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The Best Time to Buy a Used Car
Posted on Wednesday, November 15th, 2023 | By IndusInd Bank
Summary: You can get great deals on used cars during various occasions such as festive seasons, new model launches, and the end of the year.
Owning a car that fits your precise requirements is a huge accomplishment. That said, a brand-new car is a steep expense and a large number of individuals are increasingly shifting their focus towards purchasing used cars. The decision to invest in a used car is a wise financial move. All the same, it does necessitate careful planning, extensive research, and perfect timing. Therefore, the question arises: when is the best time to purchase a pre-owned car? And how can you benefit from options like a used car loan or a pre-owned car loan? Keep reading to find out.
Best Time to Purchase a Used Car
1.Towards the End of the Quarter or Year
Sales staff in auto dealerships undergo a lot of pressure to meet their targets by the end of each quarter or year. To achieve this goal, they are encouraged to offer additional discounts on vehicles. Therefore, it is advisable to plan your car purchase in the last weeks of March, June, September, or December. It will improve your chances of getting a more favourable deal.
2.During the Festive Season
Auto dealers in India frequently offer attractive discounts during major Indian festivals. Therefore, if you are considering buying a pre-owned car, making your purchase during the festive season can be beneficial. You might even receive additional benefits such as accessories, extended warranty, or special upgrades.
3.When New Models Are Launched
When new models are launched, car lovers look forward to swapping their older models for the newest ones. As new models are introduced in the market, dealers usually lower the prices of older car models, enabling potential buyers of pre-owned cars to secure a good deal on their chosen model.
4.When You Are Ready to Finance It
Purchasing a used car rather than a new one can result in significant cost savings, but it is still a big financial commitment. It is therefore important to avoid any financial strain on your budget. Consider getting a used car loan if you are short on funds. These days, lenders have relaxed eligibility criteria for such loans.
Benefits Of Buying Used Cars
There are several benefits of buying a used car:
| Value for Money | Pre-owned cars are more affordable and provide value for your money. |
| Less Vehicle Depreciation | Used cars tend to hold their value better than new cars because the steepest part of their depreciation has already occurred. |
| Reduced Insurance Cost | Insurance premiums for used cars are lower than for new ones, resulting in cost savings over time. |
| Lower Registration Fees | Used cars typically have reduced registration costs because they have undergone the initial depreciation. |
| Lower Loan Amount | Since used cars are more affordable, the amount you need to borrow is less. Financial institutions offer appealing used car loan options with competitive interest rates, resulting in lower EMIs. |
Apply For a Used Car Loan with IndusInd Bank
Applying for a pre-owned car loan with IndusInd Bank offers the following benefits:
- Highly competitive interest rates
- Flexible repayment period of up to 60 months
- Minimal paperwork with doorstep assistance and a quick disbursement process
- 100% funding for used card loans, with loan sums up to INR 25 lakhs
- Pocket-friendly EMI options tailored to your needs
Apply for a used car loan with IndusInd Bank and ride your way to freedom and convenience today!
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
