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Tata Capital > Blog > Loan for Vehicle > Why You Should Purchase A Used Vehicle Instead of A New

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Why You Should Purchase A Used Vehicle Instead of A New

Why You Should Purchase A Used Vehicle Instead of A New

If the daily commute to work in public transport is an ongoing battle for you, do you eye a passing-by car every now and then? Is a shiny private vehicle probably on your bucket list right now? Now, a sleek brand-new car is surely a dream come true, but a used car can make up for a much more affordable and convenient option for your transportation woes.

With the second-hand car industry quickly becoming an organized sector, purchasing a used vehicle is a hassle-free experience. In addition to reasonable second hand car prices,they are also cheaper to acquire overall and sustain, helping you save some big bucks in different ways.

Wondering if it is good to buy second hand car?Read the article to know more.

1. It saves you money

It is no new news that a well-kept used car is cheaper and better value for money than a new one. For instance, if a new sedan costs you 7 lakhs, you can get a few months old models of the same for around 5-6 lakhs. And not just the purchase price, but you also save some serious bucks in terms of depreciation. You can utilise the concept of depreciation to buy a used car that is in good condition at a lower price, giving you the much-needed value for money.  

Moreover, depending on your budget, you can even upgrade or choose a lower segment, and opt for a slightly older but better car in the same price range.

2. It comes with less depreciation cost

You already know that every vehicle has depreciation attached to it. Your brand new vehicle’s value starts dropping the moment you drive off the showroom. Most new cars depreciate about 20-30% in the first year and a further 10-15% in the second year.

On the contrary, a used car has absorbed much of the depreciation cost already. It also depreciates at a much lower rate than a new car, saving you a lot of money. Make the best of it.

3. You can opt for affordable finance

As mentioned before, the second hand car market is becoming more structured with time, giving buyers of used cars much relief through belief that the new system has managed to create. Today, top car manufacturers have their pre-owned segment with some of the best second hand cars to buy. In addition, many lending institutions are offering lucrative loan options at affordable interest rates. This makes it convenient to buy a used car that fits your budget and needs without causing stress to your money management.

4. It is thoroughly inspected

When you want to purchase second hand car,the biggest apprehension you might face is the car’s reliability. However, today there are many online and offline used car platforms that offer only thoroughly inspected vehicles. These vehicles are completely checked, refurbished, and certified by manufacturers or certifying authorities to ensure you get the best bargain. This saves you the stress of unverified inspection.

Furthermore, many second hand cars also come with an extended warranty, so you don’t have to worry about their reliability.

Summing Up

In addition to significant savings, a second-hand car offers almost all the benefits that you would expect from a new one. Now, looking at second hand car prices, feeling sure about purchasing a used car? Tata Capital is happy to help you finance the purchase!

We offer affordable vehicle loansat attractive interest rates and repayment terms. Plus, with our relaxed eligibility criteria and swift application and disbursal process, getting the required funds is easy.

To know more about our vehicle loan offerings, get in touch with us today!

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