More often than not, used car buyers are quite particular about the price of the car they have chosen, as they already have a pre-decided budget for the car in their mind. In this scenario, it’s important to realize that the overall cost of owning a refurbished car can be much higher than the price quoted. There are many a hidden cost involved in the purchase of a refurbished car. Here’s a sneak peek at some of these costs.

 

 

Insurance premium

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Insurance is the most essential and expensive component of a car purchase. So if the car you are looking at does not have an insurance, then you will need to spend money on that. Moreover, a lot of dealers insist on getting the insurance done through them. But if you do the market survey yourself, you might be able to get a much better deal than the one that is being sold to you.

 

EMIs

A majority of cars today are being sold on finance schemes, even in the resale market. A lot of the dealers have tie ups with banks and suggest you finance through them. Just like the insurance, the loan will work out much cheaper if you do the research yourself and finalise the loan from a bank of your choice.

 

Car Condition

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No matter what the car dealer has to say about the condition of the car, it is wisest to get it checked by a mechanic you trust, in addition to the one the dealer suggests. If a dealer offers a pricing which is too good to be true, get the car checked thoroughly.

 

It is best to buy a car that has been treated and maintained well. With a bit of luck and a lot of research, you can find the car of your dreams. There are authorized dealers that offer warranty on certified used cars. It is wise to buy a car that is still in production and its market presence is anticipated for quite some time. This will ensure the availability of spare parts and easily serviceable maintenance issues.

 

Service history

You must check the service booklet to know if the car was serviced timely. Most importantly, it will also tell you clearly of any damages or accidents the car has ever undergone. A car serviced well is a car that will last long.

 

Don’t miss the fine print

While this is obvious and self-explanatory, it’s surprising how trusting buyers can be. Frankly, did you read the sale agreement in full for the last purchase you made? A lot of people don’t. Many dealerships bet on it and slide in some additional charges to the stated price. Be very vigilant and read all the fine print before signing the papers.

 

Don’t get fooled by the shine of a low priced car. Remember, all that glitters is not always gold.

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