Worried about getting that car loan with a hefty EMI? Still thinking if there is some way to keep depreciation away from your car? You can avoid that with a few easy steps but, before I start, one point that needs clarity is that we will be considering used cars.
Understanding Depreciation
Taking one clear example, Car A (brand new) costs INR 10 lakh and, Car B (Car A in used condition) costs INR 6 lakh. Both these prices are on-road, containing all taxes, insurance cost, and other hidden charges. You are planning to buy Car A, but suddenly encounter Car B with 30,000 km on the odometer.
Here, the person selling Car B has absorbed the depreciation and brought you an example that will not just save money on your initial bill but, also protect you from a sure loss. After a certain period, the depreciation rate slows down and, you get Car B with a deal that you can’t resist. Car B is just 3 years old, serviced at the right time and carries an additional 2-year warranty.
Savings Through Smart Selection
It almost saves INR 9000 from your EMI for 5-years and helps you avoid the effects of depreciation. Car B is definitely, a smart choice. Now, does every car face equal depreciation? Is INR 6 lakh the right amount to be paid for Car B? What if the same was worth INR 5 lakh?
Orange Book Value
OBV is an answer to all your questions. Orange Book Value helps you calculate the right value for a used car. Enter the odometer reading and manufacturing year to get the right price for Car B in just 10 seconds. The fair market price is calculated through an algorithmic engine that is based on Data Science and Machine Learning Methodology.
- OBV is used by over 200 million users
- 25,000+ dealers prefer OBV for fair pricing
- The range of products includes bicycles, bikes and even planes.
- OBV is independent, objective and unbiased
In simple terms, the lower you buy than OBV, the more you save from depreciation. Online services have made their unique place among used car business in India. For more clarity, easy to use services like Droom settles all your problems from a single interface.
