Tips Sahabat

Reasons Why Used Car Loans Are More Expensive, It Turns Out They Are Not More Profitable

09 April 2025
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Buying a used car doesn't always mean getting a cheap price, my friend. There are several cases where buying and selling used cars is not more profitable than buying a new car, especially with a credit system. There are several reasons why used car credit is more expensive, and many buyers are unaware of this.

You can follow the explanation below to understand why used car credit is more expensive. So, when you decide to finance a used car, you can be more knowledgeable and not be deceived by prices that turn out to be more expensive and not beneficial.

Total Down Payment Is More Expensive

Buying a car on credit is indeed recorded as a purchasing method widely used by Indonesians. The reason is that the installment method allows the budget to be allocated for other needs.

And, financing a used car is considered a wiser choice because its price is relatively cheaper than buying a new car with the same payment method. However, many people are mistaken about this, my friend.

Many buyers are misled by the price of used cars, which they think is cheaper, but turns out to be more expensive. This is because buyers often focus on the price list that appears cheaper. In fact, if examined more closely and calculated carefully regarding the monthly installments, it will fall at a higher price.

So, my friend, you need to pay more attention to the total down payment as well as the installment costs and interest set by the seller.

High Credit Interest

Another reason why used car credit is more expensive is that the interest applied is very high. The interest rates for used cars and new cars are indeed different, and for used cars, they are higher. This installment interest is the clear difference between purchasing used cars and new cars.

If the interest on new car sales is only 3%, the interest applied in used car sales is very high, reaching 6%. Twice as much, so this high interest makes the price of used cars with credit sales very expensive.

The main influence on interest rates is from Bank Indonesia as the central bank determining bank interest rates. However, this policy also depends on the financial condition of a leasing company. Therefore, finding out about the best leasing company is the most important when you want to buy a used car on credit, my friend.

Maintenance and Repair Costs

Each leasing has limitations on the repair of used cars. The maximum acceptance period for a car is 12 months, so if it exceeds that time, the condition of the car may not be well-maintained.

This is where the next reason why used car credit is more expensive comes in. The condition of the car often requires many repairs, which incurs high costs.

Insurance Premiums Can Add Costs

Not only the installment interest determines why used car credit is more expensive than new cars. Insurance premiums also affect the purchase price of used cars on credit.

The premium price depends on the age of the vehicle. The older the vehicle you buy, the higher the insurance premium will be.

Read also: How to Negotiate for a Used Car to Get the Cheapest Price

These reasons are what make used car credit more expensive. So, my friend, you need to be more careful when deciding to buy a personal vehicle. Do a simulation calculation of the total overall price along with interest and insurance costs so that it is clear from the start and you are not deceived by a price list that looks cheap.

Author: Nisa Maulan Shofa

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