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Why You Should Purchase A Used Vehicle Instead Of New

mahindra-finance-author

by Mahindra Finance

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June 29, 2023

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3 mins read

Owning a car, whether for personal or commercial use, is a practical necessity today. But buyers-to-be often wonder: should I buy a new or used car? Won't a second-hand car be good enough? The short answer is YES. Second hand car prices are lower compared to a new car. Getting a second-hand car from a genuine seller saves money and makes it possible to buy a high-quality product at a low price.

But this is not the only advantage. There are other benefits of getting a second-hand vehicle; read on to find out what they are and decide whether you want to purchase a second hand car or not.

The advantages of buying a used car

1. Affordable

The value of a newly bought car reduces substantially once you take it out of the showroom. With the high registration and commercial license fee, the actual cost is very high. If you purchase a second-hand vehicle, you can buy the car at much affordable prices. The use of a vehicle is long-term, and a new car is not necessary as the price comes down as soon as you take the car out of the showroom.

2. Cheaper insurance

Second hand car prices are lower, and so is the insurance premium. This is because the premium amount is calculated after taking depreciation into account. The older the car, the lower the premium and vice-versa. You can get more details on second-hand car insurance - or even loans from Mahindra Finance.

3. Ideal for new drivers

New car or used car shouldn't be the question for novice drivers. For those who are learning to drive, buying a second-hand car is ideal. Not only do you pay less to buy the vehicle, but you also won't have to worry about putting dents or scratches on it since the car is likely to show some wear and tear already.

4. Easy to upgrade

If you are buying a car for commercial usage, buying a pre-owned vehicle will be a wise decision. A used car from a genuine dealer comes at a lower cost and performs exceptionally well. Once you've used the car to its full capacity and have gained profits after deducting the cost price, you can upgrade to a premium car for increased comfort and revenue

5. The vehicle is already tested

As the second-hand vehicle is already tested, you will know the fuel efficiency and the possible defects in the car. With a new vehicle, although there is a warranty, the vehicle might have issues which are not detected.

6. Conclusion

Well-maintained used cars are cost-effective, low on maintenance, and easy to upgrade. So why hesitate? Go for it! If you are wondering which is the best second hand car to buy, that would depend on your needs and budget. Fix a budget, list down the features you want, and compare the available options. You should check out the reliability ratings of the car and ask your friends about the best car for your needs. And if funds become a hurdle or you don't wish to exhaust your savings for buying a used vehicle, a pre-owned car loan from Mahindra Finance can be your best bet.

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