Many of the know about the incentives provided to consumers by the second hand used cars market which includes extended vehicle warranty, record transfer, no meter fault warranty, and roadside assistance, amongst others. The 2ndhand cars in Delhi industry in an organized trade which rose up to 70-% in the last 2 to 3 years. According to Gaurav Dave, Area Manager for AP, Mahindra First Choice Wheels Ltd., a surge in the middle-class segment is the reason behind this development. The new car sales had also gone up before the recession, thereby contributing in the demand for used cars Delhi market in the years that followed.
What is like to buy used cars in Delhi?
According to Rajeev Dubey, group chairman, and chief executive officer at Mahindra & Mahindra, the average holding period has declined from five to six years earlier, to three years in the present time. As per capita incomes increase, more and more people are considering the proposition of purchasing used cars in Delhi, regardless of whether it is their first car or not.
Market studies have indicated that 7 out of 10 of pre-owned cars sold are hatchbacks, while the others are a combination of sedans and luxury cars. In fact, due to its trustworthy reliability, ease of maintenance and high mileage, Maruti Suzuki is the most preferred option of used car buyers. CRISIL also reported that the volumes of used car sales have risen at a CAGR (Compounded Annual Growth Rate) of around 15 percent over the past five years up to 2014-15. While our country’s sales ratio of used cars to new cars has seen a rise over the years, it is still comparatively slower than the 3:1 average typical of developed markets such as the US and Europe, suggesting potential for further growth.
Manufacturers and dealers sell licensed used vehicles. Pre-owned cars go through thorough tests replacing defective and worn-out components. Customers try their best to seek as much details as they can about warranty provisions, the length of usage and certain terms and conditions if a particular dealer provides warranties on their used vehicles. It may come as a surprise that it often happens that when they are new, many reliable cars were not common. However, they have fantastic offers on the second-hand market as well and maybe few of them even get listed in the top models. Few models which are running hot in the market are the fifth-generation Honda Accord and Fiat Palio 1.6 which are just two of the many available discount versions. On the other hand, cars such as the Opel Astra and the Ford Escort are suffering from an unreliable availability of spare parts, high maintenance costs, and awful resale value. One should never consider buying a car that is no longer manufactured and is equal to a buying cost of a fresh car.
A few things a buyer should take care of is that he or she should always make sure that any loan firm has not repossessed the car they have set sights on. Otherwise, it would be difficult to obtain the Certificate of Registration and even one manages to get the car transferred to their name the original owner may create trouble.