When you are buying a second hand car, it is possible to get swayed very easily. For example, when you go to a dealership you might see a 7-year-old Honda City for 6 Lakhs and standing next to it you'll see a 4-year-old Toyota Camry (which is a far more high-quality car) for 7 lakhs. You might convince yourself to spend that extra 1 lakh and pick up a Camry but the cost of running.
- Check the car's condition
Despite being a used car, the vehicle you are considering should be in good running condition, and must be good value for money. Take the vehicle for a test drive and get all major systems such as engine, cooling, transmission, wheels, etc. checked by a trusted mechanic. These checks will help you ascertain whether the car is as well-maintained as the seller claims. Further, you can plan for unavoidable repairs and maintenance and include the same in your budget.
- Registration documents
Is the seller the real owner of the car? Is this the first or the second time it is being resold? The Owner Serial Number in the RC book or smart card indicates the number of times the car has been sold till date. Has the owner paid all dues, including road tax? Ensure the seller provides you with other papers that need to be verified, including the original invoice, NOC from the car loan provider, and road tax receipt.The car's transfer is effected when you and the seller sign on RTO Forms 29 and 30. Further, the seller must submit Form 28, which is the NOC for transfer of the car.
3. Car insurance
- Check the car's insured value in the policy
- Track the No Claim Bonuses over the past 2-3 years.
- Transfer the seller's car insurance policy in your name or buy a new policy within 14 days of the date of transfer of the car.
- Documents required
- Proof of sale of the car
- Proof of delivery of car to your possession
- New RC book issued in your name
- Request from the seller for cancelation of policy
- Your application for transfer of the policy
4. Potential modifications
Can you convert the car into a dual-fuel automobile? Can you opt for upgradesfor greater comfort, safety, and value? Older vehicles may come cheap but may be impossible to upgrade. A relatively new model is preferable, especially if it comes at an affordable price.
