Many of us dream of having our own car, however many of us cannot realize our dream due to various challenges with our finances. There are various new models such as car leasing, car subscription, and even car rental that have come up to meet the growing demand for the new ways of car ownership. Despite all of these one of the most popular models of owning a car in India remains to buy second-hand cars or used cars. Also called pre-owned cars these are vehicles that have been owned by other people and can be purchased directly from them or through a used car dealership. Buying second-hand cars come with a lot of benefits such as saving the registration costs, lower rate of depreciation, and no need to pay the road tax and other necessary taxes. The downside of this option is that it is easy to get duped since the agency or the seller can lie about some of the vital information about the vehicle and pass off faulty, disputed, or old vehicles to you. That is why if you do not have experience in buying and using a second-hand vehicle, you need to follow a used car buying guide. Here is one of the quick a checklist of second-hand car buying in India that will help you avoid unpleasant situations and make the right decision when it comes to buying your used car.
7 Things to check when buying a used car
Check physical condition
The first and often the important thing to change is the condition of the car. It is a good indicator of the type of use that the previous owner has put the car through. While minor scratches and dents may not be a deal-breaker considering the car has been on the road for a while; however, you need to watch out for excessive paint jobs, cracks, and missing or replaced body parts as a red flag. These may indicate a big accident that the car may have been involved in. Take a mechanic or a knowledgeable friend to check the underbelly of the car such as rusting, misalignment, and leakages. Even the inside of the car including the fixtures and upholstery need to be thoroughly checked.
Check running condition
Once you have taken note of the exterior, it is time for you to start up the engine and check the innards of the car. Most people would argue that it is one of the most important things to check when buying a second-hand car. Every little sound and vibration, color of exhaust fumes, every drip, each creak can tell you more about the condition of the car. That is why you need to take someone experienced with you who can provide honest feedback and evaluation of the car. Most of the honest sellers would not deny you a test drive and you should use this opportunity to know as much as you can about the car.
Check registration documents
After the condition of the car has been verified, it is time for you to check the documentation and insurance of the car. Start with the registration certificate to verify the year of registration, year of manufacturing, that should match the advertisement of the seller and the chassis number should match from the car body to the one on the registration certificate. Get the forms 29 and 30 signed by the seller and yourself followed by submission of these to the RTO closest to your residence. If registering a car across different jurisdiction a NOC from the current jurisdiction’s RTO needs to be issued that needs to be submitted to the new RTO. Also, check for 32 and 35 to ensure no pending loans on the car, and if the car was financed by an institution, get the original invoice.
Check the status of the third-party insurance and make sure that it is transferred to your name. If it has expired you can buy a new insurance policy. One of the benefits of getting a second-hand car is that the insurance premium comes down compared to a new car. Also, check the No Claim Bonus or NCB to make sure that the car has not met an accident in the past. If the insurance policy is transferred it is useful to make sure that the NCB is transferred in your name as well.
Check maintenance records
The document that holds all the information about the history of the car maintenance that has been carried out on the vehicle is called the service book. The service book must have regular entries made about the details of the repair work or maintenance work that has been carried out on the vehicle. Missing records are a red sign since it means that the car is serviced by an unauthorized workshop with no guarantee of workmanship. Also, check the road tax receipts to ensure everything is paid up regularly.
Once you have ensured that the car meets all of your parameters and that the seller is genuine, you need to put the entire contract on paper. Include all details such as the price of the car, the condition, sale, and transfer of ownership date, as well as registration number and insurance details. This quells the chances of any disputes that may arise later on.
Payment Confirmation and RC Transfer
Once everything has been put on paper and signed by both parties, it is time for you to proceed to make the payment. Electronic payment and account transfer is the best method; however, you can also make the payment using a cheque. It is generally regarded that cash payments are the least secure and must be backed by a receipt of payment.
You can avoid some of these steps by purchasing a used car from a dealership or company of repute such as Revv. Buying a second-hand car from Revv can get you additional benefits such as a 1-year warranty, detailed report on the history and condition of the car, a buyback guarantee with the agreed price, and even a 5-day money-back guarantee. These can help you put your mind at ease and proceed with relative ease. Go to the Revv website Used Cars page today to check out the certified used cars in your city with loan facility and book a test ride today of your dream car.