The used car industry has grown significantly over the years. During the pandemic, it was one of the least affected industries as compared to other major industries. According to a report published by Mordor Intelligence, in 2021, the Indian used car market was valued at $32.14 billion and by 2027, it is expected to reach $74.70 billion registering a CAGR of 15.1% during the forecast period of 2022-27. Today, there is a boost in the growth of used cars due to numerous benefits of owning a used car as compared to a new car.
With the rise of the used car market, we can see a significant rise in certified pre-owned cars as well. Both used car and certified pre-owned car have their own benefits and drawbacks which attracts users to choose between them.
A used car or pre-owned car is which has had at least one user or buyer in the past. Such cars are priced significantly lower as compared to the new cars. The price of the used car depends on numerous factors such as the number of used years, model of the car, condition of the car, and any damage or any wear and tear of the car. As a seller, if you maintained the car well, there are chances that you might get a decent price for the car.
If you are buying a car for the first time, a used car is one of the best options available. There are numerous benefits of a used car – being cost-effective is one of the prominent benefits. With the recent rise in the prices of cars, buying a used car is a perfect solution to save a lot of money on a car. As compared to a new car, you will get a user car in less price depending upon factors such as car model, year of manufacture, condition of the car, and location of the user.
With the rise in the car market, we can see that there is a long waiting period for buying a new car. If you are someone who does not like to wait and wants the car as soon as possible – a used car is the best option for you. There are numerous options available for a used car for that same model readily available at any given point in time. As compared to a new car or certified used car option, people opt for the used car since they are easily available.
One of the major concerns with a used car is the rate of financing. The interest rate for a used car is high as compared to a new car.
Generally, a used car is brought from an individual who doesn’t provide you with a warranty for the car. The manufacturer warranty for the car is not available for the used car.
The dealer thoroughly inspects a certified pre-owned car. These certified pre-owned cars undergo several inspections which include checking the overall condition of the car. You get a warranty of the certified pre-owned car as compared to a used car. The quality of the certified pre-owned car is slightly on the higher side which makes it highly dependable for the buyer.
Also Read :- Guide on Used Car Loan - Apply to Disbursement Process
A certified pre-owned car comes with a warranty that the dealer provides you. Alongside, as a buyer, you will get the quality assurance of the certified pre-owned car. The quality inspection done by the dealer covers all the points that you as a buyer are worried about.
There are high chances that as a buyer you might miss out on several quality checks that are required before buying a pre-owned car. Proper inspections and checking are done by the dealer which assures you about the quality of the car. Also, this means that you can go back to the dealer with any problems or issues. This is missing when choosing a used car.
When it comes to certified pre-owned cars, the issues related to the car are taken care of before the dealership provides the certificate. E.g., there are any issues related to the engine or interior of the car is taken care of by the dealers at the time of inspection.
As compared to a used car, you must pay a slightly higher price for the certified pre-owned car. The warranty and quality checks done by the dealer increase the cost of the pre-owned car.
The option available with a used car is slightly higher as compared to a certified pre-owned car. There are limited choices and availability when it comes to certified pre-owned cars. There are certain required checks that need to be fulfilled for certified pre-owned cars which limit the availability of the car. Several used cars or other cars do not fit or pass the test of a certified pre-owned car.
Buying a car is an overwhelming experience – it requires a lot of prerequisites before finalizing a car, especially in the case of a pre-owned car. With Poonawalla’s Pre-Owned Car Loan, you will rest assured about the hassle-free experience of buying a pre-owned car. Our used car loan provides offers you car loan at competitive interest rate with minimal documentation and a quick loan application process. And, if you are worried about the flexibility of loan tenure, we provide you with a customized pre-owner car loan with allows you to choose a Comfortable and flexible loan tenure.
If you have a CIBIL score of 750 and above, the chances of getting a loan at an attractive interest rate are higher. The CIBIL credit score is usually a value between 300 and 900.
The Credit Information Bureau India Limited or CIBIL is one of the 6 registered Credit Bureaus in India which is responsible for collecting and storing your credit information.
Personal loans are one of the widely used funding methods that aid millions of people through difficult times.
What, if your CIBIL score is high? Why the CIBIL score is so important? If you are looking for answers to these questions, weâ€™ve got the answers ready for you. A credit score is a 3-digit score given by any of the credit bureaus - CIBIL, Experian, Equifax or CRIF High Mark, based on your past and present credit behavior.
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