A car is considered to be an asset by a majority of the population in India. In fact, it was a dream for many to own a car someday until a decade and a half ago, buying a car has become more of a reality with a considerable increase in per-capita income of the people, easy availability of loans, competitive pricing, and various discounts.
The festive season which starts in October and goes on till Christmas is considered to be an auspicious period by Indians to buy a new car, with festivals like Navrathri, Dussehra, Durga Puja, Diwali, and many more celebrated across the nation. With cars like XUV 700, MG Astor, Tata Punch and many other new cars to buy in the market, some of us have already decided to upgrade! Further studies also prove that car sales have been usually high during these months.
Whether you’re looking to buy a new car or a used car, most of us spend enough time researching on the internet, seeking advice from friends and family before you zero in on a car which suits your requirement the best.
On average, in India, a person upgrades to a new car every 3 years!
And most prefer to sell their cars directly or exchange it for a new one while a few trade it within the inner circle which consists of friends and family.
The process of evaluation of a used car is quite similar whether you exchange or sell it. Until a few years ago, most of them considered exchanging their cars despite the price being offered lower in comparison to selling it directly as it was convenient and time-efficient.
Finally, Times have changed for good!
You can sell your car in about 60 minutes and walk away with a price that is higher than the exchange price offered by car dealerships. Before that, let’s understand in detail why selling your used car is more profitable than exchanging it for a new one.
The basic factors which decide the value of your used car are the year of manufacture, variant(basic, mid or top-end), ODO meter reading (distance covered by vehicle), brand and market demand of the particular vehicle.
The other important factors which determines the price is condition of vehicle which includes both mechanical and aesthetics.
A car consists of hundreds of mechanical and electronic components which over the years of usage undergo wear and tear. A thorough inspection of the engine, drive train, gear-box, various electronics, tyre’s, accidental history, service record, etc.comes in to play when deciding the price
A test drive of the car is one of the most important deciding factor when it comes to pricing, driving a car will help you determine the flaws, the drive quality and gives an overall picture of the car’s maintainence over the years. Then comes the aesthetics which includes both interior and exterior look of the car which include bodyline, scratches, dent’s, structural damage, paint condition, air-conditioning, upholstery (fabric or leather seats), music system, infotainment, the spare key and the instruction manual.
The insurance is also examined to verify if there was a claim, the IDV value also influences the price of the car.
When you exchange your car for a new one, you’re comprising on the right price that you could’ve got for your old car as most dealerships offer at least 10 percent lesser than the market price as they hold back refurbishing charges. As these company-owned used car sellers replace the worn parts, correct the small dents, shine and polish to make it look as good as new! before selling it and the cost is often borne by you!
While an exchange bonus and various discounts might make you feel that you’ve got a steal deal for your car, in reality, you can make much more profit selling it off directly and at times the discount is clubbed with the exchange bonus.
With selling a car becoming easier than ever before without worrying about the documentation and legal formalities, it’s always better to check the price for your used car and compare it with the exchange price before making a final decision on your old one.
You can’t have better than this to sell your old car!
It’s raining discounts this festive season, this Dussehra and Diwali the car dealers are offering discounts anywhere between 20,000 to a whopping 4 lakhs! You could also get free accessories or negotiate for an upgrade of seat covers, alloy-wheels, oinfotainment system or anything of your choice.
Why wait? It’s the right time to bring home a new one by selling off the old car.
You could also simply try any of the Cars24 branches and it goes like…
1. Pre-book an appointment for home inspection or walk into the nearest branch to get an instant appointment.
2. Technical Inspection by a car expert.
3. Live auction of your car with 15,000 plus channel partners.
4. SOLD- Instant payment through bank transfer.
Let us know if you were able to get a better price than exchange for your old car in the comments below.