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Nov 23, 2020

Reasons to Say Yes to Used Cars in 2020

Reasons to Say Yes to Used Cars in 2020

Incentives for a new car are high and the values of used cars are down. Well, this story can change in the following week after buying a brand-new car. As per the recent trend of the automobile industry, this seems to be the message to every car owner. Most auto manufacturers and car dealers are still managing to adjust the effects of the pandemic. For this reason, they are still open to discounts and offers, especially when it comes to used cars. Moreover, with the inflated worldwide economic conditions, some car owners are looking to sell their dream on wheels in exchange for money to survive. This is the right time when buyers can contact online dealerships, check used car price, and take a decision of buying a used car.

This can be the best time to buy a car

With prices falling of used cars, this is the time for consumers to find the best car that suits their budget. People, who are still in a position to buy a used car, can take help from online car valuation sites to understand the market condition. Pulling the trigger of bliss, in most cases, the car dealers will be providing the used car at your doorstep to prevent contamination and also for your convenience. Wholesale rates are falling to an alarming rate and this can be a great opportunity for car buyers.

Is there any specific month to buy a car in 2020?

Staying on the safer side, consumers, especially, who are new to buying experience can choose the festival time or the month of December. Why this is so? To understand this, you need to discern the mentality and process involved in buying and selling cars. That means you have to understand consumer behavior to some extent. Consumers wait for some attractive offers like a discount or a gift. Most salesmen or car dealers that provide used cars have monthly and yearly targets. Sometimes, they get a target for the next festival. This means consumers are an inherent part of their targets. Their very survival depends on how consumers behave in the market. This is the reason, the festive seasons or the last month of the year can be the best time for buying a car. Most of the dealerships offer exceptional discounts on the last day of the year to start the year with a smiling note.

Why this year is the window of opportunity?

If you are planning to buy second hand cars in Delhi , this year can be the best time to make the deal. The prices of used cars are almost down with 2 percent and chances are there to fall more. It is anticipated that at least one million (three years old) off-lease cars are coming back to the market (dealer) within the coming few months. Furthermore, companies that provide their cars on rent, are looking to sell their inventory as traveling is suspended. On the flip side, the incentives of new cars are almost hard to pass up. All these, in cooperation with economic uncertainty, are causing lesser demand for used cars. This can be advantageous for consumers, as longer the vehicles sit on dealer’s lots, the greater discount can be achieved from them so that the lot gets cleared out.
Consider using used car valuation calculator like Orange Book Value to understand the market price of a specific model and then move for the final deal. It is easy to buy a used car, but it is also essential to check, verify and recheck certain facts like history, condition, price, and documentation of the car.



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Privacy Policy | Terms of Use
What Is OBV?

Orange Book Value is a platform that helps in determining the fair market price of used vehicles. It is basically an algorithmic pricing engine that suggests market value of used cars, used bikes and used scooters. Questions like what is the value of my used car or used bike come to our mind when we decide to sell it off. However, we do not get to understand the proper valuation of our vehicles.

In order to come up with a proper used car valuation or used bike valuation, Orange Book Value uses real time data science to value depreciation of automobiles. It helps the sellers put a fair price in front of the buyer, and for the buyers, it helps them get a product that serves great value for their money. This is a service by droom, which was founded by Sandeep Aggarwal.

Why OBV?

Orange Book Value works as an independent value calculator for cars, bikes and scooters that determines second-hand vehicle prices. It uses Droom's proprietary technology and data science to come up with fair market price of used cars, bikes and scooters, and utilises scientific data to get the exact value for the vehicle. The primary objective of this used-vehicle price guide is to get the fair market price for second-hand vehicles.

Another reason for using Orange Book Value is its unbiased results that help in obtaining reliable data on used-vehicle pricing. Also, it is the kind of valuation tool for used scooters, bikes and cars that calculates the data on real-time basis with a scientific method of suggesting their current market value.

How Does It Work?

To get the fair market price of your used vehicle, you need to follow just four simple steps. At first, you need to select the purpose, that means whether you want to buy or sell the vehicle. After that you need to select the category of used vehicle, which is whether you have a used car, bike or scooter. The next step is selecting the parameters such as make, model, year, trim, etc., of the product for which you need to get the correct market valuation. The market value of your used bike, car or scooter will highly depend on the condition of the vehicle and the kms driven. After that, you will get the exact valuation of your vehicle through Orange Book Value.

Benefits Of OBV

Orange Book Value helps buyers to understand the fair value of a used car, bike or scooter. This way, the buyer will not have to guess the price of a used car or bike and can be satisfied with price that he/she is paying for the product. For sellers, it helps in determining the best market value for their used vehicle. This valuation tool for used cars and bikes creates a transparency in the overall process. This is a pricing guide for used cars, used bikes and used scooters that helps in quick selling of second-hand vehicles. For banks and NBFCs, it helps in getting the fair pricing of used vehicles that further enhances the process of loan approvals. For insurance companies as well, the real-time data obtained through scientific calculation helps in obtaining the current valuation of the second-hand cars, bikes and scooters.

OBV Methodology

Being the most advanced algorithmic and data science-based value calculator, Orange Book Value is the most accurate valuation tool for used cars, bike and scooters in India. Unlike other pricing engines, Orange Book Value utilises Droom's proprietary data science methodologies and latest technologies to get the correct pricing of used cars, bikes and scooters depending upon various factors that lead to value depreciation such as make, model, trim, data for kms driven that is obtained through odometer reading, current condition of the vehicle that includes wear and tear, dents, major repair works, etc. A vehicle that is well-maintained and kept in good shape gets to score more in the OBV methodology and gets a better market value.

Appropriate Condition

Orange Book Value calculates the valuation of a used car, bike or scooter according to different parameters that cause value depreciation of second-hand vehicles. When pricing engine comes up with a particular result based on the make, year of manufacture, trim of the vehicle, odometer reading that decides the total number of kms driven and the physical and mechanical condition of the vehicle, the used cars and bikes are rated on its basis. These ratings include Excellent, Very Good, Good and Fair. While Excellent and Very Good signify a healthy used car, Good and Fair indicate that it has problem with some of the parts and needs special attention and repairing.

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