In recent years, used cars have gained acceptance in India. This can
be attributed to individuals becoming more mindful of their finances
and the vehicle’s value. There is a rise in used car loan due to endless benefits
that it offers to the borrower. Also, people are keen on knowing how
to apply for a user car loan.
As a new car depreciates by about
30% in the first year itself, used cars are becoming popular among
price-sensitive consumers, along with those who wish to change their
cars frequently. In addition to this, the millennial population in
India is keen on premium and luxury cars. Taking this into account,
many unconsolidated players in the used
car market is offering luxury and premium cars, thereby giving
tailwinds to sales of economy, premium, and luxury car models.
When it comes to buying a used car, many aspects need to be
considered. No matter how old the car is, it is new for the customer
who buys it. If you want to leverage the full potential of a used car,
it is important to inspect it thoroughly so that you can choose the
right car that fits your requirements and suits your aesthetics.
Major factors to keep in mind while inspecting a used car
1. Consider the features of the car you want to
buy
Even if you have already decided which car model
you want to buy, you must check the features of the car thoroughly
so that you don’t miss out on any feature that you need in the used
car. In addition to checking the audio unit and the AC, carefully
examine the dials and buttons on the steering wheel and central
console. Check each feature one by one to get a better understanding
of the functionality and efficiency. Also, make sure to inspect the
electric unit of the car carefully.
2. Check for dents and major repair work
Every used car needs smoothening of rough edges and dents it has
incurred during the years of its running. These dents are usually
present on the side doors, front, and rear bumpers. Small scratches
and dents can be easily repaired, but it is important to know if you
are getting the right value and if the car is repaired correctly.
3. Carefully check the paperwork
As for the original receipts, invoice, and other paperwork as it
would help you understand if the car has met with any accidents. You
will also get to know if there is any repair work done, including
the car’s mileage. The Registration Certificate of the car will show
the number of times it has been bought or sold. Further, check the
car’s Engine and Chassis number against what is mentioned in the RC
book. Check the service book and make sure that the previous owner
has paid all the taxes.
Once you decide to buy the car, all the
paperwork including the Pollution Under Control (PUC) certificate,
RC book, and car’s original invoices need to be transferred to you.
The ownership needs to be transferred legally in case you wish to
sell the care later.
Also Read :- 8 Tips to Reduce Your Pre-Owned Car Loan Interest Rate
4. Find a trustworthy dealer for buying a used
car
The used car market in India is at its nascent
stage with many sellers operating in it. You can buy a used car from
service providers, individual sellers, virtual retailers, and
authorized dealerships. Before buying the car, also consider all the
potential costs and insurance that you might have to pay. If you
feel that the dealer is not transparent enough, you can choose
another dealer and consult with an advisor for the same.
5. Take a thorough test drive of the car
This is one of the most crucial aspects when it comes to buying a
used car. Before committing to any vehicle, it is important to take
the car out on a proper test drive. Check how the car functions at
different speeds, if the gears are accessible and functioning
properly, and if the car can handle uneven terrains. You will also be
able to spot the defects that you might have missed out on previously.
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