For most of us, our first car is the first clear sign that we've arrived in life.
Research has proved that even if you can afford a first-hand car, it's always better to go for a used car OR a pre-owned car as your first car. Here are a few reasons supporting this claim:
- Most used cars cost less. The trade-off is usually a few 1000 kms that the car would've travelled.
- A used car teaches you about the nuances of maintaining a car.
- Used car purchases give you the option of owning a high-end vehicle for just about the same cost as a first-hand budget car.
- If you've just learnt driving, a used car helps you refine your driving skills.
- As replacement parts are more easily available, it's always cheaper to fix a used car as compared to a first-hand car.
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Here are 4 important tips to keep in mind when you're planning to buy an used car:
Safety First
You may compromise on the kilometers that a used car would have travelled, but never compromise on its safety features. Do a detailed check to verify if the engineering of the vehicle, its ability to respond to crashes and accidents, and the sturdiness of the body, are in top condition.
Once you've zeroed on a used car, you need to quickly arrange for its financing.
When it comes to speedy Used Car loan providers, here's our pick.
Is it the right size?
If you are a small family, and would like to keep your savings in order at first, a small used car like a hatchback is not a bad idea for your first car. Go in for a big car when you know that your needs and affordability have risen in a suitable proportion. You also need to consider parking-related concerns when deciding which used car to buy.
The size of your car will decide the amount of financing it would need.
Here's a Used Car loan provider that offers you loan eligibility of up to 15 times of your gross monthly income.
Paperwork, most important
Carefully check a used car's original documentation and service records.
Ask the owner to hand over the car's RTO tax receipts, insurance papers and original purchase invoice. Check for the state in which the car is registered. If the letters "DRC" appear in the registration, it means the car has a Duplicate Registration Certificate, and you should avoid purchasing the car at all costs.
Also, do obtain a Finance NOC, since you would need financing for the car.
For any used car manufactured in India, we recommend this Used Car loan provider.
Take a trusted mechanic along
A trusted mechanic's judgment on the condition for a car would of immense value is aiding your purchase decision. Doesn't matter if you're buying from a normal owner of a used car dealership; make sure you get your mechanic to inspect the car for any accident-related damage or damage that may have occurred to any specific parts of the car.
Like a trusted mechanic can help you immeasurably, so can a trusted Used Car loan provider like this one.