The youth in India love cars. You and other young citizens of our country simply love to drive. With rising disposable income, buying a car is not much of a problem. Many of the youth in our country who are buying cars for the first time, are no longer satisfied with entry-level cars. They want feature-rich and pricier car models.
But there's something new happening in India. Many citizens are buying cars and selling them after just 1 or 2 years. The number of used cars entering the market is rising. Till a few years ago, you and other citizens did not like buying used cars. Now things have changed. More and more used cars are entering the market. Excess supply of used cars is fueling demand.
India will see 1 Crore quality used cars by 2021. Time to buy a used car? Want to know more on car loans and motor insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
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Buying a used car is easy. Many banks and NBFCs are financing used cars and offering car loans at competitive interest rates. So buying a used car should not be a problem.
1. Buying a used car is an experience
In earlier times if you purchased a used car, people said you couldn't afford a new car. No such thing today. Many rich young citizens buy used cars. Buying a used car is an experience. You take your entire family to the dealer, to help you make a wise decision. It takes 3 visits to buy a used car.
The first time you visit the dealer alone. The second time you take your wife to check out the used car. The final time when paying by cheque, the entire family comes with you.
Many dealers who sell used cars, know that buying is a family decision. They want you to be as comfortable as possible when making the purchase. Some dealers also give an assurance on the quality of the car with unique warranty products.
Buying a used car is a family decision.
SEE ALSO: How to get a loan for a second-hand car?
When it comes to buying used cars, you have a lot of options. Buying a used car from a friend or relative is a good idea. You get the used car at a good price and there's the trust element. Your friend or relative will not cheat you.
You could buy the used car from small-scale used car dealers. Many of these dealers may have the used car you want, ready in stock. Thoroughly check the car and go through all details, before signing any papers.
The costliest option is the organized used car segment. Used cars purchased from the organized used car segment are costlier than those bought from small-scale used car dealers. But...the extra money you pay brings peace of mind. These used cars are professionally inspected as in the organized car segment, reputation is very important.
If you buy a used car from the organized used car segment, paperwork is transparent. Retailers also offer benefits like service packages and warranties. Prices are fixed, but you can always bargain.
It is very important that you check the condition of the used car, before making a purchase. Take a mechanic with you to inspect the car. He will check the exteriors of the car for any dents, scratches or repainting, as he looks for signs of an accident.
The car will be raised on a lift to check for underbody damage. Tyres must be inspected for uneven wear as replacing them can be costly. Check the interiors of the car for signs of rust and also take a look at the electricals, air conditioning, airbags and so on.
Drive the used car to check for anything out of place. If you are not satisfied, cancel the deal. There's always another car in the used car market which matches your needs.
Many youngsters are buying used cars. Its big business. Loans are easily available and with high disposal income, you can get the best used cars around. With many citizens buying new cars and selling them after just 1-2 years, there are plenty of used cars in the market to match your tastes. Be Wise, Get Rich.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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