8 things to consider when buying a used car – News

A car has become a necessity for most UAE residents nowadays. Approximately 35 percent of residents in Dubai own a vehicle and there is a growing demand for used or pre-owned vehicles due to their affordability and high quality, thanks to the strict regulatory standards set by the UAE government.

The UAE used car market represents around a quarter of the overall GCC market, with almost 500,000 transactions per year, and we expect this figure to double over the next five years. This can be attributed to many reasons: mainly economic prudence, the efficiency that comes with greater digitalization of the used car market and a greater understanding of vehicle depreciation, to name a few. Furthermore, the wide range of used cars on the market is also attractive to the diverse consumer base of the UAE as today there is a second-hand car to suit every type of preference and need. There is also a growing popularity of certified used vehicles that can ensure proper records on the vehicle’s history and condition, meaning customers can avail quality vehicles at comparatively lower prices.

While the used car market is growing at a rapid pace, it is still plagued by informality and lack of transparency. This makes it really important to do your homework and make sure you get the best deal possible and avoid having problems in the future. Thorough research and due diligence can ensure a solid car that gives you value for your money. Comparing different makes and models, specifications, thorough inspections, and weighing financing options are some key things that can make your used car buying process much easier and hassle-free.

Here are some tips you should know before buying a used car:

Investigation – Take the time to browse similar models from different brands to benchmark quality and price between brands. Comparing and contrasting brands, features and prices will ensure a more informed choice.

Specifications – It is very important to check if the car is GCC spec or foreign spec as this will have a big impact on the resale value of the car. GCC specs have much better resale value compared to foreign specs in this market.

Mileage – Be sure to check the car’s original mileage. It is highly recommended to validate service records for each purchase. This is done to eliminate cases of mileage reversal, which is a common form of fraud in the market.

Mechanical inspection – Be sure to have a mechanical inspection done by a trusted mechanic, as most people don’t know what’s beyond the shiny metal. A thorough inspection and expert knowledge can minimize the risk of scams or fraud. Reputable dealers will offer mechanical inspection for a small fee and it is advisable to use this service to avoid problems that may arise later.

Legal Inspection – Be sure to have a legal inspection of the car to check for any accident records or insurance claims that could significantly affect the price of the car. It is very common for cars that have been declared a total loss by insurance to be resold without a documentary trail; Therefore, it is essential to inspect the legal documents before confirming a purchase.

Warranty – Make sure the car has warranty coverage after purchase. Many people still buy a new car even if it loses 20 to 30 percent of its value because they get the manufacturer’s warranty. There are trusted dealers who can sell certified used cars with warranties of 3 to 12 months without considerable loss in value.

Administrative support – Look for a dealer who can offer you support with the paperwork, which can range from passing RTA inspections and registration to insurance and mortgage comparisons. It is essential to correctly handle “non-fun” administrative processes. An error in these processes can cost you dearly in the future.

Financing – Find a dealer who can help you get the right financing for the car. With a low down payment and an attractive interest rate, the right dealer can ensure that your purchase is done right, not only in terms of product quality, but also in terms of financing.

Ariza is general manager of Kavak GCC.

wknd@khaleejtimes.com