Is there a way to find a used car that’s in great condition at a dream rate? Find out by going through our detailed list of things to know whilst doing your used car research.
There’s a lot of understandable apprehension that surrounds buying anything that’s used, or as we call it, second hand. The apprehension may either root from a bad second hand experience in the past or a general discomfort in buying someone’s rejected possession. Truth is, when you look past all these things, buying a used car may actually work wonders for you.
Well, for starters, cars lose a lot of value in just a few years, leaving you with a golden opportunity to get a vehicle in decent condition at a dream rate. Secondly, with people’s purchasing power steadily rising, many choose to ditch their old car for a fancier one. This phenomenon has paved the way for a very thriving used car market in India; a market full of potential for customers, provided you know how to make the right buying decision – and we’re here to help!
For your easy reference, we’ve jotted down the primary things you need to check before buying a used car. Read on and prosper, fellow humans!
Which seller should I choose?
In India, there are three ways you can purchase a used car – through an individual, through a used car broker, or through a franchised pre-owned dealership. The first avenue works best if you know the seller personally. Because if it’s a friend you’re dealing with, you know he or she has no motive to charge you extra for the car.
For the other two, a referral from someone you know works great most of the time. If it’s a well-known dealership whose brand is established, you can choose that one with confidence – usually, an organised used car dealership will also offer you convenient payment options such as a Used Car Loan.
Psst! Your Credit Score goes a long way in influencing your eligibility. Find out where you stand by getting your FREE Experian Credit Report now!
Additional Reading: Your Quick Guide to Used Car Loans
What’s my budget?
Well, this is a no-brainer. You obviously want to figure out a ballpark amount that you’re comfortable spending on a car. Aimlessly looking at used cars will leave you confused, so pick a budget – that’ll immediately filter out the cars that are either too low or way beyond your budget. Once you’ve carried out the first stage of filtering, you can compare cars of a similar price range and choose one that gives you the best bang for the buck!
What’s the car’s current condition?
Let’s assume you’ve found a car that meets your budget and other expectations. Don’t jump the gun and seal the deal blindly. Analyse the current condition of the car. If it has a history of a recurring issue, you may not want to commit to your decision. Before you buy the car you wish to own, check every little detail to make sure you’re not being taken for a ride! (No pun intended)
How old is the car?
A car’s age is also an important factor you may need to note. For instance, you may chance upon a very decent automobile that has no real issue as of now, but it turns out that the car is about 8 years old. This means it may grow past its prime in a couple of years, leaving you with the risk of having to deal with future issues and repairs.
The next logical question to ask is how old a car should you buy. As you may already know, vehicles depreciate quite fast. Turns out, there’s an ideal time to buy a used car. Let’s assume your friend has bought a new car. He uses it for three years and then considers selling it to you – this is the ideal buy for used car aspirations, because, firstly, a three-year old car is usually is great condition, assuming that the first owner has maintained it well. Secondly, a car’s value plummets down after three years of its ownership, giving potential used car buyers like you a short but wonderful window of opportunity to buy a set of wheels that’s almost as good as new at a super-cheap rate!
Additional Reading: Checklist For Buying A Used Car
Is the car’s paperwork in order?
You don’t want to buy a car from an owner who doesn’t have its paperwork in place; not even if he’s your friend. When it comes to buying anything, handover of documents is crucial. Since you’re paying so much for the vehicle, it just makes sense to ensure that you’re getting all the papers of ownership as and when the transaction happens.
By paperwork, we’re referring to your registration certificate, Car Insurance papers, original purchase invoice, emission certificate, road tax receipt etc. You’re going to need each of these documents not only while you own the car but also when you want to sell it to someone else in the future.
Am I well-informed?
It’s always good to do your homework before purchasing a car or anything else for that matter. Firstly, ensure that the car you’re targeting is suited to your requirement. Once you’ve done that, find out a ballpark figure that you can use as your budget – this will give you a clear idea of the options you have for comparison sake. You may also want to know about the going rates of your target vehicle just to make sure you aren’t getting a bad deal.
Once you’ve zeroed in on your target car, get familiar with its many features; this way you’ll be able to spot any missing detail on the car when you buy it. If you’re not a technical car buff, you can always take your mechanic or car-obsessed friend to the dealership and ask him/her for an opinion.
How should I finance it?
Today, buying a used car has become far more organised than ever before. Companies like Maruti and Mahindra are opening up their own Used Car dealerships. If convenience is what you’re looking for, you could explore and find the right Used Car Loan for your car just by clicking the link below. It’s that simple!
Additional Reading: Popular Used Car Loans In India