance. |
| Leading Indian car players like Maruti Suzuki, Honda Seil | | | | 4. In the used car market, you can get a wider option |
| Cars India, Tata Motors, and General Motors have set | | | | for selecting your car. If you have kept aside an |
| up their used car business in the country to tap | | | | amount of Rs 3 Lakh for buying a car, you can either |
| lucrative opportunities in the segment. Today, as more | | | | buy a new Alto or a new Spark. The same amount |
| and more car manufacturers are entering the used car | | | | can also be used to buy a used Swift Dzire or even a |
| market people are confidently buying used cars. These | | | | 10 year old Mercedes-Benz car. |
| authorized used car dealers refurbish the car and do | | | | 5. While buying a used car you don’t have to pay |
| the required servicing so that the value of the car can | | | | an additional cost for latest car accessories. Most of |
| be enhanced. The skilled engineers even do on-spot | | | | the car owners load their car with a host of new |
| checking of various car points to satisfy customers. | | | | features and technologies. |
| In addition, the tight financial market has contributed to | | | | 6. The overall ownership cost of used car is |
| boost the sales of used cars in the country. There are | | | | comparatively lower than the new car ownership cost. |
| various advantages of buying used cars over new car | | | | The total cost of ownership includes the price of the |
| purchase. | | | | car, insurance, maintenance cost and the depreciation |
| Here are the top 7 benefits of buying used cars: | | | | value. |
| 1. The key benefit of buying a used car is low cost of | | | | 7. When you decide to buy a used car the |
| purchase. | | | | performance of the car is transparent as you verify |
| 2. New cars lose 20% of its value in the first year of | | | | the working of the car as well as the problems faced |
| its ownership and 10% in the subsequent three years. | | | | by the car by simply checking the service history of |
| After that the car loses it value at a rate of 5% every | | | | the car. This will help you make a wise decision with |
| year. So, if you buy a used car then the depreciation | | | | regards to used car purchase. |
| value will be much lower than that of a new car. This | | | | |