[Naman_Ferrari]

I'm considering buying a 2 year old car and wondering if it's possible to take over the car loan from the seller. The seller doesn't have to pay foreclosure charges and I can take over the loan instead of taking a used car loan with higher interest rates. Seems like a win-win and a quick Google search says that it's technically possible.

Does anyone here have experience with doing this?

[hserus]

Originally Posted by Naman_Ferrari

I'm considering buying a 2 year old car and wondering if it's possible to take over the car loan from the seller. The seller doesn't have to pay foreclosure charges and I can take over the loan instead of taking a used car loan with higher interest rates. Seems like a win-win and a quick Google search says that it's technically possible.

Does anyone here have experience with doing this?

Not easy most banks prefer foreclosure due to minimal paperwork.

[fhdowntheline]

My only issue with a pre-worshipped car purchase is the relative lack of record of maintenance and accidents. For instance, is there any way to know whether the car has been in an accident involving chassis modification/airbag re-installation ? I don't know, would be happy to stand corrected.

[lamborghini]

Originally Posted by fhdowntheline

My only issue with a pre-worshipped car purchase is the relative lack of record of maintenance and accidents. For instance, is there any way to know whether the car has been in an accident involving chassis modification/airbag re-installation ? I don't know, would be happy to stand corrected.

Insurance and service history are key as most buyers would only service and repair the vehicle at the authorized dealership/claim insurance for large amounts, along with a complete inspection at the authorized dealership with specific attention to areas of concern like underbody, etc.

While not 100%, these steps will help resolve 99% of the issues.

[drjaygoyal]

Hi guys.

Need advice.

I am looking for a Luxury SUV.

I have already booked the Skoda Kodiaq L & K.

I am also getting a used 2019 GLE 250d ( new shape ) for approx 55 lacs.

It has run approximately 43000 kms and is in a pretty good condition.

I will check tomorrow regarding warranty and other things.

My question is..should i consider it or go ahead and buy the Kodiaq ?

Suggestions are welcome.

Thanks in advance.

[GTO]

A friend was in a dilemma over a brand-new Benz vs a lightly used <2 year old one. I told him there is no difference between the two in terms of "newness". But then made it simpler & told him = "do you want to buy a brand new car or, for the same money an almost brand new car with free fuel + maintenance + repairs + insurance + tyres for life"? Maybe even end up with spare money for a remap / mods?

That line sealed the deal . He's going with the pre-owned option.

All about perspective .

[anirudhbb]

In many posts, it's mentioned that Bangalore is not the market for used-car and doesn't make sense to buy used car.

Why is that so?

Currently exploring one used-car deal which has come up.

[nagr22]

Originally Posted by anirudhbb

In many posts, it's mentioned that Bangalore is not the market for used-car and doesn't make sense to buy used car.

Why is that so?

Currently exploring one used-car deal which has come up.

It doesn't make sense because the cost expected by dealers is so high that it makes sense to buy a new one. In places like Delhi and Mumbai you may get a 3-5 year old car for 50% the cost of new one (I am talking pre-pandemic days). In Bangalore, the same car might cost 80% the cost of a new one. I hear the pandemic has only made it worse. You may get a good price if you make direct deal with individual seller but dealers will not budge much below their quoted price. They have formed a cartel and the relatively young and affluent population has ensured a steady demand for used cars enabling the dealers to sustain such prices.

[anirudhbb]

Originally Posted by nagr22

It doesn't make sense because the cost expected by dealers is so high that it makes sense to buy a new one. In places like Delhi and Mumbai you may get a 3-5 year old car for 50% the cost of new one (I am talking pre-pandemic days). In Bangalore, the same car might cost 80% the cost of a new one. I hear the pandemic has only made it worse. You may get a good price if you make direct deal with individual seller but dealers will not budge much below their quoted price. They have formed a cartel and the relatively young and affluent population has ensured a steady demand for used cars enabling the dealers to sustain such prices.

Understood. What's adding to the situation is the car-waiting period, this has increased gap between demand and supply.

All things being equal, how should one decide fair value for a used car based on ODO reading, and age of car?

[Maky]

Hello everyone,

I'm in the market for a new car purchase this year(Nov-Dec) and we have never bought a used car in our lives. However, unlike previously, for the forseeable future I cannot claim depreciation and fuel expenses and have now been considering used vehicles to offset the otherwise deductions I could claim.
I have definitely not ruled out buying new but am considering used should I find a very slighly used example. My criterias are very preferably <6 months but no more than 9 months and <2000kms, effectively new and save some monies. My budget for used would be 20-25L and for new was/is 25-30L. For reference, I was looking at the facelifted Jeep Compass and new Octavia originally but I imagine I could also now look at perhaps higher luxury options? I am not sure. Note I also have a 2013 49k run single-owner Swift Petrol I was told could get as much as ~3L for when traded in.

I been looking on cardekho and carwale for used examples but have been unable to find anything that falls in either of the above parameters. Could someone please tell me if I have missed any online directory, or if anyone has any good recommendations offline locally? I live in Bombay.

Thanks for your time : )

[theabstractmind]

Originally Posted by anirudhbb

In many posts, it's mentioned that Bangalore is not the market for used-car and doesn't make sense to buy used car.

Why is that so?

Currently exploring one used-car deal which has come up.

You should be really lucky to get a good deal in Bangalore. Quoting two instances:

1. One of my friends bought a new XZ+ Nexon at 11.5 lacs OTR in late 2021. While, one of the online portals lists an XZ+ at 10.43 lacs! Where is the depreciation? I saw a few more examples like this.

2. I am trying to sell my 2017 Ameo in a very good condition - which needs no repairs or replacements for the next one year, not even a service - in order to upgrade. I am being given quotes in the range of 4 lacs to 5.3 lacs. I had paid 7 lacs about 15 months ago for the same car and brought the car into a better condition mechanically than it was before. Irony is that similar models and even very high run models are listed between 6.8 to 7.3 lacs on these portals. So it looks like depreciation applies only to the seller and not the buyer. Also may be indicative of the margins these portals have.

[SinghBHP]

Used car Loan - Has anybody taken a car loan of say 8 Lacs plus in recent times ? Need to know the interest rates and which bank is easy in terms of formalities.

[ninjatalli]

Originally Posted by anirudhbb

All things being equal, how should one decide fair value for a used car based on ODO reading, and age of car?

Orange book value is a good reference for conversations with actual owners - one can start from there. Dealers - upto luck and your negotiation skills.

[chaksjr]

Originally Posted by SinghBHP

Used car Loan - Has anybody taken a car loan of say 8 Lacs plus in recent times ? Need to know the interest rates and which bank is easy in terms of formalities.

Hello! Have been talking about this to my bank (HDFC), they are offering me a 13.5% interest for a used car loan, but my amount required is only around 4L. Not sure how much would it change for an 8L amount.
Used car loans normally start at only around 12.5% no matter which bank you go to. In rare instances one might get it at 10% like one of our fellow BHPians who bought a 2 year old Ecosport at a 10% RoI loan from SBI.

[StarryFurry]

Is it advisable to buy a used Alto K10 AMT(with Airbag)? I have been offered one with around 10000 kilometres on the odo. The car is 2019 model and it was confiscated by the financer. The quoted price is 350000 including transfer charges. Also, the insurance has expired so that has to be renewed by me. Any guess about the approx insurance cost and What should be the ideal price for this car?