24th August 2020
Failing to Line up Financing before Shopping
Even before you zero down on buying luxury cars second hand, you must be sure of the money you're going to pay for it. You have to consider getting the purchase financed.
You should be aware of the upper end of your price range and being aware of your budget will make the negotiation of prices easy for you. The dealership financing is an option, however; it may be more expensive in terms of interest as the lenders there add additional interest rates. The better way is to scout for other financiers in the market. After a thorough search, you may come to decide on the best one for you that is within your budget. Different lenders offer separate lending rates. Here you have your opportunity. You should try first to be sure of the approval from the financing institution and then proceed further with the shopping. Used car finance rates are usually higher than the new car finances because the lenders encourage you to go for new cars.
Shopping Based on Monthly Payments Alone
If you've enough money, you can go and purchase a car right away from a luxury car showroom without waiting for the financier, but if you don't, you should think about getting the purchase financed. When you've to pay through monthly instalments you will often be tempted by the lower monthly payment option. Likewise, you will be spending less per month. But what about the long-term losses you might be making paying more through longer periods of interest payment. It is better to decide in favour of short-term loan repayment because it will save you from exorbitant payment of interest that is charged over a longer tenure.
Foregoing the Test Drive
It’s the best idea to test drive the car that is pre-owned to inspect if it runs without hiccups and smoothly. If you don’t do it, you may have to regret later on with glitches you may come across a few months or years down the line. When you go and buy a new car, you test drive before buying but you tend to forget the test drive whenbuyingluxury cars in India. You must be sure of the car’s condition and other things which you can only know if you test drive it.
Not Having the Car Checked by a Mechanic
Never forget to take the mechanic along to check the car you're going to purchase because he is the best person to give you the go. Even if you pay for the inspection of the mechanic, it's going to be trouble-free ownership of a car in the long run and you'll never have an occasion to regret your decision. A mechanic will inspect the car by dint of his experience and expertise and will be in a position to tell you whether you should go ahead with the deal or not. If the purchase is from a dealer, chances are he will offer you with the payment for inspection but if you're buying from a used car dealer, he may not offer this facility and you may have to pay from your pocket.
Making Initial Negotiations in Person
It's advisable if you talk to the used car dealer over the phone first before going to him in person to gain an advantage over him. You can do the bulk of your talks based on your statistics over the phone or online and let them be impressed by your preparedness. It will prevent them from using the salesman's tricks or glib talks over you when you meet them face to face. Otherwise, if you visit their place without interacting with them over the phone or giving them the initial impression that you are a novice, chances are more often than not, you will lose out on the deal. It's their territory and the salespeople will try to apply their salesmanship on you.
Buying Based on Looks
They say 'don't judge a book by its cover' this holds when buying a pre-owned car. Before you're impressed by the very look of the car it is necessary to be very clear in your mind what exactly you want from your car. Looks are not the only prime aspect you should be looking to buy the car. If you know what you want to buy, you won't waste your time looking for something else which you have never thought of buying.
Not Running a Vehicle History Report
By history report, we mean the car's record maintained by the previous owner. How was the car used, was it driven by the owner or a driver? How many owners have used the car? Whether the car has had any accident record and does the car have any mechanical issues.
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Calculation of EMI using the EMI Calculator on the Auto Best Emperio web site and get the details regarding the total Principal and Interest amount to be paid.
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