Pre-owned Luxury Car – A Better Deal Than A New Economical Car?

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We are still far away from the global chip shortage issue being resolved and it looks like it will take a few more months for chip production companies to match the supply with the demand. Longer waiting periods and higher costs while buying a new car have become a norm. In this scenario, buying a pre-owned car sounds much more sensible than paying a premium and waiting months for a brand new car. While you are at it, should you consider buying a pre-owned luxury car that would not only lift your social status but also cost you as much as the new car you were about to book? Mr. Sumit Garg, MD and Co-founder of Luxury Ride tells us exactly why you should do that.

Sumit Garg Luxury Ride

Whenever a luxury car runs down the road, the spectators go gaga about the stylish look, amazing curves, and firm stance of the car. It leaves a lingering desire within them to own a luxurious car once in their lifetime. But the limitation of budget always comes in the way of fulfilling this dream. In such cases, the best viable option is to purchase a pre-owned luxury car. It comes at an affordable price and its budget is more or less equivalent to the cost of a new economical car.

But people are sceptical about buying a pre-owned car and there are various misconceptions lingering around it. Commonly, people think that purchasing a used vehicle comes with a lot of hidden problems.

Let’s elaborate on some benefits of purchasing a pre-owned luxury car that will evade all your doubts and deem it an ideal, lucrative offer.

Also Read: Deleted Features Due To Chip Shortage!

Affordability

To one’s surprise, a pre-owned luxury car comes at a lower cost and has high value for money. It offers authentic services where the car is well-maintained and almost new which is not driven much. It comes with enhanced features, more comfort, and does not compromise on safety which comes at the same price as that of a new economical car.

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Technology

While a luxury car comes in mesmerizing designs and impeccable styles, we cannot ignore its other features. It is backed up with advanced technology and high-end engines that gives amazing performance while not compromising on comfort.

Backed Up With In-built Accessories

A pre-owned luxury car already has inbuilt accessories like stereo, TV, GPS systems, etc. which are not available in the new vehicle. This proves to be an affordable deal as one does not need to spend an extra penny to set up things in the car.

Slow Depreciation Rate

As soon as a new car is driven out of the showroom, its depreciation graph starts rising. During the early years of luxury cars, the market value declines very rapidly. Ideally, in the first year itself, there is 25-30% depreciation and consequently, by the second year, an added depreciation of 10-15% is incurred. Hence, by opting for a pre-owned luxury car one can avoid the heavy rate of depreciation and also get a good rebate as the price of the new car falls even if it is driven for a few miles on the road.

Low Insurance Rate

Whether purchasing a new or a pre-owned car, one needs to purchase car insurance. But contrary to the higher premium on the new car, the premium for a used car is much more relaxed. Also, in addition to the insurance, the registration fee for a pre-owned car is much cheaper as compared to that for a new car as the registration cost depends invariably on the transaction amount of the car.

Also Read: Insurance Add-Ons You Should Consider

Extended Warranty

Depending on the year of purchase of the pre-owned vehicle, one can avail extended warranty for the car which is an extra benefit that is not available on new cars.

The advantages listed above are indicative of the fact that opting for a pre-owned luxury car is a good deal instead of going for a new economical car. Moreover, when you take your car out for a ride, nobody will be able to recognize whether it is a brand new or pre-owned car.

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