There has been a surge in the sale of four-wheelers in the past decade, courtesy availability of easy finance options and increased spending capacity of people. However, with prices and taxes going up, high fuel rates and higher depreciation, many buyers are increasingly going for used cars too. Those planning to buy a pre-owned car should keep a few things in mind.
According to CarDekho, which runs Gaadi that serves as a platform to sell pre-owned cars, these are some facts that should be considered if one plans to buy a used car.
Research to outline your requirements: The first step is to understand your requirements about the car which suits your need whether you need a big family car or a good vehicle to commute daily. Then, research which cars fit your description and what their prices are. Simply rushing into a dealer can land you to a very pushy and highly trained salesperson that may risk your purchase plan.
Plan your budget: From the online and offline research, you will get a fair idea about the approximate price range of such cars. Now, make up your mind on the amount of money you want to spend. If finance is what you are looking at, then, be aware that interest rates for used car loans are usually higher than those for new cars and as a result, you might pay a lot more than the sticker price. If finance is a must, then opt for short-term loans with lower interest rates. Else, just go to leading, recognised platforms/ brands in this field which will help you to deal with financial elements very smoothly.
Get the car inspected: After shortlisting the vehicle, get it inspected by a trustworthy source should be part of the buying process. Even though the seller insists, there are no mechanical defects or major issues, you should verify that the car from a reliable source. Even better if the car comes with some trusted warranty program.
Test Drive: You need to spend some time behind the wheel of the car you are thinking of buying. This allows you to have an idea of how the car responds to you as a driver. Ask that the test drive includes the highway, a side street, and areas where cornering or turning will be necessary
Paperwork: It is important to ensure that the paperwork is done properly before finalising the deal which includes registration book, taxation book, invoice and PUC certificate. Please note the transfer of ownership, insurance is done in your name.
Important dos: Get ownership transferred on your name by submitting the required forms in your area’s jurisdiction. The receipt comes within 15-18 days and the name-changed RC copy by the 40th-45th day. Also, get insurance on your name as if the RC is registered in your name and the policy is still under the previous owner’s, then the insurance policy stands nullified.
Negotiate: Do not hesitate to negotiate. The seller is always open to considering price negotiation a little, so do not consider the quoted price as the final one.
Make sure you tick all these points off the list while buying your very own pre-owned car. Now, enjoy a good deal, keep the papers handy and drive safe!