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Why Are Used Car Loan Trends Spiking Up for Millennials in India?

Why Are Used Car Loan Trends Spiking Up for Millennials in India?

Not many know this, but a recent survey conducted by a used car platform, OLX, revealed that millennials of India aged between the mid-20s and mid-30s prefer to buy a used car. This has happened for the first time leading to a spike in the used car loan trends. Currently, at 4.4 million vehicle units, the user car market is expected to reach 6.6 million units by 2023.

The report also states that almost half of the millennial used car buyers are first time buyers. Millennial population forms about one-third of the nation’s total population and nearly one-half of India’s working citizenry is driving the market of used car loans.

Given the pandemic’s current state, it is not surprising to know that people are avoiding public transportation and shared mobility options like Ola and Uber cab services. Many people have expressed grave concerns regarding travelling in a vehicle that picks up several passengers throughout the day.

Nonetheless, here are some of the contributing factors that are responsible for steering the used car market.

No chance of being cheated as used cars can now be certified and come with a warranty

Gone are those days when people worried about buying used cars with no guarantee of warranty and manufacturer support. The automobile industry has evolved, and consumers can no longer be fooled by the soft-soap of cunning car salespeople.

Additional Read: How different is the Indian used car loan industry from other countries

Millennials have realized the power of certification and are thus running their own background checks for car certifications, which essentially certify vehicles only after meticulous checking. In addition, the buyers are also provided with a post-purchase warranty to make sure that the pre-owned car runs well like a brand-new vehicle.

Additional Read: Millennial Making a Beeline for Used Cars to Fuel Their Passion

Used cars offer cheaper insurances and cutbacks on additional charges

Yet another advantage of buying a pre-owned car lies in the aspect of insurance. A used car insurance will cost you much less than the same for a new vehicle. The additionally levied taxes and charges in case of a new car make the whole affair a very costly one.

Used cars mean stress free driving

Used cars come with their own advantages. One such perk has to be the feeling of tension-free driving without feeling anxious about getting a scratch or a dent on your car’s surface. You can also happily take your car on long drives and far off destinations, unlike the brand-new vehicles that are to be inspected first and then driven for long journeys.    

Closing thoughts

With a substantial amount of savings in your account and the guarantee of certification, you can conveniently choose to invest in a used car. You can also avail financial support quickly after checking your used car loan eligibility.

Are you looking for a lender synonymous with trust? Who isn’t! So, reach out to Tata Capital and apply for a used- vehicle loan at attractive used car loan interest rates.

Additionally, with us, you can also avail of flexible loan repayment terms and conditions with minimal paperwork. Visit the website today to plan your finances and monthly EMIs with our exclusive used car loan EMI calculator.

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