Given the reduction in income during the financial crisis induced by the recent economic recession induced by the COVID-19, it would be wise to buy a used car instead of a new one. Buying a second-hand vehicle enables you to save money, reducing further financial burdens.
However, not everyone can afford to buy a second-hand car, given the rising prices of used vehicles in the market. In such cases, you can apply for a used car loan and enjoy stress-free rides. The best part is that you can avail of lower used car loan rates that reduce further the burden on your monthly budget. For more details, please visit: range rover price in pakistan.
Here are the top 10 benefits of buying a used car than a new one:
Low market price
You can get your favorite at almost 50% depreciated value. The reason being that most high-end cars lose half their value in less than three years. So, getting a used car will cost you less and will not even depreciate the same intensity as new cars.
Save money
You can save a significant amount of money with used cars. For instance, a new car that costs around Rs. 10,00,000/- will cost you not more than Rs. 600,000/- in the used car market. That is a huge saving of Rs. 400,000/-
Test a car
Yes, it is true. You can buy your favorite used car for a few days. It gives you ample time to make up your mind and then decide if you want to buy the car. If you do not want to get it, the seller will refund your money.
Multiple options available
You have a pool of options available in the used car market. You can decide on the features of a used car and buy it based on your budget. If not, you can always apply for a used car loan and repay at affordable used car loan rates.
Low insurance cost
Since the cost of insurance is determined based on the value of a car, you can avail of a lower insurance cost after buying a used car.
Best choice for first-timers
If you are buying a car for the first time, it is better to opt for a used one, as you can put a certain level of abuse on the car while riding it for the first time, such as scratches and dents on your precious wheels.
Low registration cost
Compared to new cars, used cars are easy and cheaper to register. You will be paying for registration based on your car’s age. The higher your vehicle’s age, the lower your registration fees.
Repair warranty
If you buy a used car from a brand-authorized dealership, you will be guaranteed a repair warranty. Besides that, if you find a used car under warranty, you can enjoy dual benefits.
Long lifespan
The average lifespan of modern cars can range between 10 to 15 years in India. If you get a used car whose value has only depreciated after using it for two years, you can use that car for more than 10 years in India.
Availability of reviews and support online
Another benefit of having a used car is that you can find a lot of honest reviews and testimonials about the vehicle on the internet. These reviews provide great insight into the features of your used car.
Conclusion
If you are short of funds to get a used car, it is advisable to apply for a used car loan and avail of used car loan rates to manage your finances without redeeming your savings.
