Benefits of Buying an Old Car
Now you can easily buy your Dream Car, which was earlier out of your budget’s reach. There are numerous benefits of buying an Old Car, rather than spending around 30-50% more on the brand new car.
- Be Patient: If the car, you want to buy, is beyond your budget, wait for at least 2 years, and 3 would be further good. When a car gets 2-3 years old, its price drops, and the depreciation is usually calculated on the base price, not on the additional costs. This could not only save you on the showroom price of the car but also helps you cut off the extra costs.
- Helps you make a better choice: You can only analyze the performance of the car after at least 6 months of its launch. When you buy an old car, you can easily decide which car you should buy after comparing the car with other competitors in the market. It is advisable to buy a product that is tested and approved by masses.
- Expert advice: According to experts, the rate of depreciation is usually less after the first 2 years of the launch of the product. This suggests that the prices of the car would drop faster in the first 2 years. At the age of 2-3 years, the prices are expected to show a constant value.
- Keep the Tenure Shorter: If you are financing your car purchase, make sure you choose to pay the installments for not more than 36 months to save Car Loan Interest Rate and build equity in the car.
- Less Insurance Cost: In the case of a used car, you can also save money on comprehensive and theft insurance.
Thus, there is no harm to buying a used car. Moreover, as they say, “There are no old cars, only new owners”. thus by choosing an old car you can easily invest less and save more.
The various Banks and NBFCs providing Car Loans are:
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