The demand for second-hand cars has increased for several reasons. The affordable cost, low rate of depreciation, warranty, and less insurance premium are some factors driving the demand for such cars. These days the pre-owned vehicles are available in good condition, thereby reducing the maintenance cost.
When you opt for a used car from a certified dealer, you are assured of reliability and safety. However, certified pre-owned cars may be more expensive than purchasing a non-certified pre-owned vehicle.
Here are four avenues from where you may be able to purchase a used car.
Selecting the right car directly from an owner is a cumbersome procedure and often involves trial and error. However, you may be able to buy the car at a low price as no middleman is involved. It is recommended you get the vehicle assessed through an experienced mechanic before making the decision.
- Local dealer
When you choose to buy from a local pre-owned vehicle dealer, you must ensure you are making the purchase from the previous owner. If the car has been transferred in the name of the dealer, you may receive a lower resale value in the future as it becomes a third-hand vehicle. Even though buying through a local dealer may save time, it is more expensive than buying directly from the seller.
- Car manufacturers
Most car manufacturers have their pre-owned vehicle outlets. Some of these include Maruti True Value, Hyundai H PROMISE and Mahindra First Choice. Luxury brands like Mercedes and BMW also provide such outlets. Purchasing the car from these manufacturers is the best option because the companies undertake all the necessary inspections. Furthermore, you may receive extended warranties on the vehicle. However, buying from these outlets is the most expensive option.
- Online medium
Several online portals like OLX and Quikr provide pre-owned car listings. Through these platforms, you will be able to see a large number of listings in a single location. This helps to reduce your time and efforts. Alternatively, you may visit sites like CarDekho and CarTrade to check pre-owned vehicle listings. These online resources check the quality of the vehicles before listing, thereby providing you with more reliability.
With several options, purchasing the right pre-owned car is no longer difficult. Furthermore, banks and non-banking financial companies (NBFCs) offer quick and easy used car finance.The entire procedure from theapplication of loan to approval and disbursal is simple and fast. Moreover, lenders require minimal documentation to process your loan application. Contrary to popular belief, the used car loan interest rates are affordable, which ensures you do not face any financial constraints while making the repayments.