Buying a used car may be a smart decision over a new car for many reasons such as affordability, reduced insurance price, low depreciation cost and also better for the environment and many more beneficial reasons. But with all these advantages, there is some risk which is incorporated with the purchasing a used car. In the article, there are important checklists that are necessary to look for both Buyers and Sellers point of view. So, before going ahead for the Purchasing and Selling, look at these checklists to ensure better deals. Both Sellers and Buyers are advised to stick with these checklists for the right approach of the deals.
Let’s see what are the necessary points one must consider before buying and selling the car one by one.
Checklist for Buyer’s:
With all the advantages you can obtain by choosing the used car, you should also consider the chances of risk it contains. It is necessary to look at the possibilities and to reduce and to remove that risk’s possibilities, look at the below points seriously and enjoy the best deals on your car.
- Check the car condition: First of all, buying a Used car is not a contrived situation for you and don’t do anything in a hurry just to get rid of this responsibility. Despite being a used car, check the car condition very carefully, the tyres should be in running condition, there should not be any scratch, no any interior or exterior injury to the car. It is important that you ensured all these points before accepting the deals.
- Check the related Documents:Checking the documents is the most crucial step because this step helps you to reduce the maximum risks and also helps you to secure the profitable deal. Ensure that the person who is dealing with you is the real owner of the car. Ask for the legal car documents and Serial Number in the RC book which indicates how many times the car has been sold in the past and you can achieve a profitable deal from these points. Check that the owner has cleared all the loans and other necessary payments before selling it to you.
- Car Insurance:Checking insurance details by the owner of the car is essential for your insurance claim on the car in future in the emergency circumstances of the car accident. Not doing a serious check on these points may cause rejection to your future insurance on the car. So, to be sure that there are no such cases with the car you are planning to buy, you should look and ask the owner.
- Document Required:Ask for the documents clearing that car is sold to you with all described deal promises.Prepare a new RC Book issued on your name.Application for all legal authority from the owner to you.
Checklist for Sellers:
It’s not only the buyer who has the risk of bad deals. The seller’s should also explore the risks from their sides. Always make a profitable deal with no risks in future. And to do so you must look all the aspects of the deals from the buyers side as well as from the seller.
- Transfer of insurance: Ensuring things before any deal leads towards profit. If you are selling your car and most probably when you are selling your new car within 6 months, then it is necessary to file a transfer of insurance document. It may be possible that in your time you might take insurance for 1 year on your car and if you are selling within 1 year then you can surely ask the buyer to pay his share of the premium.
- Car Written Contract:This is the most necessary thing to look on while dealing for both Seller and Buyer. You should never fix a deal on oral conversation. Always make things professional while making a deal. Never agree whether the buyer is your friend or any close relative. These interventions can reduce the risks and leads towards successful deals.
- Car maintenance Record:You might think that it is not so necessary to maintain the records of your car maintenance, but you should know that these records help you to establish a profitable deal while selling your car. It is not only indicating your dealing expertise but as a responsible owner of your car. You can have the opportunity to negotiate a better deal with the help of these records and data. Because these records show that the car is in good condition for use.
People Also Ask
1. How can I verify the documents, whether it is real or not?
The simple approach is to Always ask for an RC(Registration Certificate) because it is the most important document that accompanies a vehicle.
2. How is the car maintenance Record offers a better deal?
As these records and data of the maintenance proves that the car is in good running condition and so you can ask for a better deal from the buyer.
3. What can happen if you take insurance on a car for 1 year, but you have to sell your car within 1 year?
You can show the insurance paper to the buyer and ask to pay for their portion of the premium. And as the responsible owner of the car, the buyer should accept this deal.