Want to purchase a car? But is a brand-new vehicle out of your budget? The best option, in such situations, is to go for a used one. Why? Used cars provide the same freedom of movement as a new one, while significantly reducing costs. Additionally, many financial institutions now offer loans for those wanting to own a used car or vehicle. These loans have flexible eligibility criteria, quick processing, minimal documentation, and customised solutions. But first, Let’s look at some key points to keep in mind while buying a used car.
1. State of the Car
Once the decision has been made to buy a particular used car, it’s necessary to thoroughly inspect the car before making the purchase. Don’t feel content with the car just functioning normally, make sure that the vehicle is worth the money paid for it. Employ the help of an experienced mechanic who can spot which car is worth it and which isn’t. They can check the condition of the engine, wheels, transmission, cooling system, exhaust, and a lot more that may need to be replaced or fixed in the near future.
A common scam while buying a used car is that the actual owner, once the deal is done, can replace the original parts of the vehicle before delivering it. Keep an eye out for such things and be informed about everything all the time. To test the performance of a used car, go for a ride with the owner, who may give some insights into the performance.
2. Check the Paperwork Thoroughly
Going through the pre-owned car’s paperwork is crucial to avoid buying a stolen car. Details about the registration date and number, details of the owner, engine, and chassis number are necessary for confirming the ownership of the car. Being familiar with the rules and regulations laid out by the local RTO also helps in the ownership transferring process.
A broker or used-car selling company is the preferred option to save time and effort as they handle all these things. It’s crucial that once the deal is done, the buyer ensures that the car insurance has been transferred to their name. Apart from these, the original bill, PUC, maintenance records, and tax records need to be checked before the transfer happens. If the car is on loan, form 35 and NOC from the lending institution is necessary.
3. Servicing and Modification Records
A good way to check the performance of a used car is by going over its servicing records. A clear picture of the number of times the car has been repaired, parts replaced, frequency of servicing, and overall condition of the car should be a part of its service/maintenance records. It will also reflect the level of care the previous owner gave the car, along with any necessary repairs that may arise.
A used car may have been modified in some way by the previous owner, which might not comply with the local rules and regulations. For example, if the car has a window tint, has a designer number plate, or has a loud exhaust system, it can be legally towed and cause financial damages. Registering the car or availing the insurance policy can also become a challenge if the modifications made to the car are illegal.
4. Kilometres Travelled and Safety Features
A used car’s condition also depends on the kilometres it has travelled. The more it stays on the road, the more signs of wear and tear will be visible. It could also indicate that parts may need replacement sooner, so it becomes necessary to consider this when buying a used car.
Another thing to look out for is the safety features a car offers. If someone is buying a used car, expecting advanced safety features may not be realistic, but basics like seatbelts and airbags should be in place nonetheless. If the seller is advertising the car by mentioning advanced safety features, check them thoroughly before finalising. Majorly check for features like Anti-lock Braking System (ABS), Electronic Stability Control (ESC), and accident-avoidance systems.
5. Premium Features
Even if it’s a used car, expecting some basic premium features is not wrong. Check if the music system, the AC, the charging slot, etc. are in working condition. The seller has added its cost to the selling price, so make sure the money paid is worth it. Ask the seller if there are any existing issues with these features and if they need some repairs.
Summing Up
Buying a car is in itself an achievement, irrespective of whether it is a used one or a new one. But, if the budget is tight, choosing the former is always a sensible option. Just ensure to check its condition, the necessary and relevant documentation, its records, and the features it offers. Ticking these things off the list ensures that the car bought won’t become a financial burden for the new owner.
FAQs
What All to Check Before Buying a Used Car?
Before buying a used car, one needs to check the car’s complete health; this includes both, the interiors and exteriors. Look for cars that have better mileage and go for a test drive before buying. Check out all the necessary documents, insurance papers, and RC Book to verify the authenticity of the owner and the vehicle.
How to Check the Authenticity of Second-Hand Cars?
The best way to check the authenticity of a used car is by checking the RC Book. It’ll have the owner’s name and the car’s details, engine number, chassis number, etc.
What is the Meaning of a Used Car Loan?
A pre-owned car loan is a type of loan that lending institutions have specifically designed for the ones looking to buy second-hand cars. This type of loan is known for its flexible process, quick documentation, and customised features.
