India is the 4th largest automotive market by volume in the world. The total number of cars in India is 28.6 million. The ratio of used car vs new car has now risen to about 1.3:1 in India from 1.7 million units in 2011 to 3.3 million units in 2016. Moreover, the used car market is expected to grow at a steady pace of 15% to touch 4.0 million units by 2020. North (35.5%) & West India (27.4%) account for over 60% of all pre-owned cars sold in India.

Four factors are fuelling the growth in used car sales

  • 1 Ownership cycles are getting shorter — Five years ago, this was an of average 6-7 years, but today it hovers around 4 years and is likely to dip further to 3.5 years by 2021
  • 2 Quality of cars in India is improving, increasing reliability even when the car is driven for longer distances
  • 3 Organised Players in this market are increasing which brings credibility and confidence amongst the buyers
  • 4 Societal acceptance of buying used cars is growing
*Estimated

Ask yourself the following questions before you purchase

  • DO I KNOW WHAT I WANT?

    The automobile market is huge and it requires vast research to identify the vehicle we want. First few steps in buying used vehicle is to identify the price range, EMI to be paid, vehicle research etc. This ensures that you are well informed before you decide the vehicle of your choice.

    Droom helps you in clearing all your doubts in the first phase of buying used vehicle – http://droom.in/discovery


  • AM I PAYING THE RIGHT PRICE?

    It is important to know the price of the desired car in your budget range. Proper research is required to find out the market value of that vehicle. This makes sure that you pay the right price for the right vehicle.

    Droom helps you find the right price for your desired vehicle – http://orangebookvalue.com/


  • AM I BUYING THE RIGHT VEHICLE?

    When you buy a used vehicle, it is important to inspect for all possible checkpoints. Make sure that you go for a test drive before you buy the vehicle.

    Droom helps you buy the vehicle that you can be sure of – http://ecoinspection.in/


  • AM I BEING INFORMED?

    Whenever you buy a used vehicle, make sure you are informed of the history of the vehicle. Learn about its background such as loan, insurance, traffic violations, theft history, etc., before you make your final decision.

    Droom helps you become a well-informed buyer – http://droomhistory.com/


  • AM I ELIGIBLE FOR LOAN?

    Bank loans are very helpful in buying used vehicles of any price range. Research extensively to identify and understand if you are eligible and how much you can get as loan from the bank

    Droom helps get instant vehicle loans – http://droomcredit.com/

DOCUMENTATION

TO BE CHECKED BEFORE BUYING

1. Registration Certificate

2. Insurance Certificate

3. Pollution under control certificate

4. Municipality or BMC certificate

5. Road tax

6. No Objection Certificate or NOC if the financing company or a financier is financing the used car

7. Taxation forms or tax certificate for claiming tax deductions if any

 

Identity proof (Any 2)

1. PAN card

2. Driving License

3. Passport

4. Aadhaar Card

5. Voter’s ID

TO BE CARRIED BY YOU

Address proof (Any 2)

1. Electricity bill

2. House purchase agreement

3. Rent agreement (if you are on rent)

4. Ration card

 

Income proof (Any 2)

1. Bank statements for last six months

2. Last three months’ salary slips

3. Letter for loan closure (for previous loan except home loan)

4. Last two years’ income tax returns