For first time car buyers on a budget, 2022 has been a very bad year. Car prices have gone up almost every month, with some auto manufacturers outrageously increasing the prices of their cars. Take Toyota for example. It increased the price of Fortuner Legender by as much as 3.1 million in one go.
In this blog, we aren’t going to argue about buying a new car. It has its own advantages of course. But with ever increasing prices, one must seriously wonder whether it is a good idea to buy a new car in 2022?
Do you know, there are many advantages to buying a used car as well. You don’t only save money, but also have the option to choose from many models including JDMs.
Many people already know the importance of used cars in Pakistan, which is the reason why their sales are going through the roof.
Let’s delve into some of the reasons that have made used or second-hand cars so hot in 2022.
This is obvious. Imagine you planned to buy your dream car at the start of 2022. You’d been saving money for a long time and just when you were about to make the purchase, its price went up. Now it’s out of your budget.
To get an idea how much car prices have gone up this year, see the table below:
|Car models||Price at the start of 2022 (PKR)||Price in August 2022 (PKR)||Difference (PKR) / Increase (%)|
|Honda City 1.5 L Aspire CVT||3,369,000||4,799,000||1,430,000 (+42%)|
|Suzuki Alto VXL AGS||1,704,000||2,339,000||635,000 (+37%)|
|Toyota Yaris 1.5L ATIV X CVT||3,099,000||4,569,000||1,470,000 (+47%)|
|Changan Alsvin DCT Lumiere||2,864,000||3,844,000||980,000 (+34%)|
|Hyundai Tucson AWD||5,179,000||7,399,000||2,220,000 (+43%)|
|Kia Sportage AWD||5,650,000||7,250,000||1,600,000 (+28%)|
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Car prices, like petrol prices, keep going up every month (though petrol prices get reviewed fortnightly). And the reason given by every auto manufacturer is the same – economic uncertainty and a weaker Rupee against the US Dollar.
The economy is still weak and the Rupee continues to slide against the Dollar. So, should we expect more price hikes this year? Most likely. Therefore, it would be a better decision to buy a used car instead of a new one.
More Options in Your Budget
One of the most important advantages of buying a used car is that you get more options in your budget. Do you know that you can buy a used Honda Civic (2013-2015) for a lesser price than a new Suzuki Swift? Surprised right? The same is the case with many other cars.
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It Will Not Hurt When Reselling
Used cars may have bad resale in the rest of the world but not in Pakistan. Just remember, if your car is not damaged, its value will not decrease. It doesn’t matter whether you bought it brand new or second hand.
As the prices of new cars keep going up, the prices of used cars keep going up too. So, might as well buy them cheap and sell them when the price is high.
When you buy a new car, you have to get it registered. When you buy a used car, you don’t have to wait to drive your car. The vehicle is already registered and has a number plate. All you need is to get it transferred in your name.
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Don’t Have to Pay “Own Price”
“Own money” is still an issue in 2022 in Pakistan. If you want to buy a new car immediately, you will have to pay “own price”. It takes an auto manufacturer anywhere from 1 to 10 months (if not more) to deliver a car. If you can wait this long, good. If not, you’ll have to pay for it. This further increases the cost of buying a new car.
This is not the case with a used car. All you need is to check the car, bargain with the seller, verify the documents, pay the money, and the car is yours. You just need to get it transferred later on.
Chance to Get a Great Deal
There is more than just saving money when it comes to buying a used car. In rare cases, you can get a used car at a very cheap price. It happens when a person is going abroad and wants to sell everything in a hurry. There are many other reasons why some people sell their cars at a cheaper price.
While getting a new car is a dream for many, not everyone gets to live this dream. For those who cannot afford a new car, getting a used car is the best option. Especially in 2022 when the prices of new cars keep going up. In addition, buying a used car offers advantages which a new car doesn’t.
Have the recent increases in the price of cars stopped you from buying a new car? Tell us in the comment section below.