You would be surprised to know that ratio for the sale for new cars to used cars stands at 3:4 which means that for every 3 new cars sold, 4 used cars are sold. This ratio indicates the massive growth the used car market has seen over the past years.
The reasons people go for used cars revolve around the financial capabilities of an individual, but it is not limited to that only. The moment a car is driven out of a showroom the value of car begins to depreciate. So, you can get a car that is just a few months old at a price much lower than its original value. This way you can get a car in good condition at low prices when compared to a new car.
With the boom in the online used car marketplace that offers good deals on used cars. Also, banks and other NBFC easily give finance options on the used cars purchased online. But some people fear buying a used car online due to their assumption about used cars. If you are looking to buy a used car but do know where to start from, this article is just meant for you. So, below are some tips that will help you to buy a used car.
- Decide the type and the budget of your used Car
Setting a goal and budget should be the first step in your used car buying journey. You should have an idea of how much you can spend on purchasing a used car. You can do a used car price check online which will give you an idea of the price of a used car.
Also, you need to find out the type of car that would be suitable for your needs. Ask yourself these two questions?
Do you need a hatchback, an SUV, a compact SUV, sedan or a convertible? Do you need a car for a daily commute, or long trip or for off-roading fun? You need to answer these two questions first, only then you can arrive at an approximate budget you can spend on a used car.
- Inspect the car
After you have decided your budget and type of car, you need to find a dealer who deals in the used car.
You can buy a used car from an offline dealer if you trust them otherwise you can opt for online used car dealers who have certified used car listed at low prices! If you are opting for an offline dealer make sure you inspect the car and look out for any dents, rusts, tyre conditions since that would affect the pricing of a used car. If possible, take a car expert with you who can inspect a car in a proper manner. A car expert or a technician can give you a detailed insight into a car and can spot any hidden defects inside the car.
- Take a test drive
After you have zeroed in on the car, take a test drive of the car before you buy it. Try to take a long test drive as it will give you a fair idea about the performance of the car under different driving conditions. While taking test ride, ensure that the car’s headlight, steering wheel, gears, and brakes are functioning properly. Take note if there is any noise coming from the engine or any unusual smoke coming out from the exhaust pipe. Also, test all the electronics and functionalities present inside the car. Lastly, ask yourself whether you liked the car or not.
- Research on the car’s history
Do not judge a car’s health based on the odometer reading. You should always ask for the maintenance and service history of a car. You need to check whether the car has met with an accident before or not.
- Check the documents
Always ask for car’s original documents like – registration paper, insurance paper, pollution certificate.
The verification of the paper proves that the car is not stolen.
- Negotiate on the price
There is always room for negotiation irrespective of the fact that you are buying from the offline dealer or from an online auto dealer. You should be beware of any lucrative offers that seems too good to be true as such offers could be a scam or that vehicle could be stolen! If you find something fishy, just walk out from the deal.
You can find used car price online with the help of few clicks. You can find many online auto market players that offer a used car valuation at free of cost.
If you do not have enough funds to purchase a car, then you can look for a finance option offered by many NBFC’s that offer a low rate of interest on used cars.
Buying a used car is less of headache when buying online as listed used cars are pre-checked for any issues.