The concept of basic needs has been redefined due to the impact of the Covid-19 pandemic. While shelter, clothing, and food were traditionally considered basic needs, the pandemic has highlighted the importance of personal transportation, such as owning a vehicle, for many individuals.
In the wake of the pandemic, a growing number of people have started to avoid public transport and instead opt for personal modes of transportation to minimize the risk of infection. The safety concerns associated with public transportation and the limited efficiency during the pandemic have contributed to this shift in mindset.
For some individuals, owning a car is a necessity, while for others, it may be seen as a status symbol or a long-held fantasy come true. However, purchasing a car is a significant financial decision that requires careful planning and substantial savings. Many people wonder whether cars are a good investment.
The pandemic has also impacted the availability of new cars, as dealerships were temporarily shut down and production was limited due to restrictions. In this context, the option of buying a used car has gained traction. However, purchasing a second-hand car requires thorough research, knowledge about cars, and comes with certain risks, which deters some potential buyers.
Fortunately, the concept of buying a used car has been transformed with the advent of online platforms. These platforms, such as online used car dealerships, provide a convenient and reliable way to find and purchase used cars. Trust in the process has increased, as these platforms conduct thorough inspections and provide guarantees and warranties to ensure customer satisfaction.
Now, let’s discuss some reasons why investing in a used car may be beneficial:
1. Depreciation:
Used cars experience slower depreciation compared to new cars. The value of a new car can depreciate by 15-30 percent within the first year, while used cars have already gone through significant depreciation. This makes used cars more cost-effective.
2. Lower Insurance Costs:
Insurance premiums for used cars are generally lower than those for new cars. Insurance premiums are directly related to the age of the car, so older cars have cheaper premiums, resulting in cost savings.
3. Assured Reliability:
Certified online platforms offer comprehensive warranties and assure the reliability of used cars. This provides a sense of security to buyers, as future repairs and maintenance costs are taken care of by the platform.
4. Certified Cars:
Certified used car dealers conduct various tests and inspections to ensure the condition of the car. This eliminates uncertainties associated with non-certified sellers and provides buyers with detailed reports and information about the car’s history and condition.
5. Variety Within Budget:
The used car market offers a wide variety of options within different price ranges. Compared to new cars, there are more choices available in the used car segment, allowing buyers to find a suitable vehicle within their budget.
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6. Cost Savings:
Buying a used car is more affordable than buying a new car. Certified online platforms offer quality used cars with warranties, similar to original equipment manufacturers (OEMs). This saves buyers the cost of extensive inspections and checks associated with offline dealerships.
7. Favorable Financing:
While interest rates for used cars may be higher than for new cars, buyers can compare rates and choose the most suitable option for their budget. Good upfront payment can lead to lower interest rates in the long run. Online dealerships also assist with loan facilitation.
8. Lower Registration Fees:
Registering a used car incurs significantly lower fees compared to registering a new car. This can result in ongoing savings, as the difference in registration fees between new and used cars can be substantial.
9. More Negotiating Power:
The used car market in India offers more room for negotiation compared to the market for new cars. Sellers are often motivated to sell their used cars quickly, providing buyers with greater negotiating power.
10. Reduced Environmental Impact:
Buying a used car promotes the reuse of existing resources and reduces the demand for new car manufacturing. This helps reduce the carbon footprint and environmental impact, contributing to sustainability efforts.
In conclusion, owning a vehicle has emerged as an important consideration in people’s basic needs. Purchasing a used car can offer various benefits, including slower depreciation, lower insurance costs, assured reliability, cost savings, a wide variety of options within budget, favorable financing, lower registration fees, increased negotiating power, and reduced environmental impact.
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