The COVID-19 pandemic has brought along a unique justification for owning a personal car. People are skeptical about public transport and shared taxi services due to the fear of infection. Nothing could be more comforting while driving through busy streets than being in the safe confines of your own car.
At the same time, if you are planning to buy a car, evaluating the uncertain economy is strongly advised. Spending a reasonable amount on a new car may not be a good idea in the current economic circumstances. Considering the entire scenario, the purchase of a used car becomes all the more relevant. While a second hand car loan is readily available, you must consider the practicalities of buying a used car in the post-pandemic scenario.
Privacy on a budget
This is particularly true for people who don’t own a car at the moment. After experiencing the anxiety with social distancing, it is but natural to prefer privacy while traveling. People who otherwise had no plans of buying a car might now consider buying a used car. For them, applying for a used car loan and buying a used car could make more sense than owning a two-wheeler.
Better cost of ownership
Cost of ownership goes beyond the fuel cost. A used car depreciates at a lesser rate, and the insurance and registration costs are lower. While the fuel consumption and regular maintenance could be higher, the significantly low cost of purchase makes it a good deal. The used car purchase cost could be even lower in case of an online purchase.
Zero contact on an online platform
Buying a car through offline channels leads to inevitable close contact with people. There is no certainty that you will finalize the first car you check out. The more cars you check out and used car showrooms you visit, the higher is your risk of infection as you come in contact with other people. Online platforms, on the other hand, provide all details of the used car along with comparisons of the condition and specifications. Buying a second-hand car online can significantly reduce your public exposure. You can further reduce it by even applying for a used car loan online.
More inventory to choose from
The used car market is estimated to be 1.5 times larger than its new car counterpart. This accounts for a large number of cars being bought and sold. Therefore, an online car marketplace can offer a lot of choices, particularly in an urban or suburban market.
Added to these, an online marketplace is often a recognized entity, which further enhances the assurance that every car buyer seeks. Besides, due to lower purchase prices, used car loan eligibility requirement has a lower threshold. If you are planning to apply for a loan, then financial institution are trusted players in the market. They provides up to 95% of the purchase value and offers convenient repayment options.