The automobile industry is choke-full with new launches by the leading brands. Interestingly, the used car market is experiencing a sudden and surprising boom in the event of world-wide pandemic. People think certified pre-owned cars in West Bengal and other states are a safer and better mode of transportation.
A second-hand car means a lot to those looking for a decent model at a wallet-friendly price. But are they really worth attention? The article investigates the pros and cons of used car purchase.
Price: Any car suffers only 20% depreciation in the 1st year of their purchase due to less use. So, grab the deal, it will be good for you.
Different Upgrades: If you are buying a used car, there is a higher chance of finding a top-class model at a price that you would have to pay for a lower variant of a brand new car.
Lower Insurance Premium: Car insurance is a must-buy even if you are buying a used car. But you have to pay a lower premium for a pre-owned car. The previous owner of the car has already cleared its hefty premium when it was new. A lower premium will suffice as the IDV (Insurance Declared Value) of the car is lesser now.
Lower Loan Amount: As you can buy second hand cars at affordable cost in Kolkata, you don’t have to apply for a loan of hefty amount, if you need a loan at all. A low amount will serve your purpose.
Warranty on Repairs: Even if you buy a used car, you can still get a warranty on its repairs. However, it’s possible only if you are buying from a brand authorised dealer.
Lemon Cars: Lemon cars are those that look great on the surface but slap you hard with a huge repair bill once you start using them. It is particularly true if a dealer or a YouTuber promises cheap luxury cars. It’s important to be an informed buyer and collect all the necessary details about the car before buying it.
Buying from Car Owners: You won’t get any guarantee/warranty on a car if you buy it from its owner. However, if the car carries an existing warranty, you can get it transferred to your name. Unlike a local used car showroom in Kolkata, the individuals don’t provide any warranty on used cars.
Limited Options: A used car market is not thick with choices. Options are limited and you need to search high and low to find out the model that you think PERFECT for your budget. It is challenging and time-consuming as well.
Higher Interest Rates: On one hand, you need to borrow a small amount to fund your used car purchase and on other hand, financial institutions charge a higher interest on a second-hand car. You save on your purchase and end up paying more on interest.
Additional Benefits: Car manufacturers often offer heavy discounts in times of stock clearance. But it is not the case with used car dealers. The used car dealers don’t offer attractive deals and discounts. There are neither special months in this industry nor any ‘End of the Year’ offers from the used car dealers.