Used Car Buyer’s Guide — Vehicle Valuation
Buying used cars is a feasible option for many first time buyers, but it is important to evaluate used cars before making a decision. Buying a used car is more complicated than buying a new one. However, not all aspects of buying used cars are bad. If a person is living on limited means, a used car is a great idea if bought outright. If you are not going to finance the used car, you will only have to get liability insurance which is much cheaper than its counterpart. Another bonus is that a used car will not have fees attached to the price like a new car. When buying a new car, the dealers add fees like cleaning and shipping to the price. A used car will not have most of these fees.
- Physical condition of the vehicle: It is extremely important to properly inspect the physical conditions such as interiors, exteriors, dents, rusts and paint peel-off for a suitable car valuation.
- Drive-ability condition: Any noise from the engine, suspension, underneath, cornering, speed lag, glitches in drive-ability would imply substantial fall of the car value.
- Car functions: AC, power window, central lock, steering, lights, indicators and door locks.
- Service history: Are all scheduled servicing done on time? Is the authorized workshop bills documented?
- Accidental history: Insurance claims, accidental history of the vehicle, door panels, gaps on the body.
Evaluating Ownership Documents:
- Smart card: It is also known as RC copy and is the most important document.
- Insurance: Insurance policy should be valid on the date of purchase and should have at least three weeks for expiry.
How to get better valuation price:
- First impression: Since the first impression matters for a car valuation, therefore the car should be cleaned from interiors, exteriors and washed. Minor dents must be removed, paint touch-up, and floor carpets are needed to be cleaned.
- Tyre condition: If tyres are replaced in less than 2 years, it may fetch good valuation price.
Considerations before buying a car:
- Affordability: Before buying a car, it’s important to think over the capability to bear the cost and calculate the budget including insurance, operation, maintenance and repair costs.
- Car model: Deciding on what car suits a person’s lifestyle and image the best. Doing a bit of research and knowing more about car models and their pros and cons about the cars in the market can help us understand which model of car is best suited to our needs.
- Avoiding scams and other irregularities: The vehicle registration card must be checked to ensure that the person who is selling the car actually owns it, and is not trying to sell a leased vehicle.
Thus, one can get a quick estimate for the resale value of his car or get an approximate idea of what a dealer or a prospective buyer will offer in exchange of his old car. Any prospective buyer will expect the old car to be in good condition. Therefore, the first impression needs to be good, especially when considering second hand car valuation.