What to do when buying a Second-hand Car?

What to do when buying a Second-hand Car?

Buying a used car is one of the savvy decision ones could make as it benefits both buyers as well as sellers. Before proceed with the buying of a second-hand car, choosing one is a tough task.

We have curated the list of things to check at the time of buying a used car for the buyer as well as the seller too.

For Buyer

Check the Registration Documents

  • Check the seller owns the ownership.
  • If the car is being re-sold the first time or second time.
  • Check the previous owner has paid off the loan, road-tax.
  • Ensure the seller is filling you up with all the registered documents. If, not be ready to walk away from the dealership.

Car Insurance

  • Check the car’s insured value as it will help the buyer at the time of price negotiations.
  • Check whether the claim has been raised and granted also look for the intervals in which claim is granted previously. This implies the frequent accidents and damages has incurred in the car.
  • Ask for the transfer of seller’s car insurance policy in your name. If you’re not able to transfer the policy, buy a new policy within 14 days of the date of transfer of the car.
  • If you’re not acquiring the insurance so at the time of raising the claim if any uncertainties happen. Then you have to proceed with the third parties’ insurance at the time of any mis happening which will cost you more.
Car Insurance

Check the Car’s Condition

  • No matter if you’re buying a used, it should be in running condition and add value to the money.
  • Do the test drive and get your car inspected by the trained mechanic as he will provide the appropriate information in terms of engine, cooling, transmission, wheels, etc.
  • If you’re planning for buying the car, there are some unavoidable repairs and maintenance which you can include in the budget in the long run.

For Seller

Transfer Insurance

  • Get an additional premium on the car insurance policy to the car’s purchase price.
  • At the time of selling the car in six months after buying the premium of one year, then you can say ask buyer to pay the half share of the premium.

Written Contract

Registration Documents
  • Never make the deal on an oral agreement, make a written contract which includes all the details and condition of the car.
  • The written contract includes all the aspects in terms of the sales price, date of transfer of ownership, registration and insurance details.

In the end, these documents play an important role in the case of future disputes or help you in the long run.

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