How To Buy a Used Vehicle in India : Tips and Tricks (2024)
Thinking about buying a used vehicle but don’t know where to start? It’s a common problem that every individual faces, but every issue comes with a solution itself.
As per a report by OLX Mobility, the Indian used car market is expected to grow from
₹ 2.1 trillion in FY2023 to ₹ 5 trillion by FY2028. Below is the graphical representation of the used car market according to vehicle type.
There are many options available, from small, budget-friendly vehicles to bigger, fancier ones. But finding the right one can be overwhelming.
Don’t worry, though! We’re here to help.
Buying a used vehicle isn’t just about finding a mode of transportation, but it’s about making an investment that fits your budget and lifestyle. Here in this blog, we’ll walk you through everything you need to know about buying a used vehicle so you can find the perfect one!
Let’s get started!
Tips To Buy a Used Vehicle in India
Know Your Budget
First things first, figure out how much you can afford to spend. Consider not just the vehicle’s price but also insurance and maintenance costs. It will be good to keep some extra money aside for unexpected expenses.
Make sure you’re being realistic about what you can afford. It’s tempting to go for a fancier vehicle but ensure that you can really afford it.
Some Researching
Spend some time researching different vehicles. You can consider the below factors.
- Start by looking into the vehicle model’s reliability. Check out consumer reviews and ratings from Consumer Reports and forums where owners share their real experiences.
- Consider how much fuel the vehicle uses and look up the fuel efficiency ratings.
- Research for the estimated maintenance costs.
- Consider the resale value of the vehicle you’re interested in. Some depreciate more quickly than others, meaning they lose value faster over time. So, check wisely!
Check The Vehicle’s History
Get a report on the vehicle’s history. This will tell you valuable information about the past, including.
- Ownership history,
- Accident history,
- Service records,
- Title status, and more.
Do not forget to check the recalls. Sometimes, vehicle manufacturers issue recalls for specific models because of safety issues. Ensure the vehicle you’re interested in has no open recalls that haven’t been fixed yet.
Take a Test Drive
Whether it’s new or old, taking a test drive when buying a vehicle is crucial as it allows you to see if it’s a good fit. Notice how the vehicle feels as you drive it. Is it smooth and responsive, or does it feel rough? You can also get help from a vehicle mechanic for an in-depth analysis.
Look at Financing Options
If you need a vehicle loan, get the best deal from Kogta Financial. We offer different loan options along with flexible terms and competitive interest rates. Once your loan is approved, you can go ahead and buy the vehicle.
Negotiation
Now that you are done with major things, it’s time for price negotiation. Start by offering a price that’s lower than what the seller is asking for. Remember to be well-behaved and polite during negotiations. Being rude or pushy won’t get you anywhere.
All About Organized & Un-organized Used Vehicle Market in India
About 10% of the used car market is organized, while the unorganized market, which includes local sellers and informal networks, makes up roughly 60% of the total market share.
But now things are changing! More and more people are realizing the benefits of dealing with organized players. Why?
They offer transparency, quality checks, and even warranties.
By 2025, the organized market share is estimated to reach 45%. This means more people will buy from trusted sources because they feel safer and more assured.
Below is the list of India’s Used Car Market Leaders.
- Cars24
- Maruti True Value
- Mahindra First Choice Wheels
- OLX
- Hyundai H Promise
Conclusion
Here we go! By following the above tips, you can find a vehicle suitable to your needs and budget. So, what are you waiting for? Just take your time, do the proper research, and trust yourself.
In case of any loan-related queries, you can reach out to our experts.
Frequently Asked Questions (FAQs)
1. Is it worth to buy a used vehicle in India?
The answer to this question totally depends on your needs. Let’s say you are on a tight budget; then you should go for a used vehicle because they come at a lower price compared to new ones.
On the other hand, buying a used car can be an excellent option if you’re a newbie looking to learn to drive and don’t want to take the risk on a new car.
2. What factors must be considered before buying a used vehicle?
The below factors are required to be considered before making a final decision.
- Budget,
- The intended purpose of the vehicle,
- Desired features,
- Fuel efficiency,
- Maintenance costs and
- Resale value.
3. Should I negotiate the price?
Yes, it’s advisable to negotiate the price, especially when buying from a private seller.
