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  • Naveen Sarawgi, Director & CEO - Bimal Auto Agency

Nine reasons why it’s the best time to upgrade your car now!

Buying a new car no longer just has to be a dream, it can be your reality.. If you have been itching for that new car or if your current car is more than 4-years old or has covered more than 40,000 kilometers, it may just be the perfect time for an upgrade.

Here are 9 reasons why:

1. High Demand for used cars - The demand in the market for Used cars is at an all time high. The prices now offered by dealers surpass pre-covid rates by enormous margins. And it makes perfect sense to sell when the demand for your old car is high so that you will get the best possible price for what is otherwise a depreciating asset.

2. Scrappage policy is on the anvil-. (Source: NGT Raises Question Against Transport Ministry for Delay in Scrappage Policy Guidelines). According to NGT and multiple other sources, with the implementation of the scrappage policy, the market will soon be flooded with cars and prices will see a significant drop. For example, a 13-15 year old WagonR is typically sold for around Rs.1 Lakh, but the price would drop to around Rs.35,000 in scrap value. This drop would also lead to a cascading drop in used car prices overall, particularly cars over 7 years old. The sooner you sell your used car, the better chance you have at a fair evaluation!

3. Best value & right timing - When it comes to selling your car, it is all about timing. Used cars fetches the best value when they are 4-7 years old or run for less than 60,000 kilometers. The depreciation curve is much steeper thereafter. Strike when the iron is hot, and you will reap the best benefits.

4. Latest safety and environment compliances - New cars on sale today are Bharat Stage 6 (BS-6) compliant. This means that they are super environment friendly, and at par with European standards. They are also mandatorily equipped with ABS, Airbags and other important safety features. After all, an update for safety never hurts!. So todays new cars are much safer.

5. Standard gizmos - New cars are feature loaded. Fancy in-car entertainment, android/apple connectivity, LED headlamps, daytime running lights (DRLs), navigation system, parking assistance, etc. are exciting features available on affordable and popular cars.

6. Ditch the clutch - There are a lot more cars available with automatic transmission options as compared to say 4-5 years ago. So, it is time to say goodbye to the clutch and enjoy the stress free driving.

7. Savings of CNG - There are a lot of factory fitted CNG options available. If you are planning to use the car a lot more and say goodbye to Uber & OLA, CNG is a cost-effective option.

8. Maintenance cost - As the car ages, the maintenance costs start to increase. Unexpected repairs and part replacements may be required. It may just be a good idea to ditch the old car and get a new one for complete peace of mind. It is worth noting that new cars come with a super long warranty including the OEM supported extended warranty option.

9. Cheap car loans. Interest rates on new car loans are almost at all time low. You can get a new car loan for as low as 7.7%) Source: Auto Loans - Interest Rates). You could get a loan for 100% of the new car value (zero down payment) or even opt for a step-up EMI or a balloon EMI scheme where you pay 25% of the value of the car at the end. (Source: Maruti Suzuki Partners With Axis Bank For Easy Car Loan Schemes)

So, what’s stopping you! Check out Call us and we will get you the best price for your old car. Enjoy an added exchange bonus of up to Rs.25,000 over and above the market value of your old car. Get the best deals and drive home a brand new car!

Happy motoring and wishing you miles of smiles!

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