Are you in the market looking for a new car? Well, a used car is not bad, especially if you are a new-generation owner. Used cars are great if you want to set your hands first and get some driving experience. Additionally, buying a used vehicle won’t have to pay big money and other regulatory costs. The used car market is growing daily because of the increasing consumer awareness.
Also, the stigma around used cars is finally getting trashed. Today, several dealers buy old cars and refurbish them to the applicable market standards, so you will hardly see any difference. Also, car enthusiasts upgrade their cars frequently so that you can get exciting deals on almost new cars.
However, there are several caveats attached to buying used cars. First, you must be diligent and inspect the vehicle thoroughly to ensure that there are no hidden damages that can empty your pockets when you go for maintenance. Second, you have to ask around and see why the previous owner is selling their car. This will give you a broad understanding of the product, and you can proceed accordingly.
Used cars are also an excellent option for those on a tight budget. You can find your desired vehicle for a significantly lower price than the market. If you do not want to put down a heavy down payment, you can even look for car financing options with the dealerships. However, visit multiple dealerships and compare the interest rate charged by them. You may even visit non-banking finance companies because they charge lower interest than commercial banks. If you have a bad credit score, don’t give up.
Many car financing companies are ready to offer bad credit car finance in case you have a questionable credit score. Now that we are clear on some of the thumb rules of car purchasing, here are some things you should keep in mind when buying a used car.
Bring a car mechanic
If you are just a regular user, it would be best to bring a car mechanic to assess the vehicle. This will help you get a professional opinion on the vehicle. Additionally, the mechanic will let you know if any significant issues are attached to the concerned car.
If you do not understand the technicalities of a car, it is highly advised to hire a car mechanic company to do the bidding for you. You may even accompany the mechanic while he takes the car out for a spin. Also, he will present the true picture of the car’s condition and lay down the additional expenses you will have to bear once you buy the car.
A thorough inspection is crucial
The complex part of buying a used car is the inspection process. Do not be lazy in your actions and do not believe a word of the seller. The seller is not bound to reveal any looming problems with the vehicle if you don’t ask about it. The adjudicating authorities follow the principle of “Buyer Beware.”
Therefore, if you buy a car with multiple issues, it’s completely on you. The standard market practice is that sellers make over-the-top claims to get a good price on their car. Hence, it’s your responsibility to ensure that all the claims check out perfectly.
Inspect closely and see if you find any discrepancies in the paint, electricals, body works, etc. If you come across an issue, it will give you leverage and put you in a better bargaining position. Lastly, do not forget to check out the tires because if the tires are old, you are looking at a heavy expense.
Don’t forget to drive
Most sellers are reluctant to offer a test drive because they are aware of the looming mechanical issues with the vehicle. However, you must never buy a car without test driving it first. While driving the vehicle, see if the gear functions properly, look for the condition of the pedals and see if all the mirrors are in place, and there shouldn’t be any noise or unusual sound coming from the car. Also, once you turn on the ignition, the car should rev properly without any hindrance. Once you turn the car on, pop the hood open and see if everything is in place.
Check the paperwork
Another important job associated with a used car purchase is the paperwork assessment. The documents you should look for are insurance (transferred to your name), registration certificate, engine number, pollution certificate, service book, and a NOC from the loan provider, if applicable. You should be diligent while checking the paperwork if you don’t want any legal issues in the future.