Ishant always had a fascination for cars. The day he got his first paycheck, he decided to start a fund for a luxury car. He knew it would take a few years before he could afford it. But he was willing to wait. Five years passed and Ishant was still unable to afford a luxury car of his choice. That is when he decided to opt for a used car. The decision proved to be a good one. He found a Mercedes Benz at half the price. He made a down payment from his savings and applied for a used-car loan to pay the remaining amount. Today, at 30 years of age, he drives his own Mercedes-Benz.
Buying a used car
Luxury cars are expensive. The starting price of an Audi A3 Sedan is Rs 23 lakhs. Meanwhile, the cost of a Bentley Bentayga is Rs 3.8 crores. Most youngsters in their 20s cannot pay such prices for cars. In such situations, buying a used car makes more sense. The rates of used cars fall once the car is two or three years old. For instance, you can buy a three-year-old BMW X1 in Mumbai for about Rs. 12 lakhs.
There are many reasons for owners selling their luxury cars within a couple of years. Collectors of fine cars like purchasing new models of luxury brands. Upon the arrival of newer models in the market, they sell off their old cars. This makes it possible for someone else to afford a used luxury car that is still in good condition. When shopping for a used car, keep an eye out for these sellers.
Another popular case is that many luxury car owners find it difficult to maintain the vehicle. So, they sell off the car at a lower rate. This proves beneficial for a person looking to buy a used luxury car in mint condition.
Used-car loan for luxury cars
The price may still seem a bit steep, but this is where a used-car loan comes in handy. You can find some great loan options to finance the buy. The benefits of taking a used-car loan include the following.
· Convenience: Do you have a good credit score? Are your finances stable? Then the lender may gladly approve your used-car loan. Used car loans are not only convenient to fund your vehicle, but are also relatively easy to get. All you have to do is go online and fill up the application form. Then submit some basic documents and once approved, the loan reaches you in a few days.
· Easy repayment: Leading loan providers like Tata Capital offer used-car loans with flexible repayment terms such as Step-Up EMI, Bullet EMIs etc. This means you can pay the loan back in a relaxed manner that suits you and without any strain on your finances.
· High LTV: The loan-to-value (LTV) is the percentage of the value the lender pays for the car. Suppose you opt for a used-car loan from Tata Capital. You can get an LTV of 90%. This makes it easier for you to buy the car.
In a nutshell
If you want to own a luxury car in your late 20s, check out used cars. Visit a reputed platform where you can be sure that verified cars are listed at the best prices. If you find a car you like, you can apply for a used car loan then and there, and make the purchase as well. So, do not hold back anymore. Find your dream car and drive it home today.