With the inputs of Mr. Sumit Garg, Co-Founder & MD of Luxury Ride
Looking at the dynamic nature of the automobile industry, the pre-owned luxury car market has been experiencing a significant uptick in demand in recent years. Being highly influenced by the trends shaping the industry, consumers these days are opting for pre-owned luxury cars with alacrity. The popularity of the segment can be attributed to the rise of organized players in the market who are responsible for shaping the segment at par with larger trends in the entire automobile industry.
While significant progress has been made in the pre-owned luxury car market, there still remains a lot of development to be done to give the desired boost to the segment. Considering that a part of the industry is still marked by the presence of unauthorized players, it raises a lot of skepticism in the minds of unaware consumers. Due to this, a lot of myths circulate in the market that discourage the customers from purchasing a pre-owned luxury car. Therefore, looking at the prejudice prevalent in the market, let’s bust some of the common myths around pre-owned luxury cars.
1) Pre-owned luxury cars incur huge maintenance cost
Considering that a pre-owned car has a unique history with the former owner, people are not sure of the condition of the car. As a result, pre-owned cars require expensive maintenance, and repair costs are the most common misconceptions that bother potential customers.
However, the cost of maintenance is determined by various factors such as age and mileage of the car along with how well it has been maintained. Therefore, purchasing a car after thorough inspection and research can help in the selection of a car in good condition which immensely contributes to reducing the maintenance cost. Moreover, purchasing from certified dealers gives an edge to the customers as they conduct rigorous inspections and repair the car to offer reliable and quality vehicles. Along with this, they also offer mechanical support to the cars that significantly brings down the maintenance cost of the pre-owned vehicles.
2) The technology in pre-owned cars is obsolete
On hearing the term pre-owned, people generally think that the technology in the car is outdated. But it comes as a surprise for many that pre-owned luxury cars come with advanced features and state-of-the-art technology that are at par with that of any new car.
Contrary to the misconception, luxury cars are equipped with the most innovative technologies and high-end safety features consisting of infotainment, semi-autonomous driving capabilities, adaptive cruise control, etc. that are more advanced than the normal vehicles in the market.
3) Pre-owned luxury cars do not project a good resale value
Considering that the value of the cars falls with each transfer, people are quite apprehensive about the resale value of pre-owned luxury cars.
Clearing doubt around the myth, it is important to understand that pre-owned luxury cars exude opulence while housing the most sophisticated technology. At the same time, it is renowned for projecting an unparalleled performance on the road. With more and more people aspiring to own a luxury car as a symbol of status upgradation, there is huge demand for premium cars in the market. As a result, pre-owned luxury cars have the potential to bag great reselling prices.