Automobile enthusiasts are aware that a luxury car’s intrinsic value cannot be determined solely by its purchase price. Compared to a cheap car, a luxury car has a lot more to offer. the appeal of the interiors, the sound of the engine, the comfort of the seats, and so much more.
The size of the luxury car market in India has only been growing. The overall size of the market was valued at $1 billion in 2020 and is expected to increase by 50% by 2028.
However, buying a new luxury car can be prohibitively expensive. If you’re a true enthusiast but can’t afford to buy a dazzling new luxury car, then you should consider getting a pre-owned luxury car. It’s the same experience, but at a lower price point. Several of the biggest luxury car dealers operate in the pre-owned segment as well. You can also find Pre-owned Car Loans online to help you financially.
Before you close the deal on a pre-owned luxury car, you should consider the following factors to ensure that you’re getting your money’s worth.
Do your research
Before you even think about entering a pre-owned luxury car dealership, you need to do your research so that you know what you’re talking about and you know what you’re looking for.
Every luxury car comes with a plethora of features that can confuse the uninitiated. If you don’t know your way around such cars, then the salesman can easily confuse you into paying more. Negotiating the deal on a luxury car is not easy but it matters a lot. You can save yourself lakhs of Rupees if you can negotiate your way into a good deal.
The dealer will be expecting someone who negotiates, so you shouldn’t shy away from bargaining.
While doing the research, you should consider the following points:
Which brands are you going to look at?
What kind of car can you expect in your budget?
What kind of features are you looking for?
How many miles on the car are you okay with?
How old can the car be?
You should know the approximate value of the cars you’re checking out before you even enter the dealership. This is very important since you don’t want to get caught up in the moment and agree to an inflated price. Further, before you make a purchase, check the used Car Loan EMI calculator to make sure it fits your budget.
Inspect the car before purchase
Buying a luxury car, even if it is pre-owned, is likely going to be a big event in your life. Hence, you should focus on acing it. Before you sign on the dotted line, it is crucial that you thoroughly inspect the car.
There are several high-tech elements to a luxury car. Even if a dealer assures you that it’s all working as it should, you need to take the time to check them all out yourself. As the saying goes, buyer beware. This is especially true in the used car market.
When you take the car out for a test drive, make sure that you use as many features of the car as you can. Especially check the central command console to see if it is working properly without any glitches.
If you’re availing of a Pre-owned Car Loan, you need to be doubly sure that the car is in a worthy condition to deserve the financing. You can calculate repayment with a Used Car Loan EMI calculator to understand the finances you’ll need to earmark for the future.
Here are some of the things that you should inspect before committing:
- Examine the battery.
- Check all the electronics like the music system and lights.
- Scan the mileage.
- Scrutinize the interiors and the exteriors for any damage.
- Take the car for a test drive and see if everything goes smoothly.
- If one or two factors are not as they are supposed to be, do not give up on the entire deal. If you like the car, then you should ask the dealer to lower the price or have the issue fixed. Most of such issues are fixable.
Make sure you account for the modifications
Luxury cars are often modified to suit the needs of the owner. Car enthusiasts usually want to customize their ride so that it feels unique and their very own. If your luxury car was previously owned by a driving or racing enthusiast, then you can expect a lot of internal changes to the tuning of the car.
Hence, when you’re shopping for a pre-owned luxury car, you should make sure that any modifications made by the previous owner are suitable to your taste. You should ask the dealer to make you aware of the tweaks (if any) on the car.
Here are some of the things that could have been altered:
The tires.
The exteriors (make sure that you check in broad daylight).
The engine sound, the air filters, the exhaust pipe, etc.
The tuning (test this during the test drive).
Check the Certificate
Do not buy any pre-owned car that has not been verified by professionals. User vehicle certification means that the car has been checked by professionals and that everything is as it is supposed to be. For example, if the certificate says that the car has been refurbished, then there will be no surprises there. Even though certified cars may be slightly higher in price, you can always use a used Car Loan EMI calculator to see if it matches your budget.
A certified pre-owned car will come with a warranty. It may not be a very long warranty, but it will be a warranty nonetheless. This will tell you how much confidence the dealer has in the car.
If you’re looking for a certified pre-owned car, then you can directly approach premium brands. Most of these brands operate a pre-owned segment where they sell pre-owned cars that have been certified by them.
You can also check online to see if any websites can direct you to verified pre-owned car dealerships. However, never purchase a used car online.
Wrapping Up
Luxury cars can be a dream come true. So, it’s only fitting that a little effort and due diligence are required. Don’t let the tedious process of buying one scare you away from the joy of owning the luxury car that you desire. We hope that this article helps you find the car that is meant for you.
If you’re looking for a Pre-Owned Car Loan online, then check out our financing options meant for you.
