Purchasing a second-hand car may be a wise decision if you have budget constraints or are a new driver. Since new vehicles start losing value the moment they roll out of the showroom, you can enjoy a lot of savings even by going for a vehicle that is a few months old. Buying a used vehicle leads to lower cost of Car Insurance and you may enjoy higher variety within your budget. The used car sector has also become popular nowadays.
That is not all! You can opt for a Used Car Loan from your preferred bank when buying a second-hand car. Banks usually offer attractive Loans, letting you purchase a used vehicle more easily. That said, when buying the car, you need to check certain aspects:
Choose the seller carefully
Today, you can purchase a used car from an individual seller. Usually, this is the most straightforward choice when you know the seller. There is no mediator, and you can freely negotiate for a reasonable price. Small-time used car sellers are another choice but go through the details before signing off any document.
You can select a franchised company. This might be costlier, but you enjoy benefits like better car condition and a transparent buying experience.
Do a thorough check
Once you decide the car you want to buy, it is best to take an experienced car mechanic along. This proves beneficial to understand the smallest details of the vehicle. They help you determine any cover-ups, better part price, etc. While you may need to pay the mechanic for their services, it is the ideal choice than buying the wrong vehicle.
Take it for a test drive
Before you purchase the car, take it for a test drive. Test the vehicle on narrow streets, U-turns, highways, etc., to check its suspension, performance, and manoeuvrability.
Verify the documents
Verify the original registration certificate and check details like owner’s name, chassis number, etc. This certificate also specifies any modifications that needs to be made. You can also verify documents like road tax certificate, any Loan NOC, and pollution under control certificate.
Understand your budget
Know the amount you can spend on the car. While brokers or sales personnel may try to sway you to make purchases above your means, it is best to remain grounded during the purchase. If you plan to apply for a Used Car Loan, determine the applicable interest rates and Loan tenure. For deciding on the equated monthly instalments, use an online Car EMI Calculator.
This lets you make an informed decision about the Loan amount you should borrow based on your monthly income and expenses.
Conclusion
Now that you know the factors you need to check, be mindful of them when purchasing a second-hand car.
