Used Cars Market Growth Prospects among the Emerging Nations Through 2028

  

Research Dive has recently added a new report on Used Cars Market Size Share which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of Used Cars Market Size Share

The cost of new four-wheelers is increasing with time. It becomes a matter of concern for average people to invest a big amount to buy a new car. Furthermore, the depreciation cost of new cars is quite high. This drives people to opt for used or pre-owned cars which fulfills the dreams of many, to have a four-wheeler and also helps them in transportation at a reasonable cost. Nowadays, the market for used cars is thriving with growing demands.

 

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It is common nowadays, to see people searching for second-hand or used cars more than for planning to buy a new one. If we talk about the pricing, new cars are extremely expensive. Moreover, the huge depreciation cost of new cars is one of the reasons for alluring people to buy late-model used cars. Investing in new cars and their maintenance restricts average people to buy a new car all across the globe. Rather, people are happy to buy pre-owned cars as it saves their money and at the same time fulfills their needs. Before moving towards the advantages of buying used cars, let’s start with some basics.

 

What are Used Cars?

Those cars which have one or more retail owners are known as used cars or pre-owned cars or second-hand cars. There are several outlets through which one can buy these used cars, such as, franchise, rental car companies, independent car dealers, many leasing offices, and also one can buy these cars through auctions or private-party sales. One can buy used cars in all segments, starting from hatchbacks to sedans or SUVs and even cars that operate on petrol, diesel or others.

 

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Now, the question arises, how to judge cars and how to measure the suitable factors before making the decision of purchasing used cars. There is a solution for these problems—and it is the certified used cars. One can buy certified cars from any car dealer who also sells new cars.

 

So, What are Certified Pre-Owned (CPO) Cars?

Basically, certified pre-owned cars are those specific cars that are backed by genuine and original manufactures, undergone through multi-point and thorough inspection. These cars are provided with an extended warranty from the original date of service. Therefore, buying these cars is worth your investment of money.

 

What is the Basic Difference between CPO Cars and Used Cars?

A CPO car includes a complete inspection which repairs any worn or damaged parts both internally and externally, before placing for the sale. While purchasing used car one must pay additionally for the inspection and for any further repairs. In addition, CPO cars provide a number of services like 24/7 roadside assistance and give extended warranty, which used cars don’t.

 

Advantages of Buying Used Cars

Often people believe that buying a second-hand car means buying someone else’s problem. However, it’s not true anymore in the present era. Apart from getting a car at a much cheaper price, there are a plethora of advantages to purchasing a used car. Some of them are listed below:

 

Helps you Buy a Luxury Car- As you can save more than 30% in buying a used car, so, opting for a luxury car is a big possibility. Used cars fulfill enable people to fulfill their dreams.

Provides Cheap Registry Renewal- Nowadays, the cost of registering used cars is going down every year. This drives individuals to pick used cars at a greater pace.

Dispenses Lesser Car Insurance Rates- When the price of a vehicle is low, it costs less to insure it. Used cars help individuals to get a good deal of insurance rates. In addition, you can save more by buying collision and comprehensive coverage which pays for the repairs need for your car.

Gives Less Stress and Easy Learning- Used cars help individuals to learn to drive in a better way as there are no worries of getting a dent on the car. These help people to care less about the outer look and more about fulfilling the purpose.

 

The Future Landscape of Used Cars Market

Due to the disruption in the supply chains caused by the rise of the Covid-19 pandemic, it becomes tough for the automobile industries to balance the supply and demand graph. However, the high depreciation costs of new vehicles are one of the major factors which are going to augment the size of the global used cars market. The market is envisioned to grow at a healthy CAGR of 6.8% by generating revenue of $1,970.0 billion in the 2021-2028 timeframe.

 

The Bottom Line:

Currently, especially in metros, owning a personal car is not a luxury but a necessity. So, to cut off the high cost of buying a new vehicle and to maintain it, many individuals are majorly picking up used cars to meet their daily chores of life. Furthermore, having a personal car is in the wish-lists of many, this becomes an important factor which will be going to thrive the market of used cars to a great extent in near future.

 

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