Used Car loan for Luxury Cars

6 Tips to Consider Before Buying Luxury Car in India

May 25, 2022 • 3473 views

Thanks to the booming used car market, the allure of owning a high-end car is now within reach. However, navigating through the complex process of analysing and choosing a used luxury car is challenging. Worry not! This blog lists 6 tips on getting the best deals on a used luxury car. Read on!

6 Tips to Remember Before Buying a Used Luxury Car

Here are the 6 tips you must know before buying a Used Luxury Car in India:

1. Research the Market

Research online and offline sellers to check if any luxury car on the market matches your expectations. Ask the dealers a few questions, like:

  • How many miles can the car run normally?

You can understand the wear and tear of the car and analyse its condition and lifespan. This will help you understand the spending you may have to make.

  • What are the main features of the car?

You must check if the concerned car has the desired features.

  • What is the estimated age of the car?

A used car is ideal within 3-5 years of purchase.

2. Review the Car’s History

After shortlisting the best pre-owned cars as per your budget and preference, consider reviewing each car’s history. Check the car registration details, ownership details, service and maintenance history and accident history to understand its current condition and value. Another useful tip for buying a used luxury car is to get a professional mechanic to check its condition before you finalise your decision.

3. Conduct a Pre-Purchase Inspection

There are several high-tech elements to a luxury car. Even if a dealer assures you that it’s all working as it should, you must do a pre-purchase inspection yourself. Here are some of the things that you should inspect:

  • The battery.
  • Electronics like the music system and lights.
  • Mileage.
  • Interiors and the exteriors for any damage.
  • Paint quality and dents on the body.
  • Exhaust pipes, exhaust sound, engine sound, and air filters.
  • Authencity of the tyres.

If one or two factors are not as they should be, do not give up on the entire deal. If you like the car, you may ask the dealer to lower the price or have the issue fixed. Most such issues are fixable.

4. Check All Modifications

While inspecting a pre-owned car in India, you must remember to question the dealers on modifications by previous owners. Very often, car owners tend to upgrade or customise their vehicles with different modifications. By making a note of these modifications, you can have an idea regarding whether these modifications fit with your requirements or style statement.

5. Take Test drive

To make an informed decision about the condition and reusability of your shortlisted used luxury car, take a test drive. With a test drive, you can identify if the car is in good condition. During the test drive, you must pay attention to the car's shock-absorbing quality, leg room, air conditioning and sensors, among other crucial details.

Ensure to check the condition of the gearbox, steering, engine, suspension and exhaust of the used luxury car. Be on the lookout for worrying signs like a vibrating steering wheel, unusual noises, bad smell and weak brakes.

6. Check Certification

While researching used luxury cars, consider looking out for certified pre-owned cars. These automobiles undergo several tests and inspections to qualify for certifications to be sold to new owners. These certifications ensure that the used luxury car has undergone inspection by experts. The cost of certified pre-owned cars can include extra changes. However, you can rest assured that it is an authentic investment choice.

Also Read - 8 Things to Do Before You Buy a Classic Car

Benefits of Buying a Used Luxury Car

Here are a few noteworthy benefits that you can enjoy by investing in a used luxury car in India.

1. Depreciation

Cars lose their value with every passing year. This is also applicable to new luxury cars. This is a great advantage if you are buying a used car. You can easily enjoy a good deal while purchasing a second-hand car that has not been driven much.

2. Advanced Safety Features

A luxury car has more advanced safety features than an economy car. Opting for a used luxury car in a similar price band over a regular one can be an economic decision. This can help you avail the safety benefits of a luxury car at the price of a regular new car.

3. Resale Value

Used luxury cars in India can retain their value much better than regular cars. Most of the price depreciation of new cars happens within the first year. If you are selling a luxury car after five years of purchase, you can earn better returns. If you are a buyer, you can get good value for money by purchasing a 1–2-year-old car.

4. Price Range

You can fulfil your desire to own a luxurious car by purchasing a used luxury car at an affordable price range. In the Indian market, the average price for a pre-owned luxury car like Mercedes Benz, Audi and Land Rover can vary between Rs. 25 Lakh to Rs. 40 Lakh. However, the prices of new cars start from Rs. 50 Lakh. This shows the lucrative nature of used luxury car prices in India. The price of a used luxury car can depreciate to half of its price within five years, making it easily accessible.

5. Minimum Risk

A pre-owned car may have issues that were fixed over time. Consequently, a used luxury car with a history of regular maintenance could be better adjusted to diverse road conditions than a new car.

6. Lesser Insurance Expense

The purchase price for pre-owned luxury cars is lower and more affordable than brand-new ones. This will also lower the insurance cost. In addition, you can get the old insurance transferred from the previous owner to your name. This provides you with financial coverage from third-party liabilities in case of mishaps.

Also Read - 18 Important Features to Check Before Buying a Pre-owned Car

To Conclude

Used luxury cars can allow you to fulfil your dream of owning an elegant and luxurious car at an affordable price. By purchasing a used luxury car, you can tap into a comfortable, safe and luxurious riding experience at an affordable cost. While shortlisting used luxury cars, remember to do the research, check the car’s history and modification details, and take a test drive.

If you are planning to buy a used luxury car and looking for funding, choose Poonawalla Fincorp. We offer up to Rs. 75 Lakh at competitive interest rate and quick disbursal. Apply now!

Frequently Asked Questions

1. How can I apply for a used car loan?

To apply for a Used Car Loan with Poonawalla Fincorp, visit our website. Click on Apply Now, fill out the application form, and upload all the necessary documents. Upon verification, the loan amount will be credited to your bank account.

2. What are the cons of buying a luxury car?

Buying luxury cars can expose you to major maintenance expenses of the vehicle. There might be wear and tear issues on the vehicle. Also, used luxury cars might not have features that are available in brand-new luxury car models.

3. Which premium brands in India offer used car programs?

Some brands that host used luxury car programs in India are Jaguar Land Rover Approved, Audi Approved Plus, BMW Premium Selection, Volvo Selekt and Mercedes Benz Certified.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Pre-Owned Car Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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