You may be wondering whether to choose a new or used vehicle when purchasing a car. While having a new ride is good, buying a used one can still be the right option owing to its many advantages.
For instance, purchasing a used vehicle means paying lower insurance rates. Most insurance companies consider used cars worth less in terms of the estimated repair and replacement costs.
Having a used car also has a depreciation advantage. With a used car, there’s no depreciation to be wary of because the first owner already dealt with it.
In addition, buying a used car allows you to save more money. Unlike a new one which comes with additional expenses, you can get the same features with a used vehicle at a low cost. Lastly, you can obtain more savings by purchasing a used car and then selling it later for cash. If you’re from Hamilton or wherever you may be, you can check out some companies online that offer the best cash for cars Hamilton deals for your situation.
With all that said, buying a used car can be a tedious process – right from the research phase till you close the deal and drive the car home. Read this short guide to find out which factors to consider when buying second hand cars.
How old is the car?
One of the most important factors while buying a second hand car is the model year of the car and the distance (number of kilometres) driven. You may find older cars at better prices which also meet emission norms and whose parts are also easily available. If you decide to buy a relatively new model-year car, you may have to shell out more money. It is a tradeoff; the right equation is to choose a moderately old and less driven car (e.g. driven less than 40,000 kms for a 5-year-old petrol hatchback).
Decide on which Car and Brand
If your priority is to get good resale value then consider second hand cars from OEMs like Maruti, Hyundai, Mahindra and Toyota. Different body types (e.g. hatchback, sedan, SUV), engine types (petrol, diesel) and transmission types (automatic, manual) have different tradeoffs in terms of performance, fuel efficiency, space and comfort.
Parts and Service Network
Check things like parts availability, its cost and how good the car brand’s service network coverage is in your area.
Ask Questions that matter
When seeing the car ask questions such as:
- Why is the previous owner selling the car?
- Has the owner cleared loan/EMIs on the car?
- Is the car brand’s service network still active? (e.g. Ford leaving India)
Asking the above questions as soon as possible will result in a smoother buying experience.
Do your own independent research and try to refer to unbiased reviews. Double-check the car’s approximate price on other platforms like OLX, Quikr and Spinny. You can also visit local car dealerships to check the available used cars. You can see for yourself which suit your needs more.
Tag along with Mechanic
Just like how you follow a pre-delivery inspection checklist while buying new cars, even when you are buying a second hand car you have to follow the same checklist plus some extra rules. During the car inspection, accompany yourself with a good mechanic and get things checked like the engine and other core components.
They can also test drive your prospective vehicle to know whether it’s the best choice for your money. Given their experience and skills in the automotive industry, a good mechanic can identify a good quality used vehicle over a used car that has been repeatedly re-repaired.
Examine Past Records
Check whether the car has any criminal records and traffic violations and if the fitness certificate is renewed and active. Check if it complies with emission norms and is not prohibited in your city. Always ensure that you know the number of past owners. This ensures the car has not changed hands with multiple people because of different issues. You can source such data from RTO or through a premium service.
Service History and Warranty
Always verify the original documents and ask for warranty cards for any added accessories. Check the service history of the car to know if there is any pressing issue or major repair. It is better to pay attention to it now so that you don’t end up buying a car that cosmetically looks good but has met a big accident or one that is re-repaired.
Buying a used car is an exhaustive process and you need to follow up on multiple things. If you want to take the risk out of buying a used car and save time, check out an online used car platform such as Spinny which will not only do a rigorous quality check on the car but also provide free RC transfer, hassle-free paperwork, car financing options with low-interest rates and warranty.