The secondhand automobile market in India has witnessed a steady rise in sales and popularity among auto consumers. According to the report published in Statista, The pre-owned car market had a size of over 4.4 million units across India in the fiscal year 2020.
This was more than the size of the new car market for the measured time frame. Also, the pre-owned car market grew continuously over the observed time frame. This segment was bifurcated among the organized, semi-organized, unorganized, and customer-to-customer categories.
The reason for the continuous rise in the popularity of second hand vehicles can be attributed to the emergence of the online automobile marketplace. The process and the overall journey have been turned into a seamless one with a sorted functionality and tech integration.
Earlier, it was seen that a potential buyer and seller would be finalizing the deal from the sole perspective of getting the best out of an ongoing deal. Result of which was unending negotiations around price and suspicion/confusion around the performance.
When it comes to the benefit of buying a second-hand vehicle, these centers around eliminating all the associated pain points with tech integration and a sorted buying/selling journey.
Table of Contents
The benefit of buying a secondhand automobile
Savings
The high cost of new cars makes it impossible for many to buy a new car. They tend to refrain from even opting for four-wheelers looking at their selling price. With used cars in the market available at an affordable price range, it becomes feasible for potential buyers to buy their favorite car at slashed prices. Also, with ongoing offers or deals, they even end up saving on their purchase.
High-performance vehicle in top condition
Gone are the times when a seller could sell you a below-par vehicle at the best price. Today, you can check all the necessary vehicle details online to make an informed decision. You do not have to search for months and months to find a reliable vehicle rather simply go online to find the best vehicle within your budget.
Lower depreciation rates
When you buy a new car, its value starts to go down the moment you take it out of the showroom. With used cars, the resale value remains the same for a longer period considering the depreciation rates which come into effect for a set time. For example: for a new car the 1st depreciation rate is for first 6 months, implying that the resale value of your new car is reduced by 5%.
Lower insurance rates
The insurance rate for a used car is lower compared to the new car. This is primarily because of lower Insured Declared Value (IDV) because of depreciation rates. The benefit of a lower insurance rate is that you end up paying a lower amount on any car repair due to lower insurance rates.
With benefits as such, it is of no wonder that used vehicle is in a lot of demand in the market.
Go online to buy a top-notch used vehicle
The online platform has changed the very dynamics of the used car market. The process of buying/selling a used vehicle has become much simpler with tech integration. For example: earlier even for used vehicle valuation, you had to travel around the city to find a reliable dealership and then go through all the available to check out their valuation. Today, you can simply go online and with vehicle information, you can check out the used vehicle valuation within few seconds.
Be it pricing, condition, or documentation, all can be done from home without having to even venture out of your home. Also, you have all the available used vehicles listed for you. Sort your search based on specific search filters such as Make, Model, Year, km driven, etc. and you will have precise vehicle options in front of you.
The two most important factors for any potential buyer are price and condition. With certified reports for the same, it is easier for buyers to get in touch with reliable sellers and vice-versa.
Put aside your inhibitions regarding used vehicles. It is time to enjoy the perks of innovation to find your dream vehicle in a minute or two!
