While the transportation facilities are smooth in metro cities, people living in tier-1 and tier-2 cities struggle to travel from one place to another, especially with family. Buying a new car is impossible for everyone, so people, especially salaried professionals, prefer buying used cars under 2 Lakhs. As a wise step, buyers take a used car loan to buy a certified vehicle from recognised dealers. However, the problem arises when they get confused about the choice of car.
With this in mind, and based on the requests of our esteemed customers, we have curated a list of the best second-hand cars you can purchase within your budget. Those looking for a second-hand car between 1 Lakh to 2 Lakh can go for small cars like Renault Kwid, Maruti Suzuki Wagon R, and Maruti Suzuki Maruti Alto, while those who like to buy cars above 2 lakhs can take a used car loan from Hero FinCorp.
Let Us Explore the Best Used Cars You Can Buy Without Stretching Your Budget.
Renault Kwid
The Renault Kwid is a well-liked entry-level hatchback with a fashionable exterior, plush amenities, and outstanding fuel economy. It is equipped with a 0.8- or 1.0-liter petrol engine that produces up to 54 horsepower and 72 Nm of torque. The vehicle is perfect for small families because it has a roomy cabin with enough of head- and legroom. Safety features including the driver-side airbag, ABS, and EBD are also included. Overall, the Renault Kwid is a smooth-driving vehicle that gives exceptional value for the money.
- Fuel Type: Petrol
- Fuel Tank Capacity: 28L
- Seating Capacity: 5
- Body Type: Hatchback
- City Mileage: 18.0 Kmpl
Maruti Suzuki S-Presso
In India, the Maruti Suzuki S-Presso is a well-liked compact hatchback. It has a single petrol engine choice that is capable of producing up to 67 horsepower and 90 Nm of torque. One of the most fuel-efficient vehicles in its sector, the car has a claimed fuel efficiency of up to 25.3 km/l. The 7-inch touchscreen infotainment system in the S-Presso supports Apple CarPlay and Android Auto. Additionally, it has dual airbags, ABS, and EBD for the passengers' safety. Overall, the S-Presso is a useful vehicle that provides good value.
- Fuel Type: Petrol
- Fuel Tank Capacity: 55L
- Seating Capacity: 5
- Body Type: Hatchback
- City Mileage: 24.12 kmpl
Maruti Suzuki Alto K10
Popular hatchback with lots of features for its pricing point is the Maruti Suzuki Alto K10. Its small dimensions and nimble engine provide a delightful driving experience as you manoeuvre through congested metropolitan streets. The vehicle also has security features including airbags, ABS, and EBD to guarantee the safety of all occupants during travel. The Alto K10 is a sensible and economical option for consumers on a tight budget because to its fuel-efficient engine and low maintenance expenses.
- Fuel Type: Petrol
- Fuel Tank Capacity: 55L
- Seating Capacity: 5
- Body Type: Hatchback
- City Mileage: 24.9 kmpl
Maruti Suzuki Alto 800
A well-liked hatchback vehicle with exceptional fuel economy and a pleasant driving experience is the Maruti Suzuki Alto 800. The Alto 800 is the excellent option for people looking for a dependable and cheap vehicle for daily travels due to its small size and affordable price range. The automobile offers excellent value for the money thanks to its roomy interior, effective air conditioning system, and cutting-edge audio system. The Maruti Suzuki Alto 800 is an outstanding vehicle that offers performance and affordability.
- Fuel Type: Petrol
- Fuel Tank Capacity: 60L
- Seating Capacity: 5
- Body Type: Hatchback
- City Mileage: 22.05 kmpl
Maruti Suzuki Wagon R
The Maruti Suzuki Wagon R is a little car with a roomy, pleasant interior, making it the perfect family vehicle. It has a nimble 1.0-liter petrol engine that offers good fuel economy. Passengers have plenty of headroom and legroom thanks to the car's boxy design. It also has a sizable boot, which makes it ideal for road trips and weekend vacations.
- Fuel Type: Petrol
- Fuel Tank Capacity: 32L
- Seating Capacity: 5
- Body Type: Hatchback
- City Mileage: 17.80 kmpl
Second Hand Cars You Can Buy Under 2 Lakh
Check out the best second-hand cars in India for a steal deal on your next car purchase. From reliable hatchbacks to spacious sedans, we've got you covered with the best options to help you make a smart and savvy choice.
Here's a table with the features of the four cars with their approximate depreciation values:
| Car Model | Starting Price | Engine | Mileage | Safety Features | Depreciation Value |
| Renault Kwid | Rs. 4.70 Lakh | 0.8L petrol engine, 54 hp power and 72 Nm torque | 22 kmpl | Driver airbag, ABS, rear parking sensors | 0% (baseline) |
| Maruti Suzuki S-Presso | Rs. 4.27 Lakh | 1.0L petrol engine, 68 hp power and 90 Nm torque | 21.7 kmpl | Driver airbag, ABS, rear parking sensors | 14% |
| Maruti Suzuki Alto K10 | Rs. 3.99 Lakh | 1.0L petrol engine, 67 hp power and 90 Nm torque | 23.95 kmpl | Driver airbag, ABS, rear parking sensors | 28% |
| Maruti Suzuki Alto 800 | Rs. 3.53 Lakh | 0.8L petrol engine, 47 hp power and 69 Nm torque | 22.05 kmpl | Driver airbag, ABS, rear parking sensors | 42% |
Note: These depreciation values are estimates and can vary based on various factors, such as usage, maintenance, market demand, etc. So do remember this while financing your 2nd hand car below or above 2 Lakh using a used car loan from Hero FinCorp. Also, remember to make a considerable down payment and utilise the used car EMI calculator before making the buying decision.
How Used Car Price is Evaluated?
When buying a used car, knowing the vehicle's price is essential. You should know how its price is evaluated to avoid overpaying or getting scammed. While dealers or owners may ask for higher prices to profit, understanding the factors determining a second-hand car's value can help you negotiate a fair deal under 2 Lakh.
Car’s age
The car's age is one of the primary factors influencing its value. As a depreciating asset, a car's value drops the moment it's purchased, and with each passing year, it depreciates even further. This is known as "age-wise depreciation." Depending on the make, model, variant, and other supply-demand factors, a car's value keeps decreasing year after year. It means a 1-2-year-old car will have lower depreciation and higher value than a 6-7-year-old car.
The distance it’s been driven
Another factor determining a used car's value is the distance it's been driven. The more a car is driven, the more wear and tear it undergoes. Dealerships often offer service based on the distance travelled, not the time period. Generally, a car driven more will have more issues with the engine, transmission, and other parts, reducing its value. If you're considering buying a used car with a high value, it's crucial to know the exact distance it has travelled to avoid costly maintenance in the future.
Insurance
Insurance is also a crucial factor that affects a used car's value. Before buying one or applying for a used car loan, ensure it's insured. Insured cars typically have higher sale values, while uninsured cars fetch lower prices within 2 Lakhs. Third-party insurance is common, but it's essential to confirm the type of insurance and whether it's still valid. Knowing the car's insurance status can help determine whether you're getting an affordable deal within your budget.
Proper maintenance and good condition
The maintenance and condition of a used car also play a significant role in determining its value. A car that has been well-maintained, serviced regularly, and has all its parts intact will have a higher value than one that has not. To assess a used car's value accurately, it's important to check the engine's condition, oil filter, gear oil, air filter, and other parts. A thorough check will help determine if the car is in top-notch condition and worth the price.
Ownership frequency
Finally, the ownership frequency of a car also affects its value. The more owners a car had in the past, the higher the risk of it being in poor condition. As a result, the resale value of the car drops further. Before buying a used car, it's essential to check how many owners it has had to gauge its overall condition and value. And for loan financing determination, use our used car EMI calculator.
Conclusion
Buying a second-hand car under Rs 2 Lakh in India can be a practical solution for those with limited budgets. You can buy your dream car without compromising by taking a used car loan from Hero FinCorp. With our quick and hassle-free approvals for used car loans, easy-to-meet eligibility, minimal documentation, prompt customer service, flexible repayment options, and low and attractive interest rates, your used car finance is just a matter of time.
Apply for a used car loan online now!
