Several changes in consumer attitudes will result from the Coronavirus Pandemic. The COVID-19 will remain a momentous event. No one can predict what the future holds in the post-COVID era. Consumer behaviors and spending habits will not be the only ones impacted by this pandemic but also the millennial generation, which is also struggling with the effects of this crisis. As consumption patterns change, the focus will not be on increasing one’s social status but on meeting a person’s immediate needs.As seen elsewhere, the next question is whether Indians will benefit from a pragmatic shift towards buying second-hand cars and two-wheelers. There has been a marked shift in the purchasing habits of consumers post-pandemic, with high-value products intended for long-term use shifting to relatively value-for-money products intended for short- to medium-term use.
In addition, private drivers have gained massive popularity, because they are afraid of being infected by viruses if they use public transportation or shared vehicles. The two most defining trends emerging from the current pandemic situation, that will forever change the way consumers behave, are an increase in private ownership of automobiles and a shift toward value-for-money products. As a result of all of these factors, two-wheelers will attract more consumer interest in the coming years. Over 200 million two-wheelers are present on Indian roads, which means that users should consider buying a used two-wheeler that has a good quality that will save them money. The second-hand bike market is large, but customers dealing with small-time dealers often encounter bad customer service.
For consumers to make an informed choice in this scenario, they need to understand the markets for used and second-hand two-wheelers. The most important consideration for customers who are looking for good quality second-hand bikes at a reasonable price is that they should purchase them from a trustworthy company/brand that also offers post-sale support, insurance, and other value-added services, all together at an affordable cost. It is strongly recommended that buyers avoid individual sellers or unorganized dealers as the second-hand two-wheeler market in India is still highly unorganized. Buying from a verified, institutional seller is strongly advised as opposed to buying from an individual or an unorganized dealer. Two-wheelers can be incredibly lucrative because of the low used price, plus there are no taxes and no depreciation factors. Buyers should also consider quality, bike age, brand value, and availability before purchasing a used two-wheeler.
Reasons to buy used two-wheelers:
- Don’t burn a hole in your pocket like a new bike: Clearly, the biggest advantage of used motorcycles is simply the price. Used motorcycles are considerably less expensive than their new counterparts, and in some cases, the difference is as great as half the price. Thus, if you’re patient enough to find a good deal, you’ll not only be able to save a lot of money, but you will also be able to obtain your dream motorcycle, which might not have been within your budget if it had been brand new. In times like today, where everyone wishes to buy a car, if you want a bike to commute for short distances, it is advised to go for a second-hand bike.
- Extra costs are eliminated since they have already been incurred: Pre-owned motorcycles do not have any additional costs associated with them. The overhead costs of registration, road tax, and other RTO license fees have already been covered by the first owner. Used motorbikes, on the other hand, must be purchased for a fixed amount determined by you and the previous owner, which is based on the bike’s current value. This reduces a lot of burden on you as it allows you to pay quite less for the two-wheeler that you are going to buy.
- Provide better long-term returns overvalue: Compared to a new vehicle, a used premium bike depreciates well below that of a new vehicle. Motorcycles lose nearly 50 percent of their value within the first five years of their purchase, after which the rate of depreciation smooth’s out. Since the average premium bike owner will sell his/her motorcycle in 5-6 years, you will not only get a better deal on the bike but, if you decide to sell eventually, you will get almost the same value since the motorcycle is kept in good condition.Therefore try to keep the bike as clean and sturdy as possible, because you never know how much benefit you may be able to reap from it.
- Insurance cost is also very minimal: Since used vehicles have already lost most of their value due to depreciation, the insurance premium you must pay for the used vehicle is lower. Motor vehicle insurance premiums are determined by the market value of the vehicle, so an older car will cost you less in insurance. As an example, the insurance premium for a five-year-old Triumph Tiger 800 would be in the range of Rs. 2,000 to Rs. 3,000, whereas the same would be around Rs. 9,000 to Rs. 10,000 for a Tiger 900.
- Get access to extra stuff: In general, the owners of premium bikes tend to spend more on aftermarket accessories this means a nicer exhaust, a better ECU kit, tank pads, and on adventure tours possible some nice auxiliary lights and panniers as well.Most of the time, the motorcycle owner will sell the bike with all the accessories since they are usually tailored for that specific motorcycle. This way, you can also get a variety of other accessories you won’t need once you have the motorcycle.You can also use them for your purpose or sell them further afterward.
When you buy a used bike, you gain access to feature-rich and expensive models you cannot otherwise afford. Furthermore, you can afford your dream bike easily with competitive two-wheeler loan rates from lenders. It’s important to remember that buying an old 2 wheeler is the best option for beginners because it gives you an idea of how much you enjoy riding motorcycles, and you won’t have to spend a lot of money on the insurance premiums.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.