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Fuel Prices Cast Shadow on Used Car Market
Rising fuel costs have increased the running costs of car. Taking a car out for your day-to-day travelling has become a costly affair, but if fuel prices are going to go up by a large amount as expected, many people would prefer cheaper transportation options.
The used car market depends a lot on low running costs. But with petrol and diesel prices ready to shoot high, the used car market is feeling the heat. The dearth of buyers has made used market dull and dealers are forced to offer massive discounts. Popular SUVs which normally fetched between Rs 4-5 lakh are now being sold at a discount of Rs 1 lakh.
Smaller cars like Maruti Suzuki 800 and Hyundai Santro are selling at much cheaper rates. The announcement of Tata Nano hitting the market this year had already lowered the used car prices by 15-20 percent. The high interest rate has also added enough pressure. And now the rising fuel costs have brought the market further down.
Dealers are facing a tough time since the slew of new cars have hit the market. The authorised dealers are already offering discounts and freebies worth ranging from Rs 4,000 to Rs 50,000 on new cars. Faced with stiff competition used car dealers too are offering alluring discounts.
Like the new car market, the used car market too is ruled by small cars. Buyers here are price conscious and desire high fuel efficiency. Diesel cars offer better running costs, hence diesel cars are still a good option. Many used car dealer have closed down that business and have moved into other profitable business avenues.
Those who are looking for best car at the cheapest deals have to go to used car market now. While the used car dealers sweat it out, the buyer can place a list of things wanted in the car, before he drives it off.
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