With the buying power increasing in the country, people upgrade their vehicle once every few years. They sell their old one to purchase a new one. This has paved a way for the second hand vehicle market in the country. The top targets of this market are students, people who move from different cities, expats etc. Even though buying a second hand car is an obvious choice for some, there is still a bit of hesitation involved in purchasing the car. To make things easier, we have made a list of dos and don’ts that you need to take care of before buying a used car:-
Which seller should I choose?
In India, you can purchase a car through an acquaintance, a dealer or a broker. It is better to buy from an acquaintance, if available, as it reduces the chances of paying more money. But if you go to a well-known dealer, they can arrange for loans and convenient payment options.
What is my budget?
This is something that should be decided personally, based on the income and expenses. Once you have a fair idea regarding the budget, it will become easier for you to select a car.
What is the car’s current condition?
A very good deal could be a little suspicious, since it is a second hand vehicle. So, take the car for a spin, look for any recurring issues, ask more questions about the car and then only finalise the deal.
How old is the car?
The ideal period to buy a car is generally three years after the first purchase. The car has spent decent amount of time on the road but not so much to have serious issues. But buying a car which is 8-10 years old is not viable as it is very old and may soon start giving problems after the purchase.
Is the car’s paperwork in order?
Buying a car with inadequate paperwork could lead to many issues. It is important that after the car’s condition, we check for the documents thoroughly to avoid any discrepancy. While buying a car we should check the registration certificate, Car Insurance papers, original purchase invoice, emission certificate, road tax receipt etc. These documents will be necessary not only while we have the ownership of the vehicle but also when we sell it later.
Am I well informed?
As discussed earlier, when the decision to buy a car has been made, decide the budget first. Budget makes it easier to select the car, then move on to the model. After deciding the model, learn about the nitty-gritties of the car. Get familiar with the car and the technicalities or get someone who can educate you on those grounds.
How should I finance it?
Buying a car, even a second hand for that matter, has become quite easy. Big companies like Maruti, Mahindra have already opened up used car dealerships. If you have complete clarity on what you like, you can directly approach the dealerships or look for other finance options in the form of personal loans.
Now that we have made the to-do list for you. Why don’t you start the car hunt now? With Finserv MARKETS, you can easily apply for a used car loan online. The various benefits that you can get include a free “Car Fitness Report”, “End-to-End Car Care Services” and many more! So why wait? Apply for a used car loan with us, today!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!