People once aspired to own a private vehicle but did not have the required funds would only consider buying second-hand vehicles.
But the trend has changed recently; a considerable percentage of people prefer buying second-hand cars because they do not want to invest in something which has depreciation cost.
Moreover, modern cars’ functionality and design are made so that they remain as it is for a prolonged time. So, second-hand cars offer greater value for investment. This has made the automobile companies provide second hand car loan for encouraging more such purchases.
If these reasons inspire you to buy a second-hand car, refer to this checklist. Your purchase decision will never go wrong.
1. Checking the condition of the car
After streamlining some cars, your first duty is to check their condition. Even though you are buying a used car, it must be in working condition to remain usable.
Do not get swayed by the dealer at the showroom or the sales agent. After all, you will have to pay for the purchase through cash down or four-wheeler and two wheeler finance.
So, personally check the engine, transmission, cooling capacity, fuel tank condition, and other such things in the car before making any final decision.
2. Documents related to registration
You must have a look at the registration details of the second-hand car that you have selected.
The documents will elaborate on a range of important information like the numbers of times it was sold before, insurance claims it has made so far for accidents, penalties it has incurred for breaking traffic rules, and so on.
These documents will also help you understand whether the car’s previous owner has paid all his dues and fines so that nothing falls on your shoulders after the purchase.
3. Check the present insurance value
Your selected car’s present insurance value is an essential mandate that would help you ascertain its value.
Perhaps, you would know that the insurance value is affected by the number of times a car meets an accident and claims insurance within a year.
Hence, if you know that your chosen car’s insurance value is lower than your expectations, you have a solid reason for price negotiation. It indicates that the vehicle has met frequent accidents in the recent past.
Since this value will also negatively affect the money you get as a second hand car loan for the car, you also have the right to demand a reduced selling price.
4. Crosscheck and verify the engine and chassis numbers
Never forget to verify the engine and chassis number of the selected second-hand car with the details provided in the car documents. This scrutiny is vital to ensure that the previous owner’s identity is not fake, and you are not getting entangled into a spurious circle.
For your further information, if the engine and chassis numbers of the car do not match with the details provided in the documents, then it might be a stolen car.
So, you can conclude that the documents have been forged to cheat you. In all probabilities, if you have applied for any four or two wheeler finance for the car, then it will also get rejected.
5. Examine the brakes
When you buy a car, you will have to be responsible for yourself and your family too. You have to ensure that any mechanical damage inside the vehicle does not lead to any fatal accident.
The first thing you need to check on your own for ensuring this is the brake. For this, take the car for a test drive and ride it at a speed of 40 KMPH to 60 KMPH.
Be alert if you hear any unusual squeaky sound every time you apply the brake pedal. The brakes must not generate any pulsating feeling or vibration too.
In case you detect any of these signs, call a mechanic and check if he can permanently fix these issues.
6. Check the tires
You must spend adequate time checking the tires. New tires come with distinctly detectable treads for better road grip.
However, with regular use, these threads become even and cease to be prominently visible anymore.
So, checking the tires will give you a rough idea on the frequency at which the previous buyer used the car. Consider this as another point for price negotiation.