WHY IT IS IMPORTANT TO PLAN BEFORE PURCHASING A USED CAR?
The used car market in India is growing rapidly when compared to the new car market. Most of the people are now opting to buy a pre-owned car as it is a great option and can also be a smart financial move. However, this pre-owned car market is still in the nascent stage, it is very important to be careful and plan well before purchasing a used car. If you make an impulse decision or buy, you can end up with a disaster.
Factors to consider before purchasing a used car
Below are a few things which you need to plan well before buying a used car
- Decide your car type
Before going to buy a car, you need to decide which type of car suits your requirements i.e. a small car like a hatchback or you want to go for a sedan or SUV. If your budget is limited to 5 lakhs or you want to purchase a car for a small family of four members then you can go for a hatchback. If you want more features and plan on a high budget then you can opt for a big car.
- Choose a suitable model
Choose the best suitable model that serves your requirements well from available model variants. Consider many factors before finalizing like make, model, model year and so on to make sure you can easily get the service and spare parts if needed. It is always advisable to buy a car which is 2-5 years old.
- Set your budget
The major factor you should consider before you do anything is deciding on how much money you are going to spend and the same rule applies for your car also. Set a comfortable price range or budget for your pre-owned the car and then proceed further.
- Choose your financing options
There are many easy finance options readily available in the market nowadays. You can choose any one among them if you are not planning for a one-time cash payment. Plan to get maximum loan amount with impressive interest rates and do not forget to inquire about the hidden charges which few financers charge you.
- Negotiate and do a test drive
You can negotiate about the price of a used car before buying it and also discuss the car details like the number of previous owners, car accident history and so on. Even though many dealers provide vehicle history and condition report, you can get the car inspected and even go for a test drive before buying a used car.
Make sure you follow all the above-mentioned points and drive a pre-owned car home which meets all your expectations.