As cars have become more of a necessity
than a luxury for the average Indian, the market for new as well as pre owned
cars has witnessed rapid growth. Though the market of
used cars in India is brimming with great choices, you may also come across unscrupulous
sellers. So before buying a used car, check the paperwork thoroughly and also
make sure that your seller sends the letter of information about the sale to
the Regional transport office, RTO (where the car had been registered) within
14 days. Here are some important documents which you must get before finalising
the deal.
Thoroughly inspected car parts
and documents:
Firstly, get the car checked by a trusted mechanic; doing
this will either help you in fixing the problems by the owner itself or you can
negotiate the price. Check the number of documents here:
Always check if the chassis
number and engine number matches the numbers on registration papers.
Examine the condition of the
tyres, brakes and filters of the car. A poorly maintained car is not worth of
your money.
Transfer
of the ownership of car
A buyer should submit the following forms
to the nearest jurisdiction. These forms must be signed by the previous owner
and the current buyer.
- Form 28: No objection certificate (NOC)
- Form 29: Transfer of ownership of car
- Form 30: Application of intimation and transfer of ownership
In case, the car had been registered in a
different jurisdiction then a buyer can demand a NOC from the RTO of that
jurisdiction, it will speed up the whole process of transferring the ownership.
After submitting the above documents and
forms, the local RTO would start the process of transferring of ownership. A
buyer will receive a receipt in 15 to 20 days and a copy of RC (with buyer’s
name) will come in around 40 to 45 days. This process shows your legal
transaction and acts like an evidence of transaction.
Once you receive the RC, there are some
other documents also which you need to take care of:
- Get the car insurance transferred at your name, or get a new one as an alternative
- Do not forget to get the service book which includes all the records of services done along with the road tax receipts
- If the car has CNG fitted to it, then do get the bi-fuel certificate
- Also ensure that the seller
should give you pollution under control (PUC) certificate.
If the car is
bought on finance then make sure that you get the original invoice of the car
along with the NOC issued by the car finance company.
Conclusion
Buying a used car
from a dealer is less exhausting as he takes care of transferring of ownership
in the name of the new buyer. But make sure that you are buying the car
directly from its first owner and not the car dealer, in that case you will
become the third owner and it would cut down the resale value of the car.
However, buying a car from the auto company is one of the best and safest
options as you get all the documents thoroughly checked by the company itself.
It does the full car servicing before selling it and gives a warranty of up to
1 year along with 1- 3 free services. But usually this advantage has many terms
and conditions applied to it, you can avail an exchange offer only if you have
bought your first car from the same company.
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