Unlike the old times where buying a second hand vehicles was considered as a bad option, nowadays used or second-hand vehicles sell like hot cakes on both online and offline platforms. There are so many people who love to ride a bike and go on long rides or even road trips but not all of them can choose to buy a brand new one. For such people, buying a second-hand vehicle is money saving as well as pocket friendly. And let’s face it being a bike-rider is a cool thing today.
But choosing which vehicle to buy from whom and where,is a daunting question. The choices are endless and sellers are many, it’s easy to get lost. There are chances where you can even end up with a stolen bike or come to know of the defects only after few days of purchasing the two wheeler.
So, while buying a second-hand bike, it is important to check a few things like history of the two wheeler, a background check on the seller, etc. Of these, the most important thing is to check for the proper paperwork while taking the possession. So before you crack the deal, here is all you want to know about getting the right documents from the seller:
If you think the history of the two wheeler is not important, then you are probably landing yourself in trouble. This is one of the major mistakes that we do. Ask your seller to show all the maintenance records and service book because only a well serviced bike is worth buying. Check the speedometer to know the distance travelled, insurance policy to know if there were any claims from the seller or on the seller, this will help you in finding if there were any legal proceedings on the vehicle.
Check for scratches, dents, frame of the vehicle, oil level, head lights, Indicators and all the other extra fittings or accessories. Scratches or minor damages are quite common with used vehicles; but if you check properly this might help you in negotiating the cost of the vehicle. Always ask for a test drive to check different controls on the bike, driving in mud roads or bad roads, slopes etc. Importantly check for the emission levels. If there is too much smoke coming off the vent you will know the price to pay because this will require repair to reduce the amount of smoke emitted.
This is a very important document that authenticates that the 2 wheeler belongs to the seller and is not involved in any malicious activities. It is mandatory for the seller to hand over this to the buyer at the time of purchase. The buyer should check for; seller’s name, engine number, chassis number and other details. All these details should match with the specifications of the two wheeler. Once the sale is confirmed, the book has to be submitted to Regional Transport Office (RTO) where the possession of the bike will be changed to a new name (buyer).
If there is a bank seal on the RC book it means the 2 wheeler was purchased on a loan. In such cases, the buyer should get Form 35 stamped and NOC letter from the bank mentioning the clearance of the loan. There will be charges applied by the RTO for canceling the loan entry.
Make sure that the seller has paid road tax and other related taxes on right time. With the change in law, these days most of the vehicles pay the tax once for a period of 15 years normally. This is not standard, it may vary from state to state.
If you are yet to purchase the bike, make sure that the bike is not emitting too much smoke as this can lead to paying some hefty fines if it’s not to standard level as regulated by the government. This certificate is mandatory for any vehicle which is more than 6 months old. Penalty will be charged if the test is delayed or not done at all.
If the seller has not done any pollution tests for the bike, the buyer is responsible to get the test done after the possession of the bike.
As evident from our previous articles, it is mandatory to insure your vehicle under the law. You cannot register your vehicle in an RTO if you do not possess one. Check with the seller if he/she has a valid insurance certificate covering the period of sale. Submit a written request to the insurance provider or the bank for the transfer of the policy. After the transfer of the ownership, visit the insurer which has provided the insurance to have the policy transferred to your name while it is active.
If the policy has lapsed, the buyer will have to pay penalty for the period for which the bike was not insured. In case the policy is not active, the buyer has to apply for a new two insurance policy. You can apply for bike insurance policies on various websites to buy the best policy that is beneficial for you.
Transfer deed is a certificate that confirms the transfer of the possession from seller to buyer. The seller should have this with him/her to avoid any legal complications in the future. There should be two copies of transfer deed, one with the seller and one with the buyer along with revenue stamps. Registration number, chassis number and engine number should be mentioned on them along with the personal details like name, address and ID proof, of both the parties. Both of them should sign the documents and submit it in the RTO for the new possession by the buyer.
Only after checking all authentic documents sign your deal. The above mentioned documents are what you need to get the possession of your new bike. But ensure you complete all legal formalities as well.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.