If you are looking for a cost-effective way to purchase a car, consider buying a used car online. Check out the benefits of purchasing a used car online, including affordability, lower depreciation rates, and lower insurance premiums. Go through this used car buying guide to run through essential details, from finalising your budget to completing the payment. This pre-owned car buying guide will help to ensure a smooth and hassle-free purchasing of a used car.
Why should you buy a used car?
- Affordable:
The biggest advantage of buying a used car is affordability. Used cars come at a price that is significantly lower than new ones. You can save money by choosing to buy a used car. - Lower depreciation rate:
The depreciation of a new car is steep in the first few years. A used car has already experienced the worst of this depreciation. As a result, a used car owner is less likely to lose as much in value as compared to a new car owner. - Lower insurance premiums:
Insurance premiums for used cars are typically lower than those for new cars. This is because used cars are cheaper to repair and have a lower market value. - Great quality cars:
Thanks to advancements in technology, used cars are of better quality than ever before. You can find a used car that is in excellent condition and has low mileage online.
Certified used cars vs non-certified used cars
In this second-hand car buying guide, understand the importance of certified used cars. When buying a used car online, you can choose between certified and non-certified cars. Certified used cars come with an extended warranty, which gives you peace of mind and protection against unforeseen repair costs.
Features |
Certified pre-owned cars |
Non-certified used cars |
Price |
The price is higher due to thorough inspection and warranty coverage. |
The price is lower due to lack of inspection and warranty coverage. |
Inspection |
These cars come with thorough multi-point inspection by experts. |
Generally, little to no inspection by experts here. |
Warranty coverage |
The car comes with a warranty to cover unforeseen maintenance costs. |
There is no warranty coverage on regular used cars. |
Maintenance records |
The car must have service records showing good maintenance history. |
No specific requirement for maintenance records is present. |
Assurances |
These cars offer peace of mind, reliability, and long-term benefits. |
The regular cars lack reassurance of being in good working condition or any warranty |
Additional read: Benefits of buying used cars
Buying used cars - Key considerations
Let us look at the various aspects of the car buying process. This includes finalising your budget, choosing the car, and closing your purchase.
- Finalise the budget:
Before embarking on your online used car buying journey, it is essential to finalise your budget. - Select the car:
Online car buying platforms provide an extensive range of used cars. You can filter your search by your budget, make, model, year, and other parameters to find the perfect car. - Explore all locations:
It is easy to buy a car directly from the owner, neighbourhood pre-owned dealers, online classifieds, and online used car retailers. The online marketplace gives you access to a range of sellers from all over the country, making it easier to find a car that suits your needs. Look out for vendors offering certified used cars to ensure the quality of the used cars on sale. - Check used car valuation:
Before finalising your purchase, you must check the valuation of the used car to ensure you are paying a fair price. Online valuation tools can help you determine the fair market value of the car. - Pre-purchase inspection of car:
It is essential to inspect the car thoroughly before making a purchase. A pre-purchase inspection can help you identify any underlying problems with the car, giving you peace of mind. In case you are not sure how to go about the inspection, look at certified used cars that have already cleared the inspection by experts. - Take a test drive:
Taking a test drive is crucial in ensuring the car meets your requirements. A test drive helps you get a feel for the car and its handling, making it easier to decide whether the car is right for you. - Check car documents:
Before making a payment, make sure to check the car's documents. Ensure that the car is not stolen, has no outstanding loans, and has a valid registration certificate. Certified used cars come with the necessary documentation and save time when it comes to managing the paperwork. - Complete the payment:
Once you have completed all the necessary steps, it is time to make the payment and bring home your new used car.
In conclusion, buying used cars online can save you money, and the process is more convenient and straightforward. Follow this comprehensive guide to ensure a smooth and hassle-free purchasing experience.
With used car loans from Bajaj Finance, get high-value loans covering up to 115% of the car’s on-road price. You may choose a flexible repayment option with tenures of up to 72 months.
