India’s budding used car market is amongst the largest in the world with several thousands of cars being sold across the brand spectrum. If statistics were accurate, almost 40 percent of used car buyers are under the age of 30 and prefer brands that rank high in reputation and longevity. A rather prominent reason for the progressive growth of the used car market is that with the growing middle class, several people aspire to move from two-wheelers to a hatchback or maybe even a sedan and raise their standard of living in the process.
The used car market in India – what you should know
Many recognised market players including Maruti and Hyundai have, besides focusing on augmenting their sales in the new car market, also made effort to make an impression in the used car market. This has directly benefited the consumer as car brands focusing on the used car market undoubtedly give weightage to longevity, long term performance, and lasting quality in their vehicles. Moreover, success in the used car market is certain to build trust among existing customers and instil confidence in potential customers as users being to understand that quality remains untarnished over several years.
As a matter of fact, active after sales service centres offering top-notch services have also encouraged the used car market, giving it the necessary fuel to sustain. These centres also enable customers to purchase or sell their used cars at affordable prices, making used cars more accessible and demand-worthy.
If you’re deciding to buy a used car, there are several aspects that you need to keep in mind. With the used car market in India worth over Rs.50,000 crores, you are most certain to get the car you want, at a price that is at best affordable. The magnitude of choices available is also huge, exactly prompting the reason for choosing a vehicle that is reliable and worth the money you’re paying. In light of this, let us look at some dos and don’ts that you must remember when you’re venturing out to buy that used car you’ve been wanting from quite some time.
Essential things to remember when you’re buying a used car
Purchasing a pre-owned car from a reputed brand and one that has been maintained impressively is real value for money – there’s no denying that. A survey conducted by Deloitte, observing the dynamics of the urban car market, claims that a whopping 73% of pre-owned car buyers are first time buyers. For many, the idea of owning their first car takes effect through pre-owned cars.
The first thing you should do when you decide to go for a pre-owned car is narrow down on your choice of brand. Certain brands like Hyundai and Maruti are known to have a high resale value in comparison to other brands i.e. the difference between their new car cost price and used car cost price is smaller in comparison to other brands. However, while this is true, brands like Maruti and Hyundai are built for longevity – so it wouldn’t hurt your pockets if you’re paying a little too high for them.
Brands like Chevrolet, Volkswagen, Toyota and Ford are other notable mentions among top used car brands that have many car offerings in the used car market. Once you’ve decided on the vehicle you wish to purchase, you can check out the best deals available from various used car market platforms. There are many online used car marketplaces that are operating in the present day, each of which seek to give customers the most accommodating deals as far as the monetary aspect is concerned. Some of these used car sites also check their vehicles thoroughly and provide you with used car warranties to reduce the hassle of dealing with any problems that were to arise after the purchase of the vehicle.
Another plus point in taking the online route is that the necessary documents and papers are already verified by the site selling you the used car. So technically, there isn’t much that you should be worried about – just choose the car you wish to purchase, schedule a test drive to observe any inconsistencies in the driving experience, and go ahead with the deal.
Loans for used cars in India
There are several banks that provide loans for used cars in India. The interest on these loans is slightly higher than the interest on used car loans, but work out perfectly, nevertheless. Popular banks include ICICI, Axis Bank, SBI, HDFC and Canara Bank.
You can apply for these loans by visiting the official website of any of these banks and placing a request. A representative from the bank will subsequently get in touch with you and help you complete your application. Once done, the bank will review your application and accordingly approve it if necessary eligibility standards are met.