Buying a pre-owned car is always a better decision when compared to buying a new car because a new car loses 10% of the value as soon as it comes out of the showroom and depreciates nearly 40%-50% in the first 4 years hence buying a pre-owned car is always a good decision but it may be a terrible decision if you buy the wrong car.
There are certain things to keep in mind, while buying a used car like which car broker or dealer can someone buy, How old should the car be, How to check whether the car had an accident before and much more. Below are all the tips one should keep in mind while buying a used car.
Fix a budget
First, fix a budget. Try to buy a car on that fixed budget only and if you are planning to take a loan for buying a used car, keep this in mind that the interest rates are higher while buying a used car hence try to loan your car for a short tenure as possible.
Where to get a used car?
A used car can be bought from 3 sources the first one being if your friend or someone known is planning to sell their car. This is the best scenario where you can get a used car because you might know the history of the car exactly like if it had any accidents or not and much more things. The second way is from car brokers like Cars24, Droom, etc and the third way is by some certified pre-owned car dealers like Suzuki True Value, Mahindra First Choice, etc. Getting a car from certified pre-owned car dealers can be a little expensive but is a great option as they properly inspect the vehicle before selling it.
How old should the car be?
A used car should be around 3½–4 years old because the car will lose its 50% value during the first 4 years and will be truly value for money. And the car should have traveled not over 60000 km because you may have to face extra expenses.
Used car Inspection
After you have decided where to buy a car, proper inspection is very important. You may ask any known mechanic to inspect the car or ask your known ones for a trusted mechanic because, as a common consumer, we may not have proper knowledge of the engine or other parts. A mechanic may tell us exactly what’s good and what’s bad.
What can we inspect?
We cannot inspect everything, but little effort from our side can save us from some expenses.
Engine:
Check whether the engine is rusted, because a rusted engine is never recommended.
Tires:
examine the tires thoroughly, whether tyre threads are proper, and how old the tire is, etc.
Electricals:
Always check the exterior if there are any dents on it are they tiny or huge.
Modification:
People like to modify their cars as they like some modifications can affect the driving quality of the car. Try to stay away from internally modified cars even if they look good.
Track record of the brand:
Ensure you check the track record of the brand of the car you are buying because some brands like Toyota, Honda, and Suzuki run longer when compared to brands like Chevrolet.
Ownership:
If you become the second owner of a car, it would be much better and maybe less expensive for the future.
Service history:
Know about the service history from the owner of the car. Ask the owner if any part was changed or not or what problems did he/she face while driving this car.
Documentation:
Examine the documentation of the car whether the RC is proper and get to know if the car is hypothecated (which means if any bank has claim over it) or not.
Insurance:
An insured car is always recommended over a non-insured car because the insurance may be expensive for you.
History:
Get the information about the car from the owner like if the car had any accidents or not, maintenance history, if any parts are changed or not, etc.
Accidental Cars:
Stay away from accidental cars as they may be cheaper while buying but may cause expenses after little time.
Test Ride:
Always try to drive the car before planning to buy it and if 2-3 people drive it, you may get a clear idea of how is the drive quality of the car. Always notice if the engine is producing some kind of unusual sound or not or the suspensions are fine or not, etc.
Negotiation
It depends on an individual how good the person is at negotiation. Develop your negotiation skills if you want to save some money.
Here are some tips which one should consider while buying a pre-owned car. Implement these tips and try to save as much as possible. Know the car thoroughly before buying the car. It is considered a good decision to buy a pre-owned car because they are valued for money.