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Pros and Cons of Buying a Used Car

Buying a car is not a small decision, but the internet has made it really easy to search for the vehicle that suits your requirement perfectly. Like for instance, if you stay in Mumbai then just type ‘cars in Mumbai’ or used cars in Mumbai online in the search engine and you will get hundreds of results immediately. One thing that a person should be really sure before buying is if he or she wants to go for a brand new car or a second-hand model.

It’s best to go through the pros and cons of buying a second-hand car as it will help in making an informed decision.

Pros of Buying a Used Car:

The biggest benefit of going for a second-hand car is the cost savings. The new car depreciates the most in the first year of purchase and if you go for a car that is 3-4 years old you can buy it at nearly 40% of the original cost, which is a big saving. Thus, it’s the first owner who takes the maximum blow of the depreciation. Not only this, the road tax is already paid for life time, which is again a big relief. Even the insurance of a three to four-year-old car comes down drastically.

Cons of Buying a Used Car:

The biggest disadvantage is that you might need to compromise on colour or style or may be some extra features that are available in the latest model. The other drawback can be that if the car is more than 3 years old there might not be any warranty left from the manufacturer. But you can find if the company is willing to provide extended warranty.

If you buy from the certified dealers, they often provide some extended warranty on the vehicle. Always get the car thoroughly inspected by an able mechanic else there are chances of getting duped. The last but not the least drawback is that if you want the vehicle to be financed then most of the banks charge higher rates for financing the used vehicles.

In a nutshell, if you are a little cautious and go for a vehicle that is some 3-4 years old then there is nothing to worry. You can really save some serious money.