A new car has the reliability of the manufacturer attached to it. New cars are thoroughly tested, and even a small snag is taken very seriously by the carmaker. However, you don’t get such assurance when you buy a second-hand car. Fraudulent dealers can hand you a raw deal on used cars. Fortunately, most of their tricks are quite predictable and well-documented. Therefore, you can ensure that your used car is a good buy with a bit of precaution. Here are some of the precautions that you can take:
Paucity of time
A common tactic to force a decision out of you is to play with the car’s availability. You will be shown a car supposedly shortlisted by another buyer buying it an hour, a car whose price is lowered only for today; the seller is changing his mind about selling the car, so it is better to buy it now; and so on. These are, of course, lies told only to give you limited thinking time and go for a panic buy.
Trust your instincts when it comes to the price. If the seller is quoting a meager price, more often than not, there is a reason. The car may have some major fault, the title may be disputed, or worse, the car may be a stolen vehicle. It is better to go for a more expensive yet reliable car and take a second hand car loan if required after checking your used car loan eligibility. Besides, such deals could also be fictitious and attempt to lure customers into the dealer outlet to showcase higher-priced cars.
Another risk with a used car is that you wouldn’t know about the history of the car. Make sure you consult a trusted person or mechanic to check the selected car thoroughly. You should also check the insurance claim history of the car with the insurance company to ensure that it was not a party to any serious accidents and/or underwent major repairs.
The dealer can underquote the car’s price by stripping down the basic cost elements of the car. For instance, you may find an attractively priced car only to find that basic accessories like a music system or AC are missing, or the car is uninsured or needs emission upgrades. If you apply for a second hand car loan, make sure you consider the car’s total cost and not just such stripped-down costs.
The number of kilometers is a crucial factor in the valuation of used cars. However, sellers can tamper with the odometer and lower the kilometers to give the car a “sparingly used” tag. You can check the car’s service records to compare the kilometers and avoid analog odometers as they are more prone to such frauds.
Used car loans can be a pocket-friendly way of car purchase. Always check a used car loan EMI calculator to find out your suitable loan terms. Once you finalize your car, choose a used car loan from a reputed lender for a transparent and competitively priced deal and a stellar loan customer experience.