Buying a car always marks an important milestone in life, especially if you have never owned one before.
Authored by Niraj Singh
Buying a car always marks an important milestone in life, especially if you have never owned one before. Your first car purchase will always be one to remember. Each person’s car-buying experience varies depending on several factors including the type of car, budget, payment method, and perhaps the most important one, the method/platform of purchase.
Recent times have seen more and more people gravitate towards purchasing used cars rather than new ones. With the pandemic devastating impact on the economy, buying a new car may not be a viable option for everyone, making used cars the most preferred option.
India’s used car market has seen a remarkable growth trajectory and has been the silver lining for the automotive industry that has seen a slump in business over the past year. The country’s used car segment accounts for 18 percent of the market share and is expected to register a CAGR of 15 percent between 2020-2025. However, when buying a used car, there are numerous aspects to weigh in to ensure that your experience of purchasing a car is delightful.
Unfortunately, most buyers end up paying much more than they should for the subpar quality and condition of the vehicle and a dismal experience overall. That said, here are a few things to bear in mind to get the best deals for used cars online.
Beware of ‘too good to be true’ deals
Despite the exponential growth and progress of the used car market, the harsh truth is that the segment is largely unorganized. While many used cars are sold at unimaginable deals that seem to be too good to be true, it is best to steer clear of such prices as they can turn out to be a major scam. Such deals, despite being incredibly attractive at first glance, need to be considered carefully to avoid paying far more than what the vehicle is worth.
Can’t see every little dent or all of the car’s driving and service history?
The simplest way to evade such scenarios is to find the average price of the car to check if the deal is in line with the market price. Some online platforms even offer thorough inspection, clear details and even 360 degree views of the actual car. Transparency is the key to choose the platform where you’d invest your money. Never skip doing ample research online and check every aspect of the interior and exterior of the car you intend to buy to protect yourself from becoming a victim of any scam.
Budget and choose the best option
Just as one would plan when buying a new car, budgeting is perhaps the most fundamental step before purchasing a used car. Before heading online to check the prices of cars, it is crucial to decide on your maximum budget based on your spending capacity. There is a myriad of options to choose from online and looking for a car without setting a budget may result in overspending. A fixed budget will help you choose a car that is best suited to your needs and will also allow you to be judicious with your finances.
A fixed price means you can trust the seller
Used car purchases and negotiations are often synonymous with each other. The reason for this is the mismatch that prevails between the quality and condition of the car and the price quoted, creating doubts in the buyer’s mind. Always be sure to check for the fixed price assurance feature that certain platforms offer to avail the best prices for vehicles that are in excellent condition.
Get the assurance of the car’s buyback value when you buy
Another important factor to consider when buying a used car is the resale value it holds. The very nature of a used car makes it a challenge to forecast an accurate value for the vehicle even for a couple of years into the future. Be certain that the platform you purchase from alleviates this uncertainty and offers an assured buyback with fairly flexible tenure. Such assurances make it easy for customers to purchase the car and also reduces the overall cost of ownership in the long run.
We live in challenging times where there is rampant uncertainty. The pandemic has disrupted our lives in unimaginable ways and safety and hygiene take precedence over all else. Today, online used car platforms are going the extra mile to safeguard customers’ safety and wellbeing with regular, thorough sanitization of the cars and even home test drives and home deliveries upon purchase. This extra care leaves no room for error and eliminates all risk of contamination.
A certain degree of caution is all it takes to make you a smart buyer. Following the aforementioned steps will go a long way in getting you the best deals for cars that are in good condition and create an enjoyable car-buying experience.
Niraj Singh is Founder and CEO at Spinny. Views are personal
First Published: IST