Learn from Mistakes of Others: Buy Used Cars Diligently

Learn from Mistakes of Others: Buy Used Cars Diligently

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A lot of people share their experience of buying affordable used Hyundai Santro Xing in Bangalore. They often talk about what they wish they had done different or had been more diligent in certain aspects.

Here is what most people feel are the due diligence areas:

Original Certificate of Registration

A lot of people check the RC book of the used car but do not check the original certificate of registration. If the seller is giving you a duplicate registration certificate then ask them to give you in writing that the original certificate is available and will be handed over when the deal is finalized.

Check the Insurance Policy

A lot of people check the insurance policy documentation but fail to check the validity. They don’t check what the insurance policy covers and whether it is comprehensive or not. It is also important to check the claims history of the car. See how many claims had been lodged for any possible accidents.

Check for Outstanding Loans

A lot of naïve buyers get cheated when they are sold hypothecated vehicle by the dealers or the sellers. The buyer does not make an effort to find out if the car is under hypothecation with a finance company or a bank. Outstanding payments can cause the finance company to confiscate the vehicle from the new buyer also.

Not Identify the Original Seller

Many times buyers get to talk to sellers who are not really the original car owners but only freelance dealers. A good way to identify if they are rightful owners or not, ask them to sign documentations and forms when the deal is struck. If they are not the true owners they will pull out pre-signed documents which will reveal the truth to you.

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