As far as the financial decisions in one’s life go, buying a car easily falls into the category of big purchases. Huge expenditures or not, a car is a luxury, everyone should experience. It makes day to day life much easier. However, if the financial strain this could put on your finances is the thing holding you back, second hand cars are the way to go! The used car industry is currently booming with customers because of the rising demand for used variants.
More and more people are realising that opting for Second hand cars is the smarter option in more ways than one and being economically beneficial is one of the biggest ones. Here are the many ways second hand cars are financially better than brand new cars:
● Cheap Prices: The market for second hand cars features many options for customers to choose from. Since people sell their cars for multiple different reasons, you can find any car in great condition to take home. The best part being, that you will get to take it home at much better prices as used variants are much less expensive than brand new ones.
● Slower Depreciation Rate: The depreciation rate of the car refers to its market value, which starts decreasing the minute the car is driven out of the showroom. This rate goes down at a rapid pace over the first couple of years, slowing down eventually. If you buy second hand cars, chances are the former phase has passed and the market value will hence decrease slowly over the next few years.
● No Additional Charges: Purchasing a car involves a lot of one-time payments that you need not worry about. These include registration fees, RTO fees and such that have most likely been paid off by the first owner of the car, meaning you easily save up many of the expenses you would have to go through with, in case of brand new cars.
● Great Resale Value: Due to the low depreciation sales, the market value of your car would not have gone down too much till the time you decide to resell it. So, you can easily get a great value for the car and make most of your money back. As it is very easy to buy and sell cars in the used car market, you will be able to get a good price for them as long as there are no major damages to them.
● Lower Insurance Premiums: A general rule of insurance is that the older the product, the lower the premium. The same will be true for your car premiums. Since your car most likely already has an active policy at the time of your purchase, this isn’t an expense you need to look into for quite a while. When you do, you will have to pay much smaller premium amounts, which will help save money.
Keeping these benefits in mind, second hand cars are just what everyone should opt for. You can now start browsing for your favourite cars on Spinny and take advantage of benefits like 5-Day Money Back Guarantee, Assured BuyBack, Fixed Price Assurance, 200-Point Inspection and more.