Recently the budget list has increased the custom duty imposed on locally made and imported cars due to which the price of cars have been increased. Even After discounts and deals, the prices will remain high. If you want to own a car but have less budget, it is the time to purchase a second hand car instead.
Due to 2008 economic downturn, the automobile industry has been drastically affected. When you are looking for a second-hand car, make sure you see if it is fuel efficient or not, the ride quality, reliability and other criteria. Cars are depreciating assets as their value decreases from 10% to 15% each year.
So, here are the reasons to go for a second hand car instead of a new one.
Cars are of heavy expenses. If you want to purchase a bigger car but have limited budget, it is likely that there will no new sedans available in that range. There are cars like Maruti SX4, Honda City, Maruti Swift Dzire which can be purchased within limited budget. Fuel Costs can also be an issue and in that case you can look for diesel cars like Maruti Swift diesel, Ford Figo diesel or even a bit older Fiat Punto diesel. If you are looking for hatchback or automatic sedan, you can purchase Honda City automatic or Honda Accord automatic, if you have a little more budget. If you want ca for practice, go for Hyundai Santros or Maruti Swifts!
If you are new driver, you can always purchase used car. Unless you are really good and confident to drive, it is advisable to ride an old car so that even an occasional scratch doesn’t hurt much. Go for some second hand cars which are easy to maintain and the replacement parts are not costly. You can use Santros, Maruti , Hyundai, i10s or Swifts as their parts can be repaired almost everywhere at low costs.
Intermittent or Short-Term Use
For any reason, if you want to purchase a car for short-term use, for example, you have a job that posts you to different places go for second-hand cars. If you purchase a new car and want to sell it after few years, you will lose a lot of money. When the new car steps out of their showroom, the value of it almost decreases by 10%. When you want to sell, you will almost lose 75% of the money invested. So, it is advisable to look for easy to maintain, reliable brand where you can get a good resale value. You can look for Honda City or Wagon R.
If you have any special plans with your car, it is always advisable to purchase new ones. When you purchase any new car and then have modification and customization on it, there is loss in its value. If you want a off-roader car like Thar but have less budget, you can always go for ex-army jeep and use it. If you want to take part in motorsports, autocross or rally events, buy a second-hand cheap car and modify it!