Owing to the price hike of most commodities, the overall cost of living has risen considerably in recent times. This has encouraged the citizens to resort to cost-effective ways to meet their needs.
Hence, a large segment of the population is looking forward to purchasing a used car in order to make traveling more convenient and comfortable for themselves.
Second-hand cars are available at affordable rates and hence, they are popular amongst those with a limited budget. Apart from affordability, there are several other factors that have contributed to the growth of the used car market in India.
India’s second-hand car market has witnessed significant growth from 1.6 million units in 2011 to 3.3 million units in 2016. According to the market leaders, it is estimated that the used car market in India is expected to grow by 15%, with a sale of 6.6 million units by 2021.
If you are planning to purchase a pre-owned car for yourself, below are some of the top used cars that you can go for right now:
- Renault Kwid has a massive demand, both in the new car market and pre-owned segment.
- Kwid has a high resale value. You can get a sparingly used 2017 Renault Kwid for Rs 3.5 lakh, and a 2016 RXT model for as low as Rs 2,90,000.
Maruti Suzuki Swift
- Maruti Suzuki has topped the charts in the new and used car market for many years.
- Maruti Suzuki Swift can be found in large numbers on various used vehicles portals and physical markets.
- Depending on the model of the vehicle, the car can cost anywhere between Rs 2.5-5.5 lakh.
- Value-for-money and after-sales service are two important factors that make Honda amaze a good choice for second-hand car buyers.
- A pre-owned Honda Amaze can cost anywhere between Rs 4-5.5 lakh.
- Honda city is one of the preferred choices amongst second-hand car buyers due to its reliable after-sales service.
- Resale value for Honda city can range anywhere between Rs 2.5-8.8 lakh, depending on the year of the brand, kms driven, and build quality status.
These are some of the best used cars available in the market. The market for pre-owned cars is expected to grow with time. Keeping this in mind, a large number of leading financial institutions are now offering attractive used car loan deals.
If you are looking forward to availing used car finance, ensure to make a note of the interest rate levied on the car loan. It is advisable to opt for a lending institution that offers the most competitive interest rates. This can reduce the overall cost of borrowing in the long run.
While availing a used car loan, you can also calculate your monthly installments with the help of a personal loan EMI calculator. This can help you plan your monthly expenses wisely and make timely repayment of your used car loan.
Lastly, make sure to read the terms and conditions of the loan agreement carefully before availing it. This can help you avoid any inconvenience in the later stage.