Want to buy a used car? Follow these tips
What's the story
Purchasing a pre-owned car requires a meticulous approach, starting with an in-depth inspection of the vehicle's condition. This includes checking the interior for upholstery damage and electronic functionality, examining the exterior for rust and alignment issues, and assessing under-the-hood elements like engine leaks and fluid condition. High mileage on a relatively new car could indicate underlying problems, making it crucial to discuss mileage history with the seller.
Documentation
The importance of service records
Service records play a pivotal role in assessing a pre-owned car's health. Car owners generally fall into two categories: those who diligently maintain and file service records, and those who rely on memory. Regardless of the category, having a detailed conversation about the vehicle's service history with the seller is an essential step in the buying process.
Verification
Verifying essential documents for a smooth purchase
Before finalizing the purchase of a pre-owned car, it's crucial to verify essential documents. This includes checking the Registration Certificate (RC) to ensure its authenticity and that details like the owner's name, engine, and chassis numbers match the car. After purchase, transferring the RC to your name is an important step in securing ownership.
Insurance
The role of insurance in pre-owned car ownership
When buying a used car, it's important not to overlook the role of insurance. Legally, the insurance must be transferred to your name to avoid complications in case of accidents. Reviewing the existing policy and considering additional coverage options during renewal can provide financial protection for your vehicle.
NCB
Understanding the NCB advantage
The No Claim Bonus (NCB) is a significant aspect of car insurance. It's a discount earned on your premium for each claim-free year. The NCB is linked to the owner, not the vehicle, meaning it can be transferred to a new car if you buy one but cannot be inherited from the previous owner of a used car. This accumulated NCB can lead to substantial savings on your new car's comprehensive insurance policy.