Used Car vs New Car

Benefits of a new car:

• Enjoy extended warranties and 24/7 roadside assistance

Most manufacturers and dealers offer extended warranties for a period of two to three years, so they will repair or replace any components for free during that period. Some dealers even provide 24/7 road assistance if your car breaks down, and will tow your car to the nearest partner workshop.

• New cars come with the latest technology and features

The biggest advantage of going for new cars is that they are equipped with latest technology and features, like adaptive cruise control system, comfortable seating etc. New cars are often designed to give the user a comfortable and a luxurious ride.

• Spare parts for new cars are easily available

Depending on the model and manufacturer, it can be quite difficult to get spare parts for older cars, especially if you own a discontinued model. But with a new car, this is eliminated.

• New cars have no history

While previous accidents or other legal issues all come packaged with the used car, you do not have to bother about new cars on that end. Though it will definitely depend on how you take care of it.

• New Car Loan

Easy as it sounds, just walk into the showroom and buy a new car. Additionally, you can apply for a car loan to buy your dream new car which is latest in the market. New car loans are available for most of the new models. They come with lower interest rates, as compared to used cars.

Benefits of a used car:

• Get a bigger, faster car – in the same budget

You can get a used car from a much higher segment in the same budget. For example, sedans from segment C and D lose 40% of their value within one year, making them an attractive option for buyers.  Also, well maintained used cars can be just as reliable as new cars.

• Used cars do not depreciate as much as new cars

A new car depreciates in value by up to 30% the minute it leaves the showroom, making a used car a better investment if you plan to resell.

• Certified pre-owned cars come checked and restored

Another interesting option is a certified pre-owned car. These type of used cars are restored to near-new condition, making them the perfect alternative for a new car. They also come with extended warranty.

• Used Car Loan

With a Used Car Loan, you can buy a used car and tackle your financial burdens. You can apply for Used Car Loan and finance upto 90% of car valuation and choose the tenure of repayment that ranges from 12 to 60 months. You can enjoy host of benefits, like car servicing, insurance renewals. Pay your EMIs on time and you can get amazing vouchers and offers too.

To know more about used car finance and how to avail a Used Car Loan, head to Finserv MARKETS.