Cars have become an absolute necessity today. With the lifestyles of people evolving and bending towards a comfortable living has caused an increasing number of people to buy cars. Cars can be purchased first hand or even second hand. Both cases have their own perks and are suited for different needs. The number of drivers who prefer buying used cars has constantly been on the rise. The second hand car market is flourishing by leaps and bounds.
What are the advantages of buying a used car?
· Depreciation is an important aspect one needs to keep in mind while buying a used car. An important thing to remember is that purchasing a new is not so much of a good idea. Cars these days tend to last longer however, as a matter of fact, they are bound to lose value over time. Some cars depending on their brands handle depreciation better as compared to others which lose about fifty percent of its value within three years.
· With less amount of money, the buyer can buy a used car with more specs and features than what he can buy when purchasing a new car. The same budget would buy better equipped and more recent car at second hand purchase than a new purchase.
What are some important things to remember while buying a second hand car?
- A used car can be bought from an individual, dealer and a second hand car broker. Transactions involving no middlemen are the best and should be preferred. Advertisements from newspapers, internet, catalogues are a good way to find apt deals.
- Be sure to look up the car and its feature. The buyer needs to match the specifications of the car with his or her needs. The buyer also needs to do some digging of the running cost of the car
- The buyer needs to set a fixed budget and look for suitable options. An important thing to be aware of is that the interest rates charged on second hand car loans are most often than not higher as compared to new cars.
- It is extremely crucial to assess the documents carefully. The insurance papers, registration certificates, pollution certificate, original purchase invoice and several other papers need to be asked for and checked properly.
It becomes clear that the better decision is to purchase a used car, which comes with a number of perks. There is a huge second hand car market, providing the buyer’s wide variety to choose from.