What are benefits of used car buying?
There are a lot of benefits of buying a used car, especially given the fact that somebody else has p aid the whole amount and taken the depreciation and you get a car for much less price. Thanks to the modern build of cars these days, you can enjoy your car for a long time and used car ownership makes sense as you can buy a sedan for a price of a small hatch.
If a car has more than one previous owner, will its market value reduce?
Yes. As a thumb rule, have more than one previous owner easily reduces the market value of a car by an additional 5-10%.
Some used cars have higher prices than others, why?
Yes, some cars like the Honda City and the Hyundai Santro command good prices in used car markets be cause they have good demand as many want them and haggling prices on these cars are difficult but on the plus side when you sell it again you too will get a good price.
Should you buy cars that are very old like 3 or 5 years plus?
It may sound tempting as these cars can be a bargain but be cautioned that issues will crop up almos t immediately and it will be heavy on the wallet. Our advice is to stay clear of cars that are more than 3 years old as financing and insurance is also difficult.
Should I buy a car which has done more than 50,000 km?
Our advice would be to steer clear of very high mileage cars, though a lot depends on model to model . But even then, 50,000 plus will mean soon you will have maintenance issues cropping up.
Should you buy from company owned used car businesses or used car dealers?
These days, many car companies have their own used car set-up and that makes more sense as they offe r warranties though typically the prices are a little higher. Buy from a private dealer only if it’s a large and a well- known dealer.
Are there any other sources?
Of course! Thanks to the internet, you can browse through used car portals as these are very good pl aces and you will find a large selection of cars to choose from. Plus, you can go through used car classifieds in newspapers and magazines.
On viewing the car that I am interested in, what things shall I look out for?
First and foremost, look at the car in daylight and not in night. Check for any damages and examine the body work carefully for any damages or whether the car had any damages in the past. Plus look out for odometer tampering. Finally look at all the documentation of the car also like RC (registration certificate), insurance and history.
What should I look out for in the test drive?
1.First of all drive the car without any music on. 2. Check the efficiency of the ignition system. T he car should start at the first attempt without any problems. 3. Use the gearbox and shift through all gears to check their smoothness. 4. Look out for any noises and vibrations from the engine and check the efficiency of the brakes , clutch and turn in of the steering wheel.
I have checked the car, what are the final steps?
Negotiate to a price by haggling with the dealer. Never get into the pressure of the dealer and comm it more than your budget. Plus if you are dissatisfied with the car or you are failing to meet your price- walk away. But if you have got it down to the price that you are ready to pay with, go through all the legal papers carefully and never hurry the process. Also never pay in full cash.