Over the past few years, the demand for used cars is overwhelmingly high. Buying used cars in good conditions has several benefits for the buyers. Indian used car market is growing at a rapid pace, and is expected to reach over the size of over 70 lakh vehicles by year 2025-2026. With the advent of an organized online used car market, the reliability of these cars has increased manifold.
Here are the factors that affect the value of a second-hand car?
Valuation of a used car is a tricky subject. The used car valuation depends on numerous factors. Let’s Take a look:
Be it a brand new car or a second-hand car, if the car is tagged with the logo of a reputable brand it will garner a higher price. Running after brands is a trend that has been observed for centuries. A reputable brand not only ensures a superior riding experience and safety measures but also guarantees luxury that adds to the social prestige of the owner.
- Economic Conditions
The economic condition of the automobile market and the state greatly impacts the valuation of used cars. If the state is going through a recession, people will have less money to invest in cars. The demand for used cars will go down along with the price.
The game of demand and supply is evident in the domain of used cars as well. If the used car is of a unique breed and rarely available, the valuation of used cars will surely sore high. On the other hand, if the model of the used car is generic and common, the seller has to be satisfied with whatever he or she gets.
- Overall Condition
There are numerous parameters of grading a used car such as good, very good, excellent, average, damaged, and so on. It also depends on whether the car has met some accident in the past or not. The exterior and interior conditions, the condition of the engine, and numerous other factors affect the second-hand car valuation.
What is the car valuation tool and how it helps?
The spectrum of e-commerce is not restricted to electronics and clothing. One of the fast-growing markets in the domain of e-commerce is the automobile industry. Now a buyer need not go the buyer physically to the quote of the price of the used car. Now with the rise of e-commerce, a buyer can check used car price with OBV tool with just one click.
OBV car valuation toolis a used car pricing mechanism. It calculates the Fair Market Value (FMV) for any used car in less than ten seconds free of cost. It is the only benchmark to determine the value of second-hand cars in India. The insurance companies take the assistance of Orange Book Value (OBV) to calculate Insured Declared Value (IDV) for any second-hand car. This tool beneficial for both the buyer and the seller of used cars. The buyer no longer needs to go from buyer to customer for the price and then guess the Fair Market Price (FMP).
Benefits of buying second-hand cars online?
The following advantages a customer will enjoy if he or she buys a second-hand car online.
- Time and Money Saving
If a customer checksthe used car price onlineand buys it, it will be a time and money saver. The online podium will help the customer to concentrate on the car of their choice by using the online filter, thus helping the customer to pick a perfect car.
- Wide Range of Options
E-commerce offers a wide range of options to choose from with just a click of a button. Every e-commerce automobile site will display cars of numerous models of different price ranges at a time.
- Test Drive at Doorstep
Once a customer selects a used car in the online platform the dealer will bring the car for physical inspection at the doorstep of the customer. The customer is free to take a test drive and clarify any doubts.