Buying a luxury car is today is proving to be as difficult as it is easy. It is easy because you can get exactly what you want and at the price you want. It is difficult because there are too many choices and options at every step of the way and it can get confusing. You will have to decide on the make and model of your car, and also decide whether you want to buy a new or used car. If you think it over well, this is one of the most important decisions and it can make a big difference in your finances over the next several years. It is important to realize and remember that buying a car is not an investment.
n cities like Mumbai, with traffic and conditions of roads not very favourable, being inside a luxury car can make a world of difference to the ride. However for the very same reasons it make sense to go for a second hand luxury car and enjoy the same comforts and benefits for much lesser the price. Among the renowned dealers in Mumbai, Autohangar Advantage stands out as the most reliable second hand automobile dealership in Mumbai. With their over 30 years association with Mercedes-Benz, they are certified used mercedes benz dealers in Mumbai.
The biggest advantage of buying a used luxury car is that you minimize the depreciation hit on the car. You may be able to sell your car for nearly the same amount you paid for it in the next few years depending upon the state of the car at the time of sales (* subject to valuation)
Another advantage is that insurance rates on a used car will be lower than on a new one. If you are in your early twenties and paying high insurance rates because of your age, going for a used luxury car may lead to a significant amount of savings.
The market for used luxury cars in Mumbai is huge. However, according to a survey last year only 15% of the used cars sold were financed through used-car loans. Some of the major reasons identified for such a low number of used car loans include a lower market-share of organized players; complicated loan documentation and car valuation process; and inferior product features of pre-owned car loans in comparison to alternatives like personal loans.
The customer-friendly features of personal loans are attracting customers towards it for financing their used car purchase.
So when you have chosen your second hand luxury car and also the best authorised pre owned luxury car dealer, and all you need to do is sort out your loan, it would be helpful for you to keep these 5 factors in mind. These will help you to choose between a personal loan and a used-car loan.
As both used car loans and personal loans have their own merits and demerits, a customer should choose the one that works best in terms of cost, approval chances, processing time and loan amount.