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How to buy repossessed cars

how to buy repossessed cars

A rapidly growing market for new cars can only mean one thing: a rapidly growing market for used cars. Buying a pre-owned car makes a lot of sense even if it isn’t as straightforward as buying new. Peace of mind is hard to find while shopping for a pre-owned car and the chances of getting fleeced are high.

Team-BHP has compiled a list of what you need to know on your search for the perfect “pre-worshipped” vehicle. This article has been compiled by GTO and Adya33. Also thanks to deepashpuri for providing many important pointers through this thread (Buying a Second Hand Car - Learn from my mistakes. ) .

STEP ONE. Homework

Which car? After deciding on your price range you should outline what sort of car best meets your needs – if you are a family of two you shouldn’t bother buying a large MUV like the Toyota Innova. With a growing range of makes and models you will probably find that several cars fit your budget. Analyze your needs before you decide on a car.

Which model? A little research will reveal the makes and models that fit your budget. In India, Japanese

cars enjoy the best long-term resale value because of their reliability, but diesel cars also sell well on the second-hand market. Reliability should be high on your checklist; research it by looking at the quality ratings of each car. The Team-BHP forums have a comprehensive databank and archive of user reviews that can help you decide. Remember: a car that wasn’t reliable new won’t be reliable used.

Which source? The Internet, used car dealers, brokers, authorized dealers, newspaper ads and personal referrals can show you what’s available. It’s generally a good idea to interact directly with the previous owner, so the Internet and print classifieds are great sources of good deals on used cars.

Which finance? Cash is king, but there are many financing companies able to offer loans for your used car purchase. Bear in mind that interest rates for loans on used cars are higher than those for new cars. Click here (ARTICLE: How to get the lowest EMI & the best Finance Deal) to read more about getting good financing rates. Another highly recommended option is to avail of a loan against fixed deposits (Link to full discussion (Car Loan against Fixed Deposits) ).

Category: Bank

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