You can get a great deal on a used car if you are looking to save money. A new car begins to decline as soon as it is driven out of the showroom. It also continues to lose value over the first few years. The previous owner of the car would bear the brunt depreciation for the first few years. The cost of purchasing a used car is much lower than buying a new one.
However, it can be harder to choose a used vehicle than a new one. When buying a used vehicle, one should be cautious. This article will provide a step-by-step guide for buying a used car here in India.
1: Set Your Budget
Once you’ve decided to purchase a used car, it is time for you to establish a budget. There are many options for used cars in India. A used car can be purchased for as little as Rs 50,000 or as much as Rs 50 lakh. You can set your maximum spending limit, but you should also consider other costs such as vehicle registration fees, insurance cost, and repair work.
2: Make a Target List
After you have established a budget, begin to list the requirements of your vehicle. It is also important to choose the type and model of vehicle that you desire. There are many options available: small cars, SUVs and electric cars. You should read reviews and rating about the car that you are considering buying.
3. Research Your Options
There are used car dealers in almost every part of India, including the suburbs. The best way to find the best dealer is by word of mouth, or by looking online for reviews. It is easy to find good dealers online. You can simply shortlist a few popular second-hand car dealers, and then compare the available options, cost, and customer reviews before you choose the one.
4. Check the vehicle’s history
After you’ve looked at all options and narrowed your search, it’s time to inspect the vehicle. What maintenance and repairs has the vehicle had to go through? Double-check to see if the vehicle was ever involved in an accident. Avoid buying a car that has been in an accident if you’re looking to buy a used car.
5. Call the seller
Double-check all information about the vehicle with the seller. If you’re buying from an individual seller, learn why they are selling the vehicle and what mechanical issues may exist. Call to confirm the availability of the vehicle if you are interested in buying from a dealer. Book a test drive if everything is fine.
6: Test Drive
You can get a good idea of the condition of your chosen used car by taking it for a test drive. You can take the car on a test drive, covering at least four to five kilometres. During driving, you must check the condition and operation of your brakes as well as the clutch. You must ensure that both the speedometer (and distance recorder) are functioning properly. A vibration in the steering could indicate serious engine problems.
7: Hire a professional to inspect the car
Before you buy a used car, make sure a professional mechanic inspects it. A reputable dealer will have fewer chances of you receiving a damaged car. A private seller may require a thorough inspection by a qualified mechanic if you buy a used car.
8. Double-check the vehicle’s papers
It is important to verify all papers before finalizing the purchase of a used car. You should check for the registration certificate of the car. Match the chassis number and engine number. You should also check the original sales invoice, PUC certificate and insurance paper. You can verify that the car you’re buying has not been stolen by its previous owner.
9: Negotiate Well
Here is where the real fun begins. You will have established a budget and can negotiate with the seller about any issues you feel are important, such as major dents or poor paintwork. Negotiate well as the seller will decide the price of the used car.
10: Used Car Finance
Many financial institutions now offer loans to purchase used cars. This option may be available if you have a tight budget. Compare the rates of used car financing with different lenders before applying for a loan. Also, check your eligibility to borrow the loan from the lender you choose. You may be eligible for a better deal on used vehicle finance if you have a strong credit history and a solid profile.
11: Ownership transfer
With the car’s sale, ownership is transferred. The transfer must be made to the RTO by the previous owner. This must be done within 14 days.
12: Drive Away
After you have completed all the formalities, it’s time to officially announce your purchase. Now you can turn the car around to wherever you are.