Preventing Debt Traps And Frauds: Things To Keep In Mind Before Deciding On A Second-Hand Car
“Prevention is better than cure.”
Most of us would remember being taught this phrase in school. And rightly so—after all, it is easier and better to stop something in the first place than to bear the brunt of and repair the damage later on. Especially when it comes to a decision as major as purchasing a vehicle, precaution becomes all the more necessary. While the second-hand car market is thriving with a wide range of automobiles adding on to the portfolio continually and a plethora of value-added benefits, the general apprehension among people regarding a pre-owned vehicle still comes to play. However, by keeping a few things in mind, one can be a smart buyer and drive home a credible second-hand car!
Research
The first and foremost step to be taken is to carry out an extensive research. Research is of pristine importance as it gives one a comprehensive idea. Moreover, with the used vehicle market rapidly becoming digitized and organized, there is an increase in transparency of information available in terms of the car condition, the dealer, etc. that a prospective buyer can access. However, one needs to be careful when dealing with this by checking the dealers’ ratings and reviews, and by inspecting the papers thoroughly. One should be wary of curbsiders as well—basically, unregistered dealers or imposters who are often indulged in selling tampered, rebuilt, or even stolen vehicles. Also, check whether this vehicle has been involved in any incident of theft, accidents, etc. These are some of the prerequisites that one should cater to in the initial stages. P.S. if it looks too good to be true, then be very wary!
Examine
Once you are done with your research and have zeroed in on a particular vehicle, always insist on an in-person examination before sealing the deal. Check for dents, rust, punctured tyres, scathed interiors, whether all the parts are of the same vehicle, etc. Be especially wary of odometer rollback—basically, an illegal practice wherein the odometer is tampered with by rolling it back to make it appear as though the vehicle has a lower mileage than what it actually does. It is an important and widely-observed consumer fraud issue and is even deemed as a serious crime in some countries. So make sure that you have checked the car thoroughly before moving on to the next step.
Financing
One should always research thoroughly for the most viable financing options when making a big ticket-size purchase like a vehicle, in order to continue living free from oft-overwhelming debts. While credit options in the used vehicle segment were previously limited, the rise of online used vehicle transactional platforms has been a boon in this regard. These platforms leverage new-age underwriting methods to assess a prospective buyers’ profile and recommend the most suitable rates of interest for the respective profiles. The processes are automated from end-to-end, with assistance from application to approval. Therefore, one should diligently look through and explore the various options available for car financing, before the final get-go!
In essence, one should consider all these factors and not pay or consider financing options until all the research work, examination, and other due formalities are done with. Upon adhering to these measures, buyers can be well-assured that they are buying a trusted second-hand vehicle that might just be by them in the long, long run!
