Lateral Upgrade means upgrading to a better car, but in the form of a used or pre-owned car. This theory basically means that, instead of going vertically up the purchase chain of a car and upgrading to a new car, you go up laterally and upgrade to a latest pre-owned/used car.
Even though this topic is highly debatable because not only are all opinions valuable, but are also valid, but it is also important to mention that Lateral Upgrades come with several advantages.
A few of the advantages of Pocket Friendly Lateral Upgrades are mentioned here;
1) If you have read our article on How can a Pre-Owned car be bought in India, you know exactly how to purchase one and get the maximum out of it. If you follow through that procedure while adding a few points of caution along the way, you will get yourself a very pocket friendly and sensible lateral upgrade.
2) While you’re engaging in research for your lateral upgrade, also make sure to keep in mind to look out for cars that are well maintained and those that offer a lower mileage. Yes, that is correct. Lower mileage cars don’t give way as fast as higher mileage cars do. This in turn also keeps the car well maintained and sturdy.
3) Check how the car maker performs in the market. You will know how good the car is, by understanding more about the manufacturer. You can then decide which car suits you and your budget best.
4) Make sure to research and find cars that don’t offer a very high resale value. This is because some cars have a high resale value even after 3-5 years of purchase. The owners may expect a higher value because of the quality and recognition that car has in the market, thus defeating the whole purpose of a lateral upgrade. Therefore, research before getting yourself a deal.
5) While researching, also try to find cars that have a higher depreciation value. Some of the petrol cars the Indian market do have a higher depreciation value. Even though the car may be in great shape when you go out to purchase it, the value is far lesser than the original price. Once your budget is ascertained, it’ll become easier for you to choose your car.
These are some tips from us to you. But we would also like to mention that lateral upgrades need not be restricted for buying a primary car. Some of you might like to have another car around that doesn’t burn a hole in your pocket. Thus making it another area where a lateral upgrade can come to play.
While we suggest you to go all out and explore this option, we would also like to tell you to try and buy comparatively newer cars, i.e. newer models and also choose cars that aren’t over 3-5 years older. Both of these points will help you retain the car for a longer period of time.