Life is too short to drive boring cars, right? Looks like much of the Indian populace is of the same opinion. After all, the Indian automobile market’s holding period for luxury cars is lesser when compared to the economy segment. However, they’re not just any luxury cars, but second-hand luxury cars!
Indian luxury car market recorded its steepest decline in 2020
2020 has been a rough year for everyone. Even the luxury car market took a harsh blow. In the light of the pandemic, individuals and businesses drastically cut down on discretionary spending. Experts estimate that this will lead to players such as Mercedes-Benz taking anywhere from two to three years to recover the lost volume.
Setting something aside for what’s to come becomes the new mantra: Used luxury vehicles rise to popularity
In the meantime, a new trend seems to be taking over the mobility space – investment in second-hand luxury vehicles. However, the growth story of the market dates all the way back to the time GST was introduced. The introduction of GST brought with it a uniform system of taxation, benefiting both buyers and sellers.
Then comes the demographics – most of the used luxury cars are demanded by car enthusiasts who wish to try out different luxury car brands but not so much to shell out a huge sum for each. And since with the second-hand segment, the costs come down significantly while the performance remains top-notch, the demand for such cars is rising.
Furthermore, the pandemic, with its economic and professional setbacks, has compelled people to put a check on their luxury spending. And since for many, purchasing a new luxury vehicle may not be possible, they choose to invest in pre-owned luxury cars.
Additional Read: Getting a Used Car Loan for Economy Cars vs Luxury Cars
How are luxury car buyers meeting their funding needs?
When previously owned luxury cars are available at almost the same price as any other hatchback or modest four-wheelers, why would one not want to invest in them? More so since buyers can avail of easy used car loans to meet their funding needs!
Yes, such a loan can be availed even for the luxury segment, and you can always check your repayment capacity using an online used car loan calculator.
Additional Read: Buying a Luxury Car is Not a Luxury Anymore
Ready to purchase your pre-owned luxury vehicle? Tata Capital can help fund your dreams with their second-hand car loans! We offer relaxed, used car loan eligibility criteria and customised loan offerings. You can avail of an amount ranging anywhere from Rs. 1 lakh to Rs. 50 lakhs for a tenure of 12 to 60 months. Our used car loan interest rates are among the lowest in the market, starting at just 15%!
So, what are you waiting for? Use our used car loan EMI calculator, determine your affordability and fund your luxury automobile purchase today!