Home Business How to check the market value of used cars to get better buy or sell decision

How to check the market value of used cars to get better buy or sell decision

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If you are low on budget and want to purchase a car, then buying a used car is the safest option. Firstly, the investment involved is less but the benefit is more.  The Indian market for used cars is huge, and a Frost & Sullivan report suggests that the number of purchased second-hand cars is almost equivalent to a number of new cars bought. But there is unending paperwork involved, including car registration, transfer, and insurance formalities so it’s better to check the orange book value before taking the plunge.

In case you are planning to spend money on a second-hand vehicle, here are a few useful tips to get the best bargain.

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  • Rely on OBV – Check the car’s fair market rate absolutely free in a matter of 10 seconds. It’s the only independent, unbiased pricing tool in India that gives you a clear understanding. This tool functions on 21st-century machine learning and data science technique. OBV is used by 200 million people, including leading OEMs, banks, and insurance companies.
  • A Thorough Inspection of the Used Car and Its Documents – Get the second-hand car you are planning to buy thoroughly checked by a reliable mechanic. Once you know the problems, you can ask the owner to fix them or you can negotiate on the quoted price. You must inspect the insurance papers and confirm whether the car met with some accidents or not. You can check for insurance claims and NCB (no claim bonus). A higher NCB is most preferable. You must verify that the chassis number and engine number match with the one mentioned in the registration document.You can evaluate the maintenance of the car by checking the various filters. The fuel, oil, air, and transmission filters all need to be properly oiled and cleaned. Filter cleanliness is an important parameter as it affects the performance of any car. After inspecting several points take a short ride around the neighborhood to check the condition of the car brakes. Inspect the tyres of the second hand vehicle, they should be worn uniformly. Also, check whether there is feathering on the tyre’s surface. Inspect the hood for any signs of dent, scratch or rust, this indicates that the car has been previously damaged or badly maintained. This detailed analysis will surely let you bargain on the used car price.
  • Get the historical data of used car – Droom is the largest vehicle history repository in India, where you can get historical data for approximately 20 crore vehicles. The report gives detailed information about the car’s background capturing up to 42 unique parameters in a short time of 10 seconds. This proprietary technology verifies the legitimacy of the automobile information offered by the selling party. It lets you verify whether the automobile is blacklisted. You get to know the age of the vehicle. You also get details about the loan history and vehicle’s fitness certificate. The genuine data report helps you in making a wise decision while purchasing a used car. It gives you consolidated and exhaustive information from numerous authoritative sources. The Droom repository collects data from authorized data suppliers and hence it saves you from being victimized by fraudulent sellers. The basic historic Droom report is available free of cost but for a premium report, you need to pay a nominal amount. You just need to input a vehicle’s registration number in order to acquire the background details of the vehicle.
  • Get the Registration Certificate Transferred – You are required to fill form 29 and 30, issued at the RTO nearest to your dwelling place. The forms must be signed by the new and old owner. If the used car has an RC from a different jurisdiction then you need to seek a NOC from that area’s RTO in order to expedite the registration process. Post submission, it takes around 15 to 20 days to get a receipt, and the name change document will be sent to you in a span of 40-45 days. Post the name change, you have to transfer the insurance policy in your name or opt for a new one altogether.You can get in touch with the insurance provider or agent for transferring the name in the policy by submitting a photocopy of form 29-30. If there is no genuine insurance policy for the used car, you are free to opt for a new policy of your choice and budget. Hence you start afresh without any obligation from the owner and negotiate on the selling price as well.
  • Check Other Important Documents – You must check whether there any existing loans on the second car vehicle you intend to buy. You must also look for an authentic pollution certificate copy and a bi-fuel certificate in case of LPG/CNG connection.
  • NCB Transfer – The No Claim Bonus needs to be transferred irrespective of the fact that the car is insured or uninsured. NCB cannot be transferred to the new vehicle owner, the amount for the balance policy tenure has to be paid. Hence it’s better to buy a new insurance policy from the NCB perspective.
  • Thorough Clean Up – Sanitize and steam clean your new vehicle. Get a shiny exterior and a flawless interior for the fresh look. Change the oil and fluids of the second-hand vehicle, in order to increase the life expectancy. Get the rust parts replaced, fix new lights, and fixed the wear and tear. Of course, you can bargain with the seller on these aspects for getting a fair price for the used car. The more you save on the purchase price, the more you can spend in repairing the vehicle and making it look all new.


At the end…

Above mentioned tips can help you to get the fair market pricing report for your used vehicle. So, before taking any decision it’s better to check the price by used car valuation tool. Don’t get a rough idea about the price from your friends and family when you can check online and can get a fair market price value report.

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