In India, you may probably find a larger market for used cars than new ones. The trade-off margin is quite wide and tons of people prefer used, nifty cars available for a much lower price than their fresher siblings. Most people use their car for three to four years and then upgrade to a newer model. If you are thinking of buying a car, be it used or new, make sure you read this. Also, have you checked the loan options for pre-used cars?
Here’s a list of top 5 cars that will bring in great resale value within their respective segments. Scroll through and pick your favourite.
The Wagon-R might not get full marks for its design, but as far as functionality is concerned, there are only a few rivals in the same segment. It is a fast moving vehicle both nationally and internationally, thanks to its robust engine and excellent performance. The 11 K series petrol motor whips up 67bhp of power and 90 Nm of torque, which is ample juice for the urban family.
Moreover, the compact design offers impressive interior space, which makes it suitable for a middle-class family along with their luggage.
2. Hyundai Verna
If you are looking for a feature-rich car clubbed with affordability, then Hyundai Verna is the one for you. The company has rolled out models with two diesel and two petrol motors, which puts the car under the spotlight for a wide segment of buyers. The 1.6-litre diesel engine, which is the favoured variant, churns out 128PS of power and 260 Nm of torque.
The fluidic Verna comes loaded with features, a powerful diesel engine and an attractive design.
Honda hit major success when they released their City, and ever since then, the popularity of the car hasn’t dimmed even slightly. When Hyundai came aboard with their classic Verna, Honda was pushed down a little due to the lack of a diesel engine. But the company pushed right back into the race with their 1.5-litre diesel variant.
The Honda City offers two engine options: the 1.5 litre petrol engine, which delivers 118PS of power and 145Nm of torque, as well as a diesel motor which chugs 100PS power and 200 Nm of torque. The highlight here is the car’s fuel efficiency, which runs at an impressive 26 kmpl. The performance is commendable and the interiors offer enough features and space for passengers.
The Maruti’s Swift swiftly became the most sought after car in India. There’s a petrol variant with a 1.2 litre K Series motor, and a diesel variant with a 1.3 litre MultiJet motor. With a sporty design, the Swift delivers an element of fun along with good functions.
The suspension is well-tuned for Indian roads and this car can ride over rough surfaces without much lumbering. Maruti offers the best handling and performance in its segment, and the Swift never fails to impress. Additionally, being a Maruti product, the car steps lightly on fuel and maintainence.
5. Mahindra Scorpio
Mahindra brought this desi SUV into the limelight, especially since the vehicle sold well in over 10 countries. Mahindra has now strapped on new features to the Scorpio, offering it a facelift and sturdy exteriors. This SUV is available in both, 4WD and 2WD variants, and is quite popular with those who enjoy off-roading.
Scorpio carries a 2.2 litre M Hawk diesel engine that is both powerful and efficient. Additionally, the 7 and 8 seat options offer considerable space in terms of passengers and storage.
Top 5 Used Car Loans
|Bank||Interest rate*||Maximum funding||Maximum Tenure||Processing Fees||Others|
|HDFC Bank Pre-owned Car Loan||14.50% to 17.50%||up to 80% of the value of the car||5 years||2.30% of loan amount + Rs. 230 or Rs. 5930/-, whichever is lower.||Max loan 50 lakhs|
|SBI Car Loan Scheme for Used Car||16.90%||85% of the on road price of the car||3 years||0.51%|
|Kotak Used Car Loan||Depending upon the age and model of the vehicle||up to 85% of the used car’s proposed value||5 years||Depending upon dealer finance option||Loan amount between Rs. 1.5 – Rs. 15 lakhs|
|BOI Star Vehicle Loan Scheme||11.95 %||up to 85% of the value of the vehicle||3 years||Rs.500||Max loan 75 lakhs|
|ICICI Bank Pre-Owned Car Loan||11.75% onwards||up to 80% on the valuation of the car||5 years||Rs.2500 to Rs.5000|
*Note: Interest rates at the time of writing
If you have decided on your secondhand car or even a new one, take a look at the various Used Car finance schemes and Car Loans for new cars we have on offer!