The market for used cars in India is dominated by unorganized players who have their own way of dealing and their own terms and conditions. And then there are the more organized players who follow their own guidelines. So how can a buyer finalize the deal for used Fiat Punto in Bangalore? Here are the most common methods used by organized and unorganized players.
Pay Token Amount
This is the most common method used by the unorganized players of the market. This is usually used when the buyer gives his approval to purchase the used car but needs some time to arrange the finance. In such cases, the buyer hands over some nominal amount to the seller as token amount. In exchange of this, the seller will hold on to the car for the buyer till the rest of the amount is arranged for. During this time, the seller will consider the car as sold and will not show it to other buyers. If the deal gets cancelled, the buyer stands to lose the token amount. So token will be paid by a buyer who is serious about the purchase.
Make the Down Payment
This is something similar to the token amount system but the amount paid is a little higher. It may be 10% or 20% of the value of the car. With payment of this amount the car is kept aside for the buyer as he arranges for the rest of the finance.
Sign the Documents
This method is largely used by the more organized players. Here the seller and the buyer sign documents that display their respective intent to purchase and sell the used car. The delivery of the car is given only after the whole payment is made by the buyer.