When trying to fix the price of used Toyota Innova in Bangalore online many people only focus on the age of the car, the distance covered by the car, and the condition of the car. But there are other factors involved that can either increase or decrease the asking price for a used car. Warranties is one such factor.
The Types of Warranties
Warranty is a true expression of confidence of an OEM in its car. The mere fact that they are ready to enter into a legally binding agreement shows that they are confident that their product is going to last that long.
There are primarily two types of warranties that you should look at when buying a used car.
- Original Warranty: This is usually involved when a car is not that old when it is made available in the market for used cars. If the car is being sold in say 2 years of purchase then there would a lot of original warranties given by the OEM still valid. In this case, the asking price of the second hand car would be higher.
- Extended Warranty: Sometimes, the seller would have paid extra and got warranties on some of the parts of the car extended. This is called extended warranty and is valid for a definite number of years for those parts. These warranties usually expire when you sell the car. However, in some cases these warranties can be transferred. If it is transferrable then the asking price of the used car will be higher. However, if the warranty cannot be transferred then the asking price would be less.
While you are looking at warranties, you should also look at aspects like who is backing up the warranty and what is covered under it.