[Jaguarpaw]

Originally Posted by hserus

Just who is offering used car loans at the same rate as a new car loan? Usually at least 2% more than a new car loan, and all sorts of restrictions on the car age and km in several banks.

Whenever I buy used cars I only spend what I am able to raise on my own (eg selling some shares or having a deposit mature). That restricts the kind of car / age of car I can get, but that's fine. Buying within 10 lakhs each time means I have the chance to get a 20+ lakh car that's around 4 years old.

Canara bank offer used car loans at 7.5% interest rate just same as for new car with few restrictions. Restrictions are as below

1. Used car must be maximum 4 years old
2. Used car will be valued by valuator designated by the bank and 60% of the valuation is loaned
3. Tenure will be maximum 84 months from date of manufacture of the car. That means if we buy a car aged 50 months we shall get 34 months loan repayment period.
4. Procedure for sanctioning of loan will take 15-24 Working Days
5. Loans can be sanctioned or restricted according to wish and will of the manager
6. For companies CA certificate should be accompanied stating the EMI can be paid from the profits of the company.
7. Loans can be sanctioned / rejected purely on bank managers discretion. This indirectly means a priority customer can get hold of loan easier than a new applicant.
8. Valuation charges and processing fee charged separately on customers account.

I am in hunt for a pre owned Endeavour , Fortuner and hence the information above is updated information as on 31-10-2020. I have been offered 7.65% interest by UCO bank too.

[noopster]

Originally Posted by Utham123

Is this a running joke or do people actually, believe a doctor's car is a better proposition? I am not trying to troll. I genuinely want to understand the reason behind this reputation for doctors.

I ask this question, because my cousin is a doctor and the way he maintains his car makes me genuinely concerned for the car. His brother and I like cars, discuss them and take good care of them and we both wonder, why do doctors get this reputation.

Originally Posted by vjbox

I have always wondered about this too. Whats the deal with Doctors driven cars? its not that they would drive carefully as though they are performing an open heart surgery. I mean it would make more sense if someone says they bought the car from a car mechanic or a car nerd where there is a far higher chance of good maintenance.

Chill out guys, it was a statement made in lighter vein . Back in the 80s when only doctors, businessmen and other prosperous professionals could afford personal cars, this myth probably took root. My best friend's dad growing up was a doctor and he did take good care of his cars but that's anecdotal evidence at best! It wasn't even a factor in my buying the car and I only found out after the insurance transfer because it listed his name as Dr. so and so.

[akshay4587]

Originally Posted by RavSam

Even if we consider that these are an easy fix at fraction of the price saves I've also seen very new cars with engine oil as "dirty". Can a dirty engine oil be fixed completely? Like eliminating it entirely and replacing it with new?

What's wrong with dirty engine oil?
Engine oil gets dark over time in the healthiest of the engines.
The discoloration happens after a couple of thousand kms in a petrol engine, but in a diesel it can happen in 50 kms and that is almost normal.

A darker shade of engine oil doesnt mean its dirty, it mean it is doing its job properly.
What you should be concerned about is that the oil is changed with a good quality, proper grade oil on time.

[RavSam]

Originally Posted by akshay4587

What's wrong with dirty engine oil?

Thanks for replying Akshay!
Well, my query wasn't about what's wrong with dirty engine oil.

In Cars24 website they have categories of checks done on cars. In the engine oil section, they mark it as "dirty" with a red exclamation mark when it's too dark (with photographs). Which makes it look like it's a point of concern.

My query was, if it's dirty, can it be entirely replaced? Like kind of flushing it out before replacing? I'm a noob at this probably. Could you please help me with this "replacement" query solution?

[vroom_vroom]

Originally Posted by adityagurjar

My recent experiences with the likes of Zoomcar and Mychoize haven't been great. Although they've come a long way in making the process of renting out these cars seamless, the cars themselves are poorly maintained. There has been a steady decline in the quality of cars in their stable specially in the last few years. So not sure if they're worth the risk, specially for long outstation trips.

I do not have much experience with them either. I just expressed my opinion and may be what you are saying is generally true. So far, I rented out a car from zoomcar only once when I went on a family vacation and drove from Bangalore to Coorg couple of years back. It was a well maintained vehicle with very low number on the odo. Maybe the low odo reading is why the vehicle felt so good.

Although, I am a driving enthusiast who dreams of touring whole India, there are other factors which put a wrench in the plans resulting in me going out on a road trip only once a year. Considering this, I still feel that I should just keep my grand i10 for city runs and rely on the rented options for outstation drives.

My 2 cents.

[akhil994]

Originally Posted by RavSam

Thanks for replying Akshay!
Well, my query wasn't about what's wrong with dirty engine oil.

In Cars24 website they have categories of checks done on cars. In the engine oil section, they mark it as "dirty" with a red exclamation mark when it's too dark (with photographs). Which makes it look like it's a point of concern.

My query was, if it's dirty, can it be entirely replaced? Like kind of flushing it out before replacing? I'm a noob at this probably. Could you please help me with this "replacement" query solution?

Yes of course it can be replaced. The old engine oil is flushed and new oil is put in place. That is what happens whenever a car's service schedule specifies a change in engine oil.

[diwakarmuthu]

Originally Posted by GTO

[center]Nicely depreciated

Fantastic post. I am always looking for good examples of pre-owned cars that I can think about buying one day.

The depreciation rarely gets converted to price difference, at least in Chennai. For example a 2018 or 2019 Innova Crysta GX AT is costing in the range of 16.5-18L, while a new one on road will be some where closer to 22L

I understand Toyota from reliability perspective, but would you pay a premium for it in pre-owned terms?

Is my observation similar in other cities as well?

[Utham123]

Originally Posted by noopster

Chill out guys, it was a statement made in lighter vein . Back in the 80s when only doctors, businessmen and other prosperous professionals could afford personal cars, this myth probably took root.

I kind of expected it to be and hence, my question if that is a running joke.

The financial stability aspect makes sense. Being a BHpian and a distinguished one at that I am sure your own PDI had much more to do with the purchase than the profession of the owner.

The "Doctotor's car" is a hangover from yesteryears but, I still see it being advertised in classifieds and by agents. I always chuckle when they emphasize that aspect.

[Entsurgeon]

Originally Posted by diwakarmuthu

The depreciation rarely gets converted to price difference, at least in Chennai.

I understand Toyota from reliability perspective, but would you pay a premium for it in pre-owned terms?

Is my observation similar in other cities as well?

The price difference you get is the depreciation. Any other values is just theoretical and just to give you a ball park figure.
As far as Toyotas are concerned, they are supposed be low maintenance long lasting cars and hence a 100,000km 10 year old toyota will still have takers when skodas and veedubs may not find a donation recipient.
Thus the toyotas hold their value very well. Better than other japs.
Another factor is whichever models sell like hotcakes will have waiting periods for new cars and such cars will neither have lot of discount when new nor would they come cheap used. Hyundai creta is a recent example. Theres a 2 to 6 month wait on some variants and there are no discounts plus they would hold the value well. Swift, corolla, innova and even qualis are some cases in point. Also, if a model gets discontinued, it depreciates faster. Then again if its a global model which is still being sold everywhere ( mostly in case of luxury cars) it would reduce the depreciation just a bit.
Local factors definitely affect resale in select models until now as some cars that had manufacturing plant in a given state would get tax sops, the resultant lower price would generally mean a better sales in that particular state. Most mass market vehicles buyers prefer a car from the sate they would use it in to avoid hassles of regn transfer. This may also affect the demand and supply equation in a given state. All these factors affecting depreciation.

[dicor]

I am in hunt of used Innova Crysta (anywhere in MP).

Can someone suggest where to find these "depreciated almost new" used cars?

Think of small cities and Carwale, Cardekho cartrade are dying. Olx is a single platform for used stuff. There are more cars available in Olx than Carwale. But all the cars are soaringly priced.

Sadly TrueValue, Toyota U Trust, FirstChoice also do not have their inventories regularly updated on their portal.

Most of the distress sales are sold to cars24, dealers because they give immediate cash, then they resell these with a huge profit margin.

Professionally maintained portals like droom or IBB or Truebil are almost dysfunctional.

My neighbour bought Fortuner in 2009 at 18 lakhs and now selling his 11 years old T-Fort at 14 lakhs. Cars24 offered him 7 lakhs yet he managed to get a customer for 12 lakhs. Thanks to the new Fortuner price.

I envisage getting an almost new used car purely depends upon luck.

Originally Posted by ajaiD

Nice write up but I for one had a very hard time getting finance for a 3 yr old Ford Endeavor. I tried HDFC "I was pre-approved for a 19lac car loan but not a used car loan" and in the end they offered me 7-8lac at almost 25% interest. SBI said no for any instant car loan since I was self employed and said put application. ICICI was better than HDFC with interest rate @ 22.5%.

I ended up with a new Compass @ 9% HDFC Pre-Approved loan.

I prefer corporate personal loan (10% to 14%) instead of used car loan.

Originally Posted by Utham123

The "Doctotor's car" is a hangover from yesteryears but, I still see it being advertised in classifieds and by agents. I always chuckle when they emphasize that aspect.

I have the same question about in "Parsi owned car". Doctor owned car is a joke for me. I think the term doctor-owned car means less driven, driven by chauffer or just from home to the clinic in the same city.

Originally Posted by autohead666

Not sure about Mumbai, but here in Bangalore it doesn't make sense to buy a 3-year-old car . Price quoted by the dealer is almost close to the original purchase price . Sad part is, you will find the same scene in all the dealer outlets. I have compared prices on Carwale,cardekho, and cartrade , and all of them have quoted more or less the same insane price for a 4 year old used i20 Asta diesel that had run for 8000 KMs.

Because they know, Indians will negotiate, thus they inflate. Try online tools for evaluation and throw your offer. If dealing with individual, try saying whatever cars24 will quote, I will pay 20% more than that. May, or may not work.

[jetsetgo08]

Originally Posted by Jaguarpaw

Canara bank offer used car loans at 7.5% interest rate ....I have been offered 7.65% interest by UCO bank too.

May we know if these are flat or diminishing interest rates? Generally, interest rates of used car loans are higher than the new car loans. And new car loans are usually diminishing interest rates.

[Jaguarpaw]

Originally Posted by jetsetgo08

May we know if these are flat or diminishing interest rates? Generally, interest rates of used car loans are higher than the new car loans. And new car loans are usually diminishing interest rates.

Canara bank offers diminishing rates for pre owned cars just as the same as for a new car. Rate of Interest 7.50 percent can be availed if your credit rating is 800. For 750 and above credit rating the rates will be 7.75%

[GRAND23]

Originally Posted by viscosity

Was this issue already known when you were purchasing it? I am wondering whether the previous owner thought this is a big issue hence decided to sell the car or were there other non vehicle related reasons for selling the car ?

The answer is NO.

Well, if you are in used car market there is no way you can be 100% sure about the car. You need to always carry atleast 10% risk such as clutch wear, steering issues, some electrical issues, body dents and so on.
The previous owner was lady and I am assuming she might have not understood the issue or she felt very uncomfortable to drive the car. This also might be the reason why car was not driven much. Since I bought from Trident pre-owned outlet, I took the car to Trident Renault service center and got it checked thoroughly. In service records, apart from "hard clutch" complaint nothing else was registered. So there is a high possibility that lady didn't speak about the issue and service engineers cannot identify the issue until unless it's told or driven the car.

Hope this answers your question.

[hserus]

Originally Posted by viscosity

Was this issue already known when you were purchasing it? I am wondering whether the previous owner thought this is a big issue hence decided to sell the car or were there other non vehicle related reasons for selling the car ?

As a starter, while purchasing a second hand item, I typically start with trying to ascertain the reason why the other person is selling it. Curious, how did you convince yourself that the car is genuinely good ?

It is sometimes the case that the issue may be diagnosed and the service center will convince the owner to just buy a new car and trade in the old one, so it can be sold off. In that case they will log just some innocuous issue and do a general service.

The Scorpio I bought from a dealer at 20k km over 5 years (company verified service) had the dipstick replaced about a month before the vehicle was sold.

I noticed only later that there was blowby from the dipstick area causing some oil to spray around the engine, and a drop in engine oil levels of a liter over 1500-2000 km. The owner must have thought he was in for at least a half engine replacement so that he sold the car in a hurry.

The actual issue was a clogged PCV valve and dirty intercooler due to, probably, overfilling of engine oil. Cleaning both in diesel and wd40 solved the issue at minimal to almost no cost.

[2TR-FE]

I agree with this. Indeed, pre-owned cars that are 1-3 years old are a steal deal in most cases.

We have just bought a 2019 Vento TDI DSG Highline Plus which had 15k kilometres on odo for 11L. We could have bargained for more but the fear of losing the deal kept us latched.

The car is in awesome condition except the Vento and Polo specific warped discs complaint. Planning to skim the discs and replace pads soon.