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About Used and Second Cars In India

With prices for new cars constantly on the rise, buying a new car is becoming a costly affair for the common man. Over the years, quality manufacturing in the auto industry has come a long way. Cars are becoming more durable and increasingly manage to stand the test of time. Another important observation is that manufacturers are constantly launching or upgrading to newer model cars. The increase in demand for the latest cars means the used car market is seeing an unprecedented rise in modern cars with low mileage on their odometer.

This is all great news for the potential used car buyer. Buyers looking for used cars under 3 lakhs have a plethora of options to choose from. The low cost of ownership coupled with additional benefits like extended manufacturer’s warranty, all translate to great value for money on second hand car prices that don’t drain your wallet.

Buying a second hand car under 3 lakhs especially makes sense for first time car buyers. Drivers are generally less anxious while commuting in traffic congested roads when on their used cars. If you are looking to get a used car for yourself or a family member, you’ve come to the right place. This article takes you through all the much needed information about the used car market.

Best Used Cars Under Budget

1. Maruti Suzuki Swift

Maruti Suzuki has launched the updated version of its best-selling hatchback the Swift. The hatchback gets a new K12 series DualJet VVT engine along with a few cosmetic changes on the exterior, and an updated features list. As before, three of the seven variants get an AMT automatic gearbox. Priced Rs 50,000 higher than their manual counterparts, the Swift AMTs are worth the premium for the convenience they add in the city.

Car Name

Maruti Suzuki Swift

One Road Price( New)

Rs. 6.47 Lakhs (Delhi)

Used Car Value

Rs 2.0 – Rs. 5.0 Lakhs

Mileage

23.2 Kmpl

Engine

1197cc

Transmission

Manual and Auto (AMT)

Fuel Type

Petrol

Seating Capacity

5

Available Variants

6

2. Maruti Suzuki Wagon R

The Wagon R is a surprisingly spacious hatchback. The car can easily fit a family of 5 including boot space that will pack ample luggage for a week long holiday. The biggest eye-catching feature of the car is the “tall boy” looks which is dictated by practicality more than anything else. The high roof means ingress-egress is very convenient and there’s loads of room in the cabin too. The new Wagon-R gets two petrol engines to choose from: a 1 litre 68hp motor and a 1.2 litre 83hp motor. The can also gets both manual and automatic variants. 

Car Name

Maruti Suzuki Wagon R

One Road Price (New)

Rs. 5.07 Lakhs (Delhi)

Used Car Value

Rs. 1.5 – 3.0 Lakhs

Mileage

20.52 - 32.52 Kmpl

Engine

998 - 1197 cc

Transmission

Manual and Auto (AMT)

Fuel Type

Petrol and CNG

Seating Capacity

5

Available Variants

1 (Under 5 Lakhs)

3. Hyundai i20

Hyundai seems to constantly raise the bar when it comes to premium hatchbacks. The i20 is no different. It brings in a whole host of class-leading features you'd otherwise only find a segment above. The car is available with a choice of three engines - a 1.2 petrol, 1.0 turbo-petrol and 1.5 diesel - and a wide array of gearbox options too. Like previous generation i20s, the new i20 offers high end features like driver assist, 5 airbags, a 9” infotainment system, and a few luxury addons to the interior that make it a top contender in this budget.    

Car Name

Hyundai i20

One Road Price (New)

Rs. 7.72 Lakhs (Delhi)

Used Car Value

Rs. 3.0 -5.0 Lakhs

Mileage

19.65 - 25.2 Kmpl

Engine

998 - 1493 cc

Transmission

Manual (Clutch-less) and Auto (Dual-Clutch)

Fuel Type

Petrol and Diesel

Seating Capacity

5

Available Variants

4 (within 10 Lakhs)

 

4. Hyundai Santro

 

The new Santro might share the name with the earlier model, but that is all that it has in common. The new car features all new internal and external design aesthetics along with a more conventional silhouette. Hyundai has successfully managed to make the cabin feel upmarket with plenty of room in the back. Rear passengers will also be delighted by the large rear windows, which make the car feel bigger. The car is available in both manual and automatic transmission setups. 

Car Name

Hyundai Santro

One Road Price (New)

Rs. 5.24 Lakhs (Delhi)

Used Car Value

Rs. 1.5 – 3 Lakhs

Mileage

20.53 – 30.02 Kmpl

Engine

1086cc

Transmission

Manual and Auto (AMT)

Fuel Type

Petrol and CNG

Seating Capacity

5

Available Variants

8

Importance of Getting An Insurance For Your Second Hand Car

Once you’ve decided to buy a car from our list of the best used cars under Rs. 3 lakhs, make sure to get the right insurance to protect yourself and your co-passengers. Your insurance should be adequate to protect repairs on your used car from damages incurred during an accident, theft, natural calamities, and other unpredictable circumstances. The right insurance will also safeguard you and your co-passengers from any eventuality while driving on Indian roads.

The best insurance plans should provide protection from Own Damage (OD) repairs, third party protection (TP) or comprehensive plans. The comprehensive car insurance policy not only covers damages that occurred to your used car during an accident but also covers the repairs and costs incurred to third-party property. Moreover, you can enhance your financial protection by choosing from a variety of add-on covers that give added protection to the policyholder and add much needed convenience to the car ownership experience. Finserv MARKETS is a trusted platform to get your car insurance plan as per your needs.

Steps To Transfer Car Insurance

Once you have successfully transferred the vehicle’s ownership, the next step is to transfer the insurance of the vehicle into your name. In order to initiate the process, the new owner must submit a new policy form along with the following documents:

  1. New copy of RC or form 29

  2. Old insurance certificate

  3. NOC from previous policy holder

  4. Rs. 50 as transfer fee

  5. NCB difference amount

  6. Inspection report conducted by insurer

Note: the insurance process cannot be done online and must be done in person. It is mandatory to report to the insurer with all the required documents.

Conclusion

Considering how quickly most cars depreciate over the first three years and the easy availability of well-maintained and good condition cars, buying a used car is a practical and economical decision. Before you decide on the car to buy, make sure you get it checked by a certified mechanic to ensure you don’t get any mechanical surprises down the line. Buying a second hand car low price from a certified used car dealer is also a good strategy to follow. This will ensure you don’t have to worry about the cost of maintenance during the initial months of car ownership.

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