01st October 2020
According to recent surveys, the market for pre-owned luxury cars in India is growing at a rapid speed. Usually, every person in this world has that one car they wish to purchase, but sometimes financial conditions don’t support expenditure on that level, this is where buying a used luxury car comes into play. But it is true that buying a second-hand luxury car can be a rather intimidating experience for the buyer; hence, we bring you the perfect guide to buy your perfect car!
When it comes to buying a used premium car, the first step is to research and select the car you want to buy. To get this step right the most important thing to take care of is to not give in to temptations and get your priorities straight. Find the car according to your needs within your price range. Here you also have to think about the future and make a choice according to the car’s maintenance as well.
Once you find that perfect car, look out for the following things:
The first thing you should check for while buying that perfect car is, check the condition of the car. Even though you are buying a second-hand car, the vehicle you are considering to buy should be in good and running condition. It should be worth the value of your hard-earned money that you are planning to spend on it. It is advised that you take the car for a test drive to check all the major systems like the engine, wheels, etc. If you are not knowledgeable enough to comment on the condition of the car, then you should get it checked by a trusted mechanic.
It is also advised to follow the steps on receiving the car from the seller since its quite possible that the seller may change parts of the car on delivery.
After you are satisfied with the condition of the car, then move on to the next step and check all the relevant documents of the car. This step is very important to check the authenticity of the car that you are about to buy. To avoid being caught up in fraud, you should always check all the papers carefully and if you feel satisfied, then move ahead with the purchase. You should check for the following documents:
Proof of delivery of a car to your possession
Issue a new RC book in your name.
The cancellation of policy request from the seller and your application for transfer of policy.
Check form 32 & 35 to ensure that there are no pre-existing pending loans on the car.
If the car was bought by the previous owner on finance, then make sure to get the original invoice of the car, and the No Objection Certificate (NOC) from the car finance company.
Pollution Under Control (PUC) certificate.
In case the car is CNG/LPG fitted then the Bi-fuel certificate.
Service book to check the history of service records Road tax receipts with the last updated payment.
The Insurance Papers
The insurance papers of the car speak dozens about the car and help in further price negotiations as well. Frequent insurance claims imply frequent accidents which allow us to deduct that the car was involved in various accidents which make the car vulnerable to regular repair work and quite possible quality depreciation. This is something that someone buying a car would like to be aware of.
It is very important to transfer the car’s insurance policy to your name, or you can also buy a new policy within 14 days of the date of transfer of the car. To avoid rejection of insurance claims in case of an accident, therefore, this step is very important.
The possession of the Registration Certificate is a very important step again. To get the RC, you should fill out and submit Form 29 and Form 30 to the RTO available in your jurisdiction.
This form needs to be signed by both, the seller and the buyer, and in case the car was registered in a different jurisdiction before then a Non-Objection Certificate (NOC) from that jurisdiction’s RTO is necessary to speed up the process. Your local RTO initiates the transfer after your submission and then within 15-18 days; you will receive the receipt regarding the same. On the 40-45th day, you receive a copy of the RC.
The No Claim Bonus is given to the person seeking insurance but not the insured vehicle; hence, unlike insurance police, the NCB cannot be transferred to the buyer.
Now that you have everything under your control before taking your car back home, make sure to get it cleaned thoroughly, both interior and exterior, for safety purposes. Get the filters changed, seats cleaned, liquids changed, and get anything that needs repair fixed as soon as possible.
If you are looking to buy a second-hand car, let's say a second-hand luxury car in Delhi, then you can find potential buys at Auto Best Emperio (ABE) in for trusted quality of cars. You can also sell your luxury cars with Auto Best (ABE).