Buying a used car has become quite a normal practice in India thanks to their significantly lower prices. The wealthy are now exchanging their old cars for new ones faster which means there are more second-hand cars being added to the market consistently. But, just because there are a lot of cars to choose from, doesn’t mean it is an easy task to do so. Here are a few important tips you can use before you buy a used car in India.
What type of car should I look at?
The first thing you need to do is identify the type of car you want. It can be anything from a tiny hatchback to a huge SUV or even a sleek sedan. You have to understand what you will be using the car for, how long you plan on using it, and how much you are willing to spend on it. If you’re looking for a car to drive to work every day, a regular hatchback will be the best option, whereas if you plan on taking frequent road trips, an SUV will get the job done. Another important factor you have to consider is the age of the car. Most people buy used cars that are aged between 2-5 years old because they offer the best performance during that time. If the car is well-maintained, an older model can be considered as well because it will most certainly be a lot cheaper.
What are the advantages of buying a used car?
As is with all cars, there are a number of advantages and disadvantages that come with buying a second hand car. Here are a few of them.
PROS
- Pre-owned cars are quite obviously cheaper than new ones so you can save a lot of money by investing in one.
- The added savings can be used to pay off any loans taken to buy the car in the first place.
- With a slightly higher budget, you can buy a used premium/luxury car for the price of a brand new entry-level model.
- There are thousands of second-hand cars available in the market so you can always find something that suits your needs.
CONS
- By buying a used car, you lose out on the warranty which means any repairs required for the car will have to be paid by the buyer.
- Extensive inspections and checks are required when buying a second-hand car which will require the assistance of a professional mechanic.
- No matter how good the car looks, there is always a chance that the engine and other components could be faulty.
Are there finance schemes available for used cars?
Since the market is growing so rapidly, many banks are now offering car loans for used cars as well. This makes it even easier for regular people to get their hands on a used car and pay the installments back slowly. The only thing here is that the interest rates for used car loans are slightly higher than they are for new cars. But, the bank checks the condition of the car before providing the loan so choosing a well-maintained vehicle could prove beneficial in the end.
Where do I buy used cars from?
Today, India is one of the largest used car markets in the world and the growing industry has led to many more sources from where you can purchase a model. Traditionally, the best place to buy a used car is from newspaper classifieds or directly from the sellers in your area. This cuts out the middleman and leaves room for bargaining so that you can get the best deal. Another method of finding a used car in India is through used car dealerships where you can find a number of different models from different brands under one roof.
These dealers usually are more expensive, but you can still negotiate for a good deal. Then there are certified used car outlets set up by specific brands. Here you can find multiple models from a single brand but their prices are usually the highest because they carry out inspections and repairs before putting a vehicle up for sale. Finally, there are a number of online stores that sell second hand cars across the country and are becoming quite popular thanks to the deals they have to offer.
Check the paperwork before buying
Legal documentation is extremely important when it comes to buying a used car in India. You have to be aware of all the required paperwork before you can drive home in your newly purchased vehicle. Some of the most important documents include the original purchase order, the registration certificate, insurance certificate, service bills, pollution control certificate, and the municipality certificate. If the seller fails to provide any of these documents, you can request them to make new ones at the local RTO.
This buying guide will help you buy used cars in Nashik, Mumbai, Hyderabad, Kolkata, or any other city in India. Next time you are in the market to buy a second-hand car, use this guide and you cannot go wrong.