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5 Reasons Why Millennials Should Buy Used Cars

The used car market in India is growing at a rapid pace, with more and more people opting for pre-owned cars over new cars. Many used car marketplaces are coming up in both big and small cities. If you are a millennial, buying a used car makes more sense as it is affordable and gives you peace of mind. Also, you can get used car loans that have attractive interest rates.

If you have concerns over buying a used car, here are some points to help you change your mind:


The biggest and the most important benefit of buying a used car is that it saves money. If you purchase a used car, it will incur less money than a new one. The moment a new car leaves the showroom, it loses a good chunk of value as it becomes a used car. It would be wise if you go for a used car (in good condition). You can use the money you saved to buy a better-used car or upgrade the segment if your budget allows for it.

A tension-free and relaxed drive

Remember how painful it is when your new car gets a dent or even a scratch. Yes, you want to keep your brand-new car in the best condition and scratch-free. But a dent or any sort of damage to the new car is inevitable. Therefore, it makes more sense to buy a used car and be tension free. You will no longer be bothered about the first scratch or dent. Also, there are a lot of people who choose not to take their new car to crowded or heavy traffic areas. It defeats the whole purpose of having a car. Having a used car will help you be more stress-free whenever you take it out.

Cheaper insurance

Another benefit of buying a used car is that the insurance expenditure is reduced significantly. The insurance cost of a new car is very high, and consequently, the taxes are also high. All these costs are significantly reduced when you buy a used car. Also, you end up paying much lesser taxes as the insurance value is lower.

Easy finance

Nowadays, you can also get a loan especially for buying a pre-owned car. The used car market in the country is developing at a swift rate. As a result, more and more banks and NBFCs are offering loan schemes for this purpose. The interest rates for used car loan have also come down significantly. If you are looking to buy a used car on loan, check with your dealer for loan eligibility. Conversely, you can use a used car loan EMI calculator to know the EMI structure for your purchase.

Reduced depreciation cost

There is a depreciation cost attached to every car. The higher the value, the higher the depreciation costs. Thus, the depreciation is very high in the case of a new car, at around 40 to 50 percent of the value in the first three years. However, if you choose to buy a used car, the depreciation cost is less as the maximum depreciation cost has already been taken care of by its first owner. 

For millennials, buying a used car caters to almost all needs. It also helps in generating considerable savings and getting profitable used-car-loan schemes. The low insurance costs and taxes for pre-owned cars will help you be relaxed with your purchase.

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