Diwali is just around the corner. Apart from being a very auspicious festival, it is also when the Indian consumers let their hair down and purchase new products. Consumers can be found splurging for their wants and desires during this festival period. A new car is one such commodity.
Due to the covid pandemic, most Indian office-goers have been working from home and avoiding travel. But, with the ebb in the spread of Covid cases and the opening up of the Indian economy, many offices have resumed physical operations. Yet, many are still wary of using public transport for their travel, and many are left with no option but to find a private mode of transport. Hence, owning a private vehicle has become an utmost necessity.
Why is Diwali the best time to purchase a used car?
During grand festivals like Diwali, the travelling expenses of consumers rises dramatically. A typical Indian family would plan a vacation with relatives and friends. Amidst the constant buying of gifts, sweets, clothes and jewellery – travel expenses become an added nuisance. It takes away a mammoth chunk of your savings and reduces the amount available for other meaningful expenses. Instead of frequent travel and commute expenses, it makes more sense to take the help of a used car loan to own your car. The immediate cost of owning a second-hand car is low comparatively, and it also saves you from the constant need of booking an auto, a bus or a cab for every single trip.
What is going on in the Indian Auto Industry?
Due to the prevailing chip shortage globally, most Auto Companies are facing challenges in ramping up their production schedules to meet the surging demand, resulting in consumers looking at buying second-hand cars as an alternative. A second-hand car is, in fact, a brilliant purchase as it lets you enjoy the convenience of private and safe travel while also being very affordable to purchase.
Many auto companies have established their second-hand car division wherein the consumer is assured of a trusted product at an economical price. For fulfilling your travel dreams, finance companies like Tata Capital have risen to the challenge of making second-hand car loans attractive and readily available for consumers.
Can you purchase a used car online?
With the proliferation of online shopping, many portals have become sellers and aggregators for the refurbished auto market. Indian consumers have taken a fancy to online shopping as fish to water. Everything from groceries, daily needs, fashion, cosmetics to big-ticket purchases like electronics, furniture and cars is being ordered confidently by Indian shoppers online. Apart from this, the local agent/ dealer who offers easy accessibility and visibility is always an option for your second-hand car purchase.
If you look at your lender’s used car loan EMI calculator, you would understand that second-hand car loan EMIs do not cost too much of a pinch on the consumer’s pocket vis-a-vis the expenses incurred for travelling. Do your due diligence regarding used car loan interest rates and proceed with the offer that matches your requirements.
Final takeaways
With the abundance of choices available in second-hand car models and the easy availability and affordability of used car loan, the Indian consumer is spoilt for choice to make arrangements for their private mode of transport. Remember, when you possess an asset for yourself instead of relying on rented modes of transport, you are set on the path to achieving long-term goals.
