Things to keep in mind while buying a Used Car
The Indian used car market is zooming. The strong growth in demand is due to rising income, a burgeoning middle class, and a young population. Domestics sales of passenger vehicles is expected to increase at a CAGR of 12.87% between 2016-26.Consequently, the used car segment has received a shot in the arm. So, if you are planning to buy a used car, here are a few things to do:
Talk to friends, dealers, car experts, and like-minded individuals to zero-in on the models that meet your requirements. Once you narrow your choices to a few, read online reviews to finalize the model that you want to buy. Things to consider include the mileage, space, and maintenance cost.
Unlike new cars, there is no ready reference for prices on used cars. Factors like the mileage, age, model, transmission (manual or automatic), fuel type (petrol, diesel, CNG), and additional accessories influence the overall price. The type of insurance also affects the price.
Used cars available at company-owned outlets generally undergo several checks to ascertain their quality and price. Their inhouse technicians conduct multiple tests for performance, strength, safety, and manoeuvrability. Some of the other visible aspects to consider are:
Always test drive the vehicle. Check for suspension and engine noise. Evaluate the comfort, drivability, performance, and the experience. If possible, have someone with you during the drive for a second opinion and to experience the rear seats and note the interiors.
Before you buy, insist on examining the original documents. The set should include:
Always buy from a recognized dealer or a company-owned outlet. Such entities generally have tie-ups with financial institutions that offer used car loans. You might also be able to get a preferential rate of interest!
Make sure the papers are transferred in your name. Organized entities make sure that you get a proof of sale and the documents are in your name.
Reliance Commercial Finance is a leader in used car loans in India. If you are looking for the best deals for car loans, talk to us. We can offer you highly competitive loans at attractive interest rates and favourable re-payment terms.
- Price it right
- Evaluate the car's overall condition
- Whether the car is making any abnormal noises
- If the body is rusted
- Wear and tear on the wheels
- Ensure that the electrical fittings are in order
- Scratches or damages on the vehicle's body
- Condition of the wiper blades
- Test drive
- Get complete documentation and accessories
- Registration papers
- Pollution under control certificate
- Insurance policy (ideally, this should be a comprehensive insurance policy with at least 6-month validity)
- Extended warranty (if available)
- Two sets of keys
- Information about the previous/ existing owner
- Buy from an organized entity
- Proper transfer of ownership