5 Compelling Reasons to Buy Used Cars in 2024

In a world where unique and brand new cars can cost a small fortune, purchasing a used car is a wise and frugal choice. And in 2024, there are more convincing reasons than ever in order to consider buying a second hand car in India. If you are thinking about saving money, you must consider buying old cars, rather than buying a brand new one. It will enable you to save a lot of cash on hand in several ways.

In addendum to this, when you question any financial expert, they will indeed recommend you purchase a used car over a brand-new one. Let’s understand the compelling reasons that will help you understand several reasons behind buying second hand cars.

Why Should You Buy Used Cars in 2024?

Well, the automotive industry is transforming at an instantaneous rate and the expenses of cars are only moving up. Top-selling cars are getting more expensive by the end of every year, making them a very high-value acquisition for a normal and common man.

A used car makes more logic for first-time car buyers boosting from two-wheelers or public transportation. There are multiple reasons for buying a used car among which we have come up with some of the most prevalent ones. Let’s learn about them in a comprehensive way.

1. Save Money and Upgrade Your Car

Let’s face it as we know about this, new cars are expensive. The average new car in India costs over lakhs and crores. That is a surplus of money to disburse on a depreciating asset.On the other hand, second hand cars are incredibly more affordable. As a matter of fact, you are able to discover these second hand cars which will be just a few years old for a fraction of the price of a brand-new facelifted car.

2. Get More Features For Your Money

When you purchase a new car, you will be paying for the latest and most efficient features, the car upholds. But those characteristics come with a premium price. Nonetheless, when you buy a second hand car, you acquire identical components and characteristics for a fraction of the price. For illustration, you will be able to encounter second hand cars with the most delinquent components such as a sunroof, heated seats, and a navigation system for which you ought to spend extra money on the new car.

3. Stress-Free Driving

Used cars in India have their own advantages and the most essential benefit of driving your car stress-free without having to worry about a bad case of nerves of getting a scratch or a dent which a new car has a possibility of getting most of the time. You are able to take out your second hand car anytime you want and for longer trips after you buy them. But when you buy a brand new car, you will often keep your car away for longer outings before giving it the primary servicing.

4. Avoid The Initial Depreciation Hit

The brand new made-in-India cars depreciate the most in the first few years. As a matter of fact, a new car is able to relinquish up to 20% of its value in the first year alone. By buying a used car, you are able to prevent this initial depreciation hit. You will agree that every car undergoes depreciation at one point in time. However, used cars depreciate at a very slow rate which simply means that you will lose less money as you will let somebody else take the tremendous depreciation hit on your car.

5. Wider Variety of Options

When buying a brand new car, you are limited to the current model year offerings. Buying a used car has a wider variety of options. But when you buy a second hand car, you are able to find used cars that are no longer available in production, which can be the most popular and great way to get a remarkable and contemporary car.

6. More Reliable Than Ever

Second hand cars are more reliable and convenient than ever. Cars nowadays are built so that they can last for a longer period of time and will require less maintenance than it required earlier. As a matter of fact, a recent study by consumer reports uncovered that second hand cars are just as reliable, safe, convenient, and flexible to use as brand new cars.

7. Affordable Insurance and No Additional Charges

Getting your used car fully covered will cost you much less when compared with that of a brand new car. That alongside taking off extra duties, different conditions and situations, and charges makes the latest vehicles very costly and expensive. So, if you are scrutinising for a trendy and economical method to buy a second hand car, you must buy old cars in 2024. You will be delighted you did!

How to Buy Used Cars?

Purchasing second hand cars can control you from making a big hole in your pocket and it can be a sumptuous way to save money. Nonetheless, it is indispensable to do your appropriate research and be organised. If you have made up your mind to buy a second hand car, make sure to observe the below-mentioned steps in an attentive and precise manner. With this, you will be able to make your mind explicit about how to buy used cars. Let’s begin!

1. Do Your Research

Before you buy a used car, it is necessary to do your appropriate research and compare prices. You must read reviews and check the history of the car. If you want to perform proper research, make sure to follow the below-mentioned steps.

» Figure out what sort of car you desire to buy: Evaluate factors such as your budget, cargo space, fuel efficiency necessities, and passenger convenience and capacity.

» Explore about additional models: Start reading the reviews and resemble the prices in order to get a concept or vision of what is available and what a reasonable price could be.

» Review online resources: Inspect online resources in order to get an assessed value of the car.

» Find potential car sellers: Make sure to use online classifieds, car dealerships, and private sellers in order to find conceivable cars.

2. Get a Pre-Purchase Inspection

A pre-purchased inspection can help you determine all the possible concerns with the car, hence you need to get a pre-purchased assessment when buying a used car.

» Get your car examined by a mechanic: Before you buy a used car, it is important to get it reviewed by a mechanic you rely on. It will help you identify any possible damage or problems and avoid purchasing a car with hidden defects.

» Let the machinist inspect the components of your car: The mechanic will study the engine, transmissions, suspension, brakes, and other necessary components of the car.

» Avoid costly repairs: The assessment should cost around ₹8000 to ₹10,000., but it’s worth it to control expensive repairs down the road.

3. Negotiate the Price

You must never get afraid in negotiating the price of the second hand car. You will surely get a better deal by negotiating.

» The selling price of a used car is usually negotiable, specifically if the car has been on the market for a while.

» Use the data that you have gathered at the time of your study so that it will support your offer.

» Be ready to walk away if you are not able to coordinate a detailed price with the second hand car dealer.

4. Get the Paperwork in Order

When it comes to purchasing a car, you must acquire the paperwork in order. It is momentous for you when considering buying a second hand vehicle because it will provide you with the registration of the car, warranty, and other essential car details.

» Acquire the paperwork in order: Once you have decided on a price, it is the moment to obtain all the paperwork in order, including the bill of sale, the title, and the registration of the car.

» No liens on the car: It is indispensable to guarantee that the title is in the seller’s name and that there are no liens on the car.

» Register the car in your name: You will also need to register the car in your name with the Department of Motor Vehicles.

5. Get the Insurance of Your Car

Obtaining the insurance of the car you are proceeding to purchase is very consequential. Well, there are a ton of insurances available for a car, but comprehensive car insurance is what creates a massive disparity. Make sure to get it when buying a used car for yourself.

» Before start driving your new car off the lot, you will ought to get the insurance.

» Make sure you shop around for quotes from various insurance companies in order to get the most reasonable rate.

» Ensure that you get sufficient coverage to rescue you in case of an accident.

6. Buy Your Car From A Reputable Dealer

When it comes to buying a car, you would have often thought about where to buy used cars. Isn’t it? When purchasing a used car, it is essential that you buy it from a reputable and trusted second hand car dealer. It will offer you a great warranty.

» A reputed dealer will make sure that your car has no imperfections or faults.

» Purchasing a car from an authorised used car dealer will deliver you warranties and other forms of security in the possibility of any annoyances down the road.

» These used car agents thoroughly investigate and renovate their cars, so you will be assured that you are purchasing a car that is in good condition.

Additional Tips for Buying Used Cars

When you buy old cars, you must keep in mind some of the most useful tips that will help you efficiently in making the best decision. Therefore, we have mentioned additional tips for you that will help you to buy used cars in Delhi. These tips are mentioned below:

» Take your proper time and never rush in order to make a quick decision.

» Ask all the questions that are running through your mind and never be afraid to walk away if you are not comfortable or don’t like the car.

» Make sure to obtain everything on paper, including the terms of the sale, price, and warranties.

By keeping in mind these tips and tricks, you will be able to save money and obtain a sumptuous deal on your used car.

Final Talk

The automobile industry has changed a lot, the way second hand cars are sold and purchased is also materialised a lot. Now there is no possibility of fraud and you no longer have to wait for the assurance of the salesman regarding the old car being genuine. The car will be comprehensively reviewed, renovated and then warranted by a manufacturer or a certified authorized dealer who can boost the warranty of your car.

Accordingly, if you are confused between purchasing a second hand car or a brand new one, then we guarantee you that purchasing a used car will be the most suitable pathway for you to move forward with.

Frequently Asked Questions

Q1. What are the reasons to buy used cars?

Ans. There are several reasons for buying a used car. Some of them are mentioned below:

» Depreciates at a slower rate.

» Offers good variety under your budget.

» Low insurance costs.

» Guarantees reliability.

» Low registration fees.

» Saves a lot of money.

Q2. What is the future of the second hand car market?

Ans. The Indian used car market size is expected to grow from USD 27.47 billion in 2023 to USD 55.49 billion by 2028, at a CAGR of 15.10% at the time of the forecast period, i.e., 2023 to 2028.

Q3. Which second hand car is best to buy?

Ans. The best used cars to buy in India in 2024 are mentioned below:

» Maruti Alto K10

» Maruti Dzire

» Maruti Swift

» Hyundai i20

Q4. Are second hand cars worth it in India?

Ans. Buying an old car is cost-effective and requires less maintenance. In contrast, a brand new car comes with updated technology, and better safety features, is less expensive and is less damaging to the environment. Therefore, we can say that yes, second hand cars are worth it in India.