How technology changed the used car market forever
The evergreen fad among the Indian populace is always to root for a new car especially when it is their first four wheel vehicle they are planning to buy. The strong enchantment and reason for a brand new one has many obvious reasons but there is a huge section which always wanted a vehicle and not bothered about if it’s pre-owned or new. This segment of prospective buyers had earlier shied away from buying used cars due to the deeply entrenched suspicion about the quality of vehicles. Their thoughts were also all the more fueled by observing those owners of used vehicles frequently footing high bills on repair. All that has undergone a massive change in the past two decades with the infusion of new technology and the arrival of corporates from the auto industry into the used car market. The following offers a fleeting glimpse on how technology has transformed the used car market.
The significant emergence of the digital technologies has enabled the availability of the complete repository of information pertaining to the manufacturing of the vehicle. In most cases, it is also easily possible to ascertain the service record of the car, provided it was overhauled at the authorised service centres. Even cases of any mishap in which the vehicle might have been involved is also recorded. This clearly enables the buyers and equips them with the necessary insights about the vehicle they intended to buy and make a decision accordingly. Few decades ago it was virtually impossible to access the service records of the car and whatever the seller uttered has to be taken at face value with little other options though a mechanic in tow can infer the vehicle’s condition to an extent. With the entry of professionals into the scene and upgraded technology everything is lucidly specified without any apprehensions to buy the car.
The amount of paper work involved in buying a used car makes a potential buyer to think twice about purchasing a pre-owned car. The nitty-gritty involved in documentation is a tiresome task for those willing to buy used car and sometimes it takes running from pillar to post for getting the right papers. This also causes travesty of time and needless to say, also waste of money to the buyers. Technology and expert assistance at hand offered by the premium pre-owned car dealers has for sure erased the elongated trouble of documentation from the buyers’ scheme of things. These car dealers provide professional guidance in making the paper work simplified. Along with technology and the knowledge on access to the right regulatory body the process of ownership transfer has become an easy job. It also helps in clinching a successful deal mutually for both the seller and the buyer without any hassles.
Availability of car loans
What used to be the privilege reserved only for new car buyers has expanded its offering to include the used cars as well – it is the availability of loans without much trouble. As the trend of owning second cars has gained wide acceptance so is the relaxation in the norms applicable in offering loans for purchasing the same. As the new age pre-owned car dealers refurbish the cars to the degree of betting with the new cars, it enhances the condition of the vehicle and its spare parts. These trusted dealers make best use of technology in giving the car a better lease of life and confidence to the buyers. When such is the enhancement in the overall condition of the car, the financial institutions also do come forward in providing loans for owning second hand cars.
To summarise succinctly, with the backing of technology and presence of reliable experts the used car market has become more trustworthy and worth the money paid for in buying the vehicle.