The market for used cars in India has shown tremendous potential. Experts believe that it is still in the nascent stage and will see an increased growth. So what is it that makes purchasing a used Ford EcoSport in Bangalore so attractive for so many people?
Lower Cost of Acquisition
Used cars are available at far less cost than acquiring a new car. The difference is massive at times. So those people who are limited by budget can purchase used cars and become proud car owners.
Authorized dealers and online car platforms get the used cars thoroughly inspected for their usability and condition. These certified cars come with warranties and legal protection for the buyer. So buyers get cars that are in good condition at lower rates.
A car starts depreciating right from the moment it steps out of the showroom. During the first few years of ownership, the car can depreciate at a rate of 30%. This depreciation is actually a loss of the value of the car. So an owner of a new car bears a lot more loss than an owner of a used car.
Make More Money on Resale
When an owner of a new car sells it, the loss he endures in depreciation is higher. So he makes less profit on the resale. But when a used car owner sells the car again he makes more profit because he has endured less depreciation loss.
Warranties on Used Cars
If the car is still under manufacturer’s warranty then these warranties get transferred to the new owner of the car. This way, even if the car is not certified, the manufacturer’s warranty takes care of it. This way a buyer can get a car that is as good as new.