In the recent past, even the market for new cars has gone through losses. But the second-hand cars Delhi market has continued to grow. The second-hand car market has become more extensive than the new car market. A recent study shows that, in 2018-2019, more than 4 million second-hand cars were bought and sold in India. While on the other hand, only 3.6 million units of new cars were sold in the same year. Hence, you can see that people, within a particular income group in general, are choosing second-hand cars rather than buying a new one.
But what is the reason behind this? Why are people buying second-hand cars and is that worth it? Let us see what the benefits of buying a second-hand car are.
Premium Cars at A Cheap Price
Buying a vehicle requires a lot of important decisions such as your budget, car model, color, and many other aspects. If you choose to buy second-hand cars in the Delhi market, then you will be able to buy a premium car at a low price. You can even buy a pre-owned car of the same model at a much lower price than the new car. For instance, a Maruti Swift Desire that is three years old can cost you approximately Rs. 3.5 lakhs. On the other hand, the new car of the same model will cost you around 8 lakhs.
Avoid Value Depreciation of the Car
Once you buy a new vehicle and drive it out from the showroom, the value of the car starts depreciating. The market price of a new car gets decreased by 20% each year for the first couple of years of purchase. Hence, a new car loses more than 50% value within just 2 to 3 years. However, some luxury cars do not go through depreciation due to their market value. But if you buy a second-hand car which is 3-4 years old, then you can avoid the devaluation, because the car you will purchase has already suffered its maximum depreciation. Therefore, buy the best second-hand cars and your car will not lose its value in the forthcoming years.
Avoid Paying Registration Charges and Other Fees
At the time of buying a brand-new car, the government charges numerous fees such as registration fees, motor vehicle taxes, and any other charges that increase the value of the car. However, if you buy second-hand cars in Delhi then you can avoid paying these extra taxes as only the first owner of the car is liable to pay for these taxes, thus making it a full value for your money. But before buying a second-hand car, don’t forget to check the following documents:
- Registration Certificate
- Invoice of Purchase
- Valid Insurance Policy
- Road Tax Challan
- PUC Certificate
- Owner’s Manual
- Fitness Certificate
- Warranty for The Car
Just some years ago, used cars were called junks. But from the past three to four years, second-hand cars in Delhi have seen tremendous growth. Many online second-hand car dealers offer a warranty period with full assurance. They test every car for sustainability and quality, thus providing you with a warranty period for every car.
Cheap Car Insurance Premium
The insurance premium depends on the market price of the vehicle. Hence, for a new car, you will have to spend a lot of money on the insurance premium as compared to the second-hand cars. Since the price of a second-hand car has become lesser than a new car of the same model, you will have to spend less money on buying insurance premiums. Therefore, you can look for some of the best second-hand cars at a low price and without worrying about expensive paperwork. Here are some of the few points that you remember while buying an insurance policy for a second-hand car.
1. Policy Transfer:
Transferring the policy to the name of the new owner is always an important factor to keep in mind. Though the benefits and features of the insurance policy will remain unchanged, the name should still be transferred.
2. Check for the Claim History:
Before buying a second-hand car, you can contact the insurer to know about the claim history of the current policy. A comprehensive insurance policy can save your pre-owned car from several risks, thus, protecting you from financial losses.
3. No Claim Bonus:
The premium of your second-hand car insurance policy will become less if the first owner of the vehicle already claimed the No Claim Bonus. Know about the No Claim Bonus of the previous insurance policy and ask the insurer to reduce the premium for your new insurance policy.
4. Eco-Friendly Option
You might be wondering how a second-hand car can be more eco-friendly than a new car. Then you must know that second-hand cars work well to keep the environment clean by reducing the carbon footprint. When you buy a new car, then the carbon dioxide produced by the initial shipping and manufacturing process affects nature more than the car itself. Buy the best second-hand cars and save money and nature simultaneously.
5. Finance Options
There are many lenders in the market today that provide loans on second-hand cars. Though second-hand cars are less expensive than new cars, some of the best second-hand cars are a little expensive. So, you have an option to own your dream car through finance. You will just have to visit the lender by online or offline and finalize the pre-owned car loan. Submit all the required documents and one the lender approves the loan; the seller will receive the money in his/her bank account. This way you can buy a second-hand car that offers good value for money.