With car manufacturers coming up new models almost every month, the second-hand car market is getting flooded with modern vehicles. People, looking to buy a pre-owned vehicle, no longer have a compromise on the quality. They get the car of their choice. However, to make your purchase a fruitful, you need to do a thorough research.
To make your purchase decision easier, here are five things that you need to keep in mind.
- Where to look for a used-car?
Basically, there are three avenues from where you can choose to buy a used-car – an individual, a pre-owned car dealer, or a broker. If the seller is known to you, then the buying process gets easier. However, if you do not know anyone who is ready to sell their car, then you need to get in touch with a dealer or a broker. But before that, make sure that you do proper research about the reputed dealers near you.
- Do the inspection properly
Once you decide on the model, get the second-hand car thoroughly inspected by a mechanic you trust. This will help fix all your problems even before you pay for the car. Check the insurance papers and know about the claims. Check whether the chassis number and the engine number matches with that of the registration paper or not. Check the filters of the second-hand car and get those fixed. Check the brakes and also examine all the tyres carefully.
- Get the registration (RC) transferred in your name
This is another major step while buying a second-hand car. You need to carefully fill up the form 29 and 30 and submit the paperwork in the RTO office. Also, make sure that the forms are signed by the previous owner of the car as well. In case the car is registered in some other jurisdiction, you will require a NOC form from the previous RTO to speed up the process.
- Transfer the NCB (No Claim Bonus)
While transferring the insurance of the car, NCB is not transferred automatically. The new owner needs to pay the difference on the account of NCB for balance policy period. However, the original owner of the car can use the NCB on any other new vehicle purchased by him in future.
- Make up your budget
Finally, you need to be absolutely sure of your budget. You need to be vigilant while making the purchase. If you have monetary concerns, you can opt for a used car loan from a good and reputed lender. There are many reputed online loan lenders, who will offer you with customised loan options, and you will not have to worry about paying a hefty amount as interest. Choose wisely.
In India, for every three new cars sold, there are around four used ones that exchange hands. The used-car market in the country is thriving at the moment. This is one of the major reasons for anyone to go for a usedcar rather can opting for a new one. The new cars lose value as soon as they step out of a showroom, and hence, you can actually save a lot of money. Also, in a limited budget, you can get amazing options as well, which isnot possible when you want to buya new car.
The usedcar market is essentially becoming all the more organised. Many financial institutions are offering loans and dealers are giving warranties on the used vehicles. This way, you can actually buy a usedcar withoutany worry. So, in case you are thinking about buying a usedcar, but do not have enough money to shell out at once, you can always opt for a usedcar loan. You can search for the loan options online as well. So, what’s stopping you? Go ahead and get ready to hop on to your car!