new Delhi. In view of the social distancing caused by the Corona epidemic, many Indians are planning to buy a car. However, given the impact on the pockets of the epidemic, the option of second-hand car is fast becoming the main option. Buying second-hand cars is a much more complicated task than new cars. In such a situation, we tell you which tips will help you in making a decision.
2 types of second hand car in the market
Two types of second-hand cars are being sold in the car market. This is the first un-certified second hand car – the owner or dealer of the car gives the customer a chance to test the car themselves, although they do not offer any after sales service once the sale is made, that is the responsibility of the customer. In this segment, the car starts at a small price like 50 thousand rupees.
At the same time, certified cars have a major share in second hand cars offered by companies like Maruti and Mahindra. That is, companies certify the status of cars at their level and offer after sales service and free service for 6 months or a year. Generally, the price of a certified second hand car starts at around Rs 3 lakh.
Know which tips will help you in making better decisions
Second hand car or new car
The first question is whether I have to get a new car or an old car. There is only one advantage in getting a second hand car as compared to a new car that your direct expenses seem to be much lower. However, the actual expenditure on buying and using second hand cars is not necessarily less than the cost of new cars. Many times, the old car bought in the cycle of saving money costs more than the new one. In such a situation, when buying a second hand car, pay attention to your needs more than you like and compare a small new car that meets these needs, and compare the used second hand car. Also include the offer on the new car and the offer on the second hand car. Lastly, see how much you have to use the car, if you want to use the car too much, then pay attention to the certified second hand, or the new car.
The valuation of the car is the most complex part of the second-hand car market. In unorganized markets, the same second-hand car can be offered in two different markets at completely different prices. Certified cars cost a little more because the company takes money for the work it does. If you are going to get un-certified cars from the unorganized market, then you should have a good understanding of cars. Do not be in a hurry to buy an un-certified car, first look at all the options and then decide only. If you cannot do this, then take a look at the certified section of the second hand car offered by the legendary auto companies.
Finance facility on second hand car
Banks and financial institutions give loans for second-hand cars, although it is difficult to get loans for older cars. It is not very difficult to get a loan for cars that are more in demand, which are less than 5 years old, but it often does not get loans or only small amount for old cars. However, many dealers or companies selling old cars have agreements with financial institutions. In such a situation, wherever you are looking at cars, they must know whether loans are being given on these cars, and what are the conditions for that.
Finance interest rate
The rate of interest on second-hand cars is much higher than on new cars. These rates are often equal to or higher than personal loans. It would be better to take information about your personal loan or gold loan from your bank before taking a second hand car. Then after that take information about the loan of second hand car. After this you will be able to easily decide whether you have to take a loan for the car or repay its money from another loan product. You can even mix these two together. If you are getting another loan product at better rates but the amount is not enough, then you make a down payment more than this amount. After this, you can raise the remaining amount from second hand finance. Follow this formula when the finance on second-hand cars is becoming expensive.
Vehicle Related Paper Work
If you are buying an old car at your level then before taking the vehicle in hand, take all its papers in hand. Try to get any challan information and crime report related to the car from the RTO. This work may take time but it will benefit you further. At the same time, find out through the RC that there is no finance going on the vehicle. Buy a vehicle only after being satisfied in every way. On the other hand, there are many companies which already do all this work. This is the reason that the cost of their old trains is high. Although they eliminate your headache.
This post was published on August 30, 2020 11:44 am
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