With new car launches becoming frequent, an increasing number of car owners are selling their old models and switching over to newer ones. This has in turn increased the sheer variety of vehicles available in the pre-owned space thereby making investing into a used car a sensible option.
A consumer is generally skeptical about purchase of a pre-owned car & hence needs to consider the following 5 factors:-
This factor has become less complicated thanks to lucrative used car loans available from almost all leading banks. It's easy to get a loan on a pre-owned for up to 5 years and hence you can stretch your budget for a car from a higher segment.
Either which way, setting a budget right into your mind is the first essential factor that needs to be taken into consideration in this journey towards purchasing a used car. A budget of INR 4-6 lakh is more than ample for you to own a hatchback, compact SUV, a compact sedan and even a 3-5 year old car from a higher segment.
You need to spend some time asking yourself the kind of car you want to own and drive. The parameters are numerous - from body type (Hatchback, Sedan, SUV etc.) to fuel type (petrol, diesel, CNG) and even type of usage - personal, family, adventure trips or work. These parameters will further help you narrow down your options, hence making your decision making quicker.
Once you have the budget and kind of vehicle in mind, another important factor to consider is how old is the pre-owned car as it can have a bearing on the segment of car you choose. For example in a budget of INR 3-5 lakh, you can easily pick a 2-3 year old hatchback & even a 4-5 year old sedan in a good condition. However, be careful of diesel cars as going forward a few metro cities might ban the use of diesel powered cars older than 10 years. This ruling is already in place in Delhi and hence stays away from diesel cars that are nearing 10 years of age as selling these cars few years down the line will be a tough job.
Almost every used car for sale in the market belongs to an individual and most of these sellers do try to strike a deal directly with buyers. The main benefit of such a transaction is that you, as a buyer, end up saving money as no middle agent or a third party is involved. However, one is not sure about the quality of car or genuineness of the seller.
Unlike a new car purchase where getting all the required documents is a piece of cake, one need to be extra cautious in the case of the pre-owned car. Essential documents include RC transfer, change of name on the insurance, owner's manual and even the duplicate key. You also need the make sure that the car wasn't hypothecated to a bank and the same should be sorted by the seller before handing over the money. And, if you want a hassle free experience, you should choose market leaders like Maruti Suzuki True Value which not only has Dedicated Relationship Officers to handhold you throughout the process, but also makes you feel like a privileged guest during post purchase documentation.