01 Apr, 2023
How Second-Hand Cars are Valued to Get a Good Price?
Buying a used car had been a herculean task earlier. Finding the model one wants itself used to takes ages. Even if it is available, the condition of the car, the exorbitant price quoted by the owner, the hefty commission by the car broker, etc have been demotivating factors. Many rejected the idea of second-hand cars only due to these painstakingly bothering processes.
The scenario has changed completely nowadays. The entry of trusted car dealers like Indus into the used car market transformed the sector. Nowadays, car buyers can get the car of their choice at the right price. Tested and maintained by the technical team, the car would perform without any kind of concern.
Evaluation of the used car mandates a comprehensive approach. As a buyer, you must know how second-hand cars are valued to get a good price. Understanding the key factors to be checked and assessed, is vital for avoiding paying extra. Nonetheless, you need not worry about the valuation of the second-hand car you buy from Indus Used Cars. Each car sold by us is examined and evaluated by our specialist team. Therefore, you would be paying the right price for the used car you purchase from Indus.
Factors that Influence a Used Car's Value
We are explaining the factors that state the value of the car. Inspect the car, its documents, and overall condition to assess the exact value. We are discussing here the points on how second-hand cars are valued to get a good price.
- Age of the Used Car
A new car’s value starts diminishing the day it reaches the customer. It is considered a used car even if sold within a month or year of purchase. The cost goes down significantly if the car is aged more than ten years. A few models will cost you more even though they are old. Therefore, the price of the second-hand car would vary depending on the model, variant, etc. In addition to the year of manufacture. You may have to confirm the spare support in case you are buying a discontinued model. Brands like Maruti and Hyundai may provide spare support for their models. It may not be the case with the other car manufacturers.
- Kilometres Run
Check the usage or kilometers run. The components are susceptible to wear and tear. With the increased usage the performance of all components, including the engine, would go down substantially. It is not advisable to pay a heavy price for such an extensively used car. Car brokers and unreliable car sellers are observed to paste a doctor’s or advocate’s logo on the windscreen, to show that the car hasn’t been used much. Do not fall prey to their fakery.
- Confirm the Number of Owners
It is preferable to buy a single-owner car. The more owners, or the more the number of people who have used the car, the higher the wear and tear. Consequently, the price of the car should come down. A single-owner car is demanded by more people.
Read the Guide for Car Ownership Transfer (Documents, Process & Cost).
- Insurance Status of the Car
Choose an insured car, even though it costs more than an uninsured one. The owner may not have renewed the insurance or the insurance may be able to expire. In both these cases, the price of second-hand cars should come down.
Read to know: Can You Sell A Car Without Insurance in India?
- Condition of the Car
The condition of the car is important in how second-hand cars are valued to get a good price. The internal and external condition of the car, how it performs during the test drive, how is the appearance, etc are also determining factors for a secondhand car. It is not possible to check all the components thoroughly in a couple of hours. That is why we suggest buying only from a reliable used car seller like Indus Used Cars. Still, you can carry out a test drive to ascertain the overall performance, as well as, inspect the car as much as possible.
A properly serviced car would offer better performance and life than an improperly serviced one. The condition of the components and driveability of the car will tell you the status of the service. An expert mechanic would be able to assess the car and provide inputs regarding the servicing condition. In the case of Indus Used Cars, our technical team undertakes a 376-point inspection. To ascertain the condition of components and the corrective measures. Hence, the second-hand car bought from Indus would perform the best.
Read to know: How Often Should You Service the Car?
Many think a car met with an accident is a bad omen. They might sell it even if the accident was a minor one. It is your prerogative to buy such a car or not. The car would be available at a cheap price, owing to its accident history. We will not propose you buy a car reconditioned after a major accident. Although repaired, the car might encounter technical issues frequently. Making the maintenance of the car a true headache for you, besides the exorbitant expenditure for repair and replacement of components.
Ensure that all the documents are available and they are genuine. The seller is supposed to complete the vehicle transfer formalities and hand over the car to you. Therefore, there are only minimal chances of fake documents. Albeit, you must check and confirm the authenticity of the documents. Indus executives complete all the formalities for you when you buy a car from us.
- The Tail End
Go through the points discussed here to know how second-hand cars are valued to get a good price. Avoid buying from unreliable used car dealers at any cost. You may reach out to us for buying a second-hand car from any car manufacturer.
How To Get The Best Resale Value For Your Car