Most people see a great deal in buying old cars or pre-owned cars rather than buying a new car these days because an organized dealer like Epic Vin gives the surety of the condition of the second-hand or used car along with its finance. The sales of the new cars from the showrooms have slowed down in the recent past because of the pandemic or lockdown or some other reasons. But the market for old cars is continuously growing and demand is increasing constantly. It will be a little weird to hear that the market for old cars is much bigger than the market for new cars. This statement is proved by figures also. In the year 2018 and 2019, the new cars recorded sales of around 3.6 million units and on the other hand, the sales of old cars stood at almost 4 million.
The usage and sales of new cars in the market is on the decreasing phase because it has slowed down in the recent past and is continuously slowing down in auto sales. As per the reports of authentic sources, the figures speak that the sales or growth of new car sales grew around 2.70 percent in the year 2018 to 2019 and this is the slowest growth rate for the automobile industry in the last four years. Then, again in the month of April, the sales of passenger vehicles showed a sharp deterioration. It reached around 17.07 percent with the acute contraction. Experts of the automobile industry say that people are shifting their preferences towards the old cars market instead of buying new cars.
The preferences are also growing towards the used cars market
Basically, the changing preferences towards old cars instead of new cars are because of the good value that people are getting from the used cars. This is the major reason why people are preferring old cars and not new cars. Moreover, the used car market or a pre-owned car marketplace has given our country the great economic development and increasing disposable income. Yes, it is very true. It is seen that in the developed economies, the ratio of people who are buying a new car to the people who are buying a pre-owned car is 1:3, which means out of in every four people only a single person buys a new car and the rest of three buy a used car and this is setting a great height in the market of old cars.
The other major reason for buying a used car is that the value of a new car depreciates drastically in the first year itself and that too around 50 percent. A person just needs to get or own a car and this desire is getting fulfilled even with a used car also and that too with a very lower price.
Previously, people were owning a brand new car for more than 8 to 10 years on an average, but when the same is compared with now’s the scenario then the ownership period of owning a new car is only 4 to 5 years only, which is comparatively very less. Also, we can understand by this situation that this is the high time for the used cars for sale as the demand for a used car is very high. With the people who are selling their new cars after 4 to 5 years are basically want to buy a new model and do not need to have or gain the value for money. In simple terms, most people are looking for old cars of around 4 to 5 years old.
The market of the old cars or pre-owned cars is unregulated market
It might be shocking or surprising to most people that the market for old cars is chaotic or unorganized. But it is true because there is no top authority or organization that keeps an eye on the same and takes care of the purchase and sales of old cars. Moreover, as per the records, it is been said that neither the buyer nor the seller has an idea of whether they are dealing at a good price or not. But even after that, they are dealing in their own way and sometimes they are getting benefits and sometimes loss is also there. There are many intermediaries as well who are reaping their profits and commission in between without any efforts. And barely people know about it.
Epic Vin dot com or Epic Vin is one of the famous, renowned, and trustworthy names of the people in the old cars market. It helps in buying as well as selling the used cars that too of our desired model at very economical prices and desired condition.
The following are some of the major and primary Features that Epic Vin is giving to its customers:
- Past odometer readings
Epic Vin provides its customers the past odometer readings for the used cars before buying or selling the used car. This builds a sense of trust among them.
- Theft vehicle check
Epic Vin dot com always makes sure to check whether the used car has been registered as a stolen vehicle or it is completely perfect and free before buying or selling a used car in order to make sure that there are no legal obligations with that product.
- Hidden Damages
Most companies do not show the hidden damages of the cars especially the used ones but Epic Vin always shows the hidden damages so that there is complete transparency in the process and system.
- Technical data
Epic Vin tells its customers all the technical data and all the specifications about the product in order to make them familiar with the product.
- The usage of the car
Epic Vin tells its customers that how exactly was the car used before selling for example it was a normal residential car or used in services like rentals, etc.