Here is a check-list for you on things to consider before buying a used car:
1. The cost of new vs used car
2. Interest rates
3. Check the car's condition
- Car’s sound and feel
4. Check the car’s historical details
- Car's maintenance records
5. Estimate the car’s worth based on year, condition and price
6. Purchase from a reputable dealer
7. Check the car's insurance
- Insured value in the policy. It will be a useful benchmark during price negotiations.
- Track the No Claim Bonuses over the past 2-3 years. If it is frequently claimed may imply frequent accidents requiring repair and maintenance to the vehicle.
- Transfer the seller's car insurance policy in your name or buy a new policy within 14 days of the date of transfer of the car. Not doing so may lead to your insurance claim being rejected in case of any accident or mishap. Only claims related to third parties will be approved under the deemed insurance policy transfer of the law.