The market for used cars has been emerging in India. There are plenty of incentives to buy a used car instead of a new one. Though it turns out to be a tricky business for a lot of people because one cannot decide the quality of the car without inspection with the help of a professional. It is often that people end up closing bad deals.
Here are 5 basic steps to help you choose the right car:
- Set your budget: There are only two ways to buy a car: pay cash or take a loan. Budgeting should be the prime aspect of buying a vehicle. Most people forget to set aside money for registration, insurance, and possible maintenance work. It is often advisable to take out a car loan so that you can protect your savings.
- Choose the right car: One needs to allow some time to think about how one plans to use the car. Then it comes down to narrowing the field and listing the must-have features. After which you can select a model and look out for a good used car. Make a vehicle history report after a test drive of the vehicle.
- Check reliability and ownership costs: Every used car is different. Choose a car that has comparatively traveled less distance and has lower maintenance costs. Calculate the total cost of ownership (Cost of vehicle, insurance and registration, maintenance, depreciation) before buying. Thereafter you can price the vehicle.
- Thorough inspection: Get the car inspected thoroughly by a mechanic you trust. It would save you from fraud and cheating. Then you should also inspect the car documents thoroughly. Look out for the tyre wear and tear, rust and dents or scratches, brakes, check the filters, compare the engine and chassis number with the registration. These are some basics to inspection.
- Transfer of ownership: Once the deal is closed, you should transfer the ownership of the vehicle to your name and change the insurance certificate.