There has been a steady growth in the second-hand car market in Indi. As per reports, with the growing cost of new cars, the number is expected to reach 6.6 million units by 2021.
A new car depreciates by 20 to 30% in the first year itself, whereas a used car is available at a small portion of the price of a new car. This is the reason why it seems like an affordable option for most of the buyers. Moreover, you can get cheap car insurance for a used car in India. There are various insurance providers such as HDFC Ergo Car Insurance, Tata AIG, and Royal Sundaram etc. that provide attractive offers both for new and second-hand cars.
But the biggest challenge that is imposed by these used cars is the ability to identify any possible damage because the repairing work can make it an expensive affair for you.
Have a quick look at some of the most common problems that you will encounter when buying a second-hand or used car in India –
- Repainted Panels – It indicates that the car has gone through an accident in the past. This can be a minor or major accident both and can lead to many car problems in the future.
- Dented Rims – It can impose issues with the alignment of the car.
- Wear & Tear on Brake Pads– You will have to bear the additional cost of repair or the cost of replacement.
- Battery Damage– This will be a recurrent expense until you get it replaced. But it can impose lifetime troubles as long as you have the car.
- Engine Leaks – This one can cost you exorbitantly.
Have a Look at them in Detail Below –
1. Repainted Car Panels
There is quite a possibility for a used car to have gone through an accident in the past. Nearly 50% of the used cars are found to have one repainted panel, and it is done only if there has been an accident in the past.
At the time of purchase, it is your duty to be aware of the various repainted panels. They are indicative of the severe collisions in the past. It can create troubles in maintaining your car in the future.
Not every time you can identify from the car vendor or check the records with the car insurance company, as they could have been made by the previous motor insurance policy or the last owner or at a third-party workshop.
Car repairing companies can detect it with the help of a certified paint meter, which is used to measure the density of the paint.
2. Damaged Rims
Did you know that a severe dent in the rims can disrupt your car alignment? And you know what it means – you will no longer be able to drive your car in a straight direction, which can be risky especially when driving at a higher speed.
You will find that most of the used cars either have scraped or dented rims. They are more complex to repair in comparison to routine body scratches.
You can identify scratches on the car easily with a visual check, but serious damage to the rims can only be discovered with a test drive on a highway.
3. Brake Pads
It is not such a serious concern, as brake pads usually require replacement after completion of certain miles, which is subjected to the condition of the car.
They are the most consumable body part of a car, and it’s imperative for you to check out for any wear and tear.
If ignored the cost of replacement will be passed on to you.
4. Damaged Battery
On inspection, battery issues are also exposed, which may require it to be replaced. If the car is still under the warranty, the replacement work can be done at the manufacturer’s workshop, which can easily cost you above 5000 rupees (depending on the car model).
5. Engine Leaks or Leaking Transmission Fluid
You can’t be lenient with this one. Sometimes the reason behind the leakage is hard to find. It may require disassembling of the engine or transmission, which can be a time consuming and a costly affair.
Cautions That You Can Take
Undoubtedly, buying a used car is easy on the pocket but not being careful can prove to be contrary. Getting cheap car insurance for a used car should not be your only aim. Make sure that you –
- Ask for the Identity Proof of the Seller
If the car dealer or the seller asks you to deposit a heavy amount in the beginning only, then you need to be careful. So, you should always ask for a copy of the seller’s identity proof along with all the other documents such as Adhaar card, policy verification etc. By doing so, you can at least claim the money or catch hold of him later on.
- Insurance Papers
You will need to get insurance transferred to your name. Check if the seller has third party car insurance or comprehensive insurance. You can always upgrade to a comprehensive car insurance policy.
- Check if the car is on Loan or Not?
If the car is on loan, then the actual owner of the car will be the finance company. To pay-off the lease amount you need to attain the power of attorney from the car owner (transferring the car to your name).
Before that, try to get it verified by the regional RTO once.
- Confirm the Ownership
Don’t get tempted to a cheap bargain. Make the payment only when the ownership of the car is transferred in your name. Transferring the ownership of a used car is a seamless process and once it’s done you can complete the payment process. Leave cheap car insurance, you will not get a vehicle insurance policy if the car is not in your name.
- The Validity of the Warranty
If the car is under warranty, it will save you from the exorbitant repair bills. Check if the warranty exists or has expired. Also, check with the agent if the warranty can be transferred to you before making the payment.
- Thorough Inspection
It involves checking the engine of the car, the air conditioning, odometer, and every other possibility. You should sign the deal only after a test drive
Summing it up!
Once you are through going-over the car, and you feel satisfied with the deal, and then only make the payment. If you are vigilant before the purchase, it will prove to be helpful in the long-run.