Things to know while opting for a second-hand car
Opting for a second-hand car is aprudent option as it allows lower capital investment and affordability of luxury models at a reasonable price. This is why the used car market has grown exponentially in the recent years in India. However, pre-owned carscome with their own set of challenges.
Old cars may require a replacement of tyres, batteries and other worn-out parts. They are also less reliable and frequent break-downs may occur. So, it’s important to check the pre-owned car thoroughly before buying it so as to avoid purchasing a proverbial lemon. So, here are the 5 important things to keep in mind while opting for a second-hand car:
1. Determine your budget
Before you get started, you need to determine your budget and decide how much you’re willing to spend for buying a pre-owned car. This way you can avoid overshooting of your finances and choose within your means. While deciding a budget, also keep in mind other charges like insurance and RTO fees apart from the cost of buying the car.
2. Choose the car maker and model
Once your budget has been fixed, the next step is to find the right car in your budget. You can browse through the internet for second-hand car dealers in your city, look for cars in your budget and learn its features and specifications to narrow down on the perfect make and model as per your requirements.
3. Buy certified pre-owned vehicles
It is always prudent to look for a certified used car as it usually offers the buyer an added layer of assurance. The dealer conducts extensive tests on the car and certifies them before selling it to you. Certified vehicles can lend a similar experience that one gets from a new car.
4. Take a test drive and inspect the car
You should also take a test drive and spend some time behind the wheels of the vehicle you are looking to buy. This allows you to have an idea about how the car responds to you as a driver. Also inspect the mechanical and physical parts of the car yourself or take a mechanic with you before zeroing-in on the car.
5. Check the car papers thoroughly
It is very important to inspect the car papers before finalizing a deal to check the authenticity of the vehicle and its owner. Check for the RTO papers like the Registration Certificate of the car, tax token, and existing insurance documents of the vehicle. Match the engine and chassis number as mentioned in the documents with the one imprinted on the vehicle.
Apart from the above factors, you also need to have an idea of how you’re going to finance your car purchase. You can either buy the vehicle with full down-payment or opt for financing options like car dealer, bank loan or Credit Union, etc. Reliance Money, one of the leading financial institution in India also provides Used Car Loan for smart and easy purchase of your dream vehicle.