10 Things to Check Before Buying a Used Car in India
Buying a used car is a smart financial decision because you can save money on a new car and still get a good vehicle to drive. Used cars have lower upfront costs and more affordable insurance premiums.
However, there are important factors to consider before buying a used car. We’ll cover these key factors to ensure you get the best deal and a car that suits your needs. We’ll also share details on loan financing for used cars in India to help you get started.
1. Budget
The first thing to check before buying a used car is your budget. Setting a clear budget before starting your vehicle search will help you avoid overspending and only explore used cars within your price range.
Remember, in addition to the car's price, you’ll need to factor in costs like insurance, taxes, registration, and any repairs or maintenance the car might need.
If your savings fall short of your budget, consider applying for a used car loan to help cover the difference amount. It will help you buy a reliable vehicle in good condition without stretching your finances too thin. You may even get a nicer car than you could if you had to pay all at once.
2. Availability of Spare Parts
When buying a used or pre-owned car, you must consider how easy it is to find its spare parts.
Older or less popular car models normally have hard-to-get parts or cost more to replace. The availability of spare parts also varies from brand to brand. For instance, it is easier to find parts for a Hyundai or a Maruti Suzuki car than for a Volkswagen or Renault.
A used car with difficult-to-find spare parts means higher maintenance costs and longer wait times when your car needs fixing.
To avoid these problems, you should buy a car from a well-known brand with parts that are easy to find. It will help you keep the second-hand car in good shape without spending too much on repairs.
3. Alignment to Your Vehicle Needs
Before buying a used car, think carefully about whether the vehicle matches your lifestyle. For example, if you’re a family of 5 people, you need to ask yourself: Does the car offer enough seating and leg space for your family members?
Similarly, if you mainly need a car to drive within the city, you must consider its fuel efficiency. For intercity drives, you may consider buying the best car models for long-distance driving.
Here are some factors you should consider and prioritize based on your individual needs before buying a used car:
● Fuel efficiency
● Boot space
● Seating capacity
● Bluetooth and GPS
A car that suits your needs will serve you for years to come. Ensure you make it a worthwhile investment.
4. Car Model Research
You need to research the specific car model you’re interested in before buying a used car. Look for reviews from other drivers and automotive experts to understand the car's performance, reliability, and common issues.
You can get genuine reviews on YouTube, Facebook, and Reddit forums.
Doing thorough research helps you make an informed decision and choose a car model that meets your expectations and is less likely to cause shocks down the lane.
5. Registration Document
When buying a used car, check the Registration Certificate (RC). It shows that the seller legally owns the vehicle. Confirm all important details, such as the owner's name, vehicle make, model, engine number, and chassis number.
6. Car Insurance Policy
Before buying a used car, you must also ask for insurance documents and verify that the owner hasn't made any prior claims. Also, consider the future cost of insurance premiums that is determined by the car's make, model, age, and claims history.
You’ll be able to budget more accurately and research coverage options, such as liability, collision, and comprehensive insurance.
7. Vehicle History
The vehicle history report provides important details about the car's past like whether it has been in any accidents, had major repairs, or experienced flood or fire damage. It reveals important information that helps you assess the car’s condition and reliability, including details about previous owners and odometer readings.
Checking the vehicle's history prevents you from purchasing a used car with hidden problems, thereby, saving you time and money in the long run.
8. Car Inspection
Before finalizing the purchase of a used car, you must get it inspected with the help of a trusted mechanic. Or, you can also consider buying a certified pre-owned car that is inspected and refurbished by the manufacturer or a certified dealer.
Check the exteriors and interiors of the used car for any visible damage, rust, or wear and tear. Take a test drive and evaluate how smooth are its acceleration, braking, and steering controls. Keep an ear on any unusual noises, which could indicate underlying issues.
9. Warranty and Return Policy
Before you commit to a pre-owned or a used car, check the warranty and return policy. A warranty can provide peace of mind by covering some repairs for a specific period after your purchase.
Some used cars may still be covered by the manufacturer’s warranty, while others may have a dealer-provided warranty.
Remember to ask about the dealer’s return policy. Some dealerships offer a return period during which you can return the car if you change your mind or find issues. Cars with warranty and return policies are also easier to finance.
10. Pricing and Negotiation 一 Is it Fair?
Research the market value of the make and car model you’re considering by comparing prices of local listings. It will help you evaluate what similar cars are selling for in your area.
Once you have a good idea of the average price, consider the condition, mileage, and other features to determine a reasonable price for the used car. Don’t hesitate to negotiate with the seller.
Once you feel the deal is fair, you can complete the paperwork and confidently buy the used car.
Ensure You Buy a Used Car That is Value for Money
Before buying a used car in India, you must take the time to consider all the factors we’ve discussed above 一 from car condition to features, vehicle history, insurance, and pricing.
Remember, it’s not just about finding a good deal; it’s about investing in a car that will serve you well for years.
Also, consider your car financing needs and rely on SK Finance. We offer used car loans at attractive interest rates and flexible repayment terms. Check our car loan rate and charges and visit our nearest branch to drive your desired car home!
