India has become a hot zone for used car sellers. The number of used cars that are being sold in the marketed today has matched the number of new cars. However, despite this tremendous growth, a lot of buyers admit that they don’t really know how to find out the rate of used Ford Figo in Bangalore.
There are many sources that can tell you the rate of used cars in India today. But they don’t really tell you what factors impact the rate of the car and how.
Year of Manufacturing
The valuation of the car depends largely on how old it is. But how old is really old in the market today? Many people prefer to buy cars that are on average 5 years old. Anything beyond that is often snubbed by the buyers. One reason for such biased approach is that as the car becomes older and older, its maintenance costs increase. So buyers who are planning to use the car for at least next 5 years are also thinking about the maintenance that they would have to incur later on.
Documentation of the Car
How many original documents can a seller produce for the car also affects the rate. If the seller is unable to produce the original registration certificate and the insurance documents then it means the seller will have to incur additional cost. He will have to pay more for registration and will also have to get a new insurance policy for the car. This affects the asking price.
Condition of the Car
A car that has got dents and scratches or has rust forming on its body will fetch less price for the seller. The buyer will have to again spend to get rid of these damages.