Cars: There will be no fraud in the purchase of second hand cars, the government will take a big step! , Government will bring new rules to prevent fraud in the purchase of second hand cars

The second hand car market is crowded right now. There are many apps in the market right now that offer to sell cars at great deals. The second hand car market has grown so rapidly due to the increase in the cost of new vehicles.

Cars: There will be no fraud in the purchase of second hand cars, the government will take a big step!

used car

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second hand cars (second hand car) The market is crowded right now. At present there are many such apps in the market. (application) There are also some who are offering to sell this car at a good deal. Increase in the price of new vehicles (increased prices of new cars) Due to this the market of second hand cars has grown so fast. This is the reason why most car buyers are turning to second hand cars. But with the growth of the second hand car market, the fraud associated with the purchase of those cars (Danger) There has also been an increase in types. In this regard, the government has issued a draft notification. It lays down certain guidelines and rules regarding sale of used vehicles, market. According to the government, disputes related to transfer of vehicle to a new person, liabilities related to third party damage are coming to the fore in the existing ecosystem.

Second hand car market is growing rapidly

You can understand from these figures how fast the second hand car market is growing. About 31 lakh new cars were sold across the country in the financial year ended March. So, around 44 lakh second hand vehicles were also sold during the same period. And the industry believes that the demand for second hand vehicles will increase further in the coming years.

By the financial year 2026, 8 million second hand vehicles are expected to be sold in the country. And during that time the sales figure of new cars is expected to reach 43 lakhs. That is, after 5 years, the sale of old cars will be double the sales of new cars in the country. In the financial year 2021-22, the second hand car market in the country is estimated to be $ 23 billion. And it is projected to grow at 19.5 percent annually over the next 5 years.

What are the new rules?

Let us now know about the draft notification of the government. Due to the new guidelines issued by the government, now the dealers of registered vehicles are required to have a registration authority. (Registration) certificate of Authorization (Authorization Certificate) Have to carry this certificate is valid for 5 years (valid) The registered vehicles which are to be resold will have to be informed to the authorities such as intermediaries like online companies.

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Apart from this, the responsibility of giving information and following the rules will also be on the old owner of the vehicle. The new rules will help in identifying sellers or middlemen of registered vehicles as well as prevent fraud in purchase or sale of used vehicles. The government said the stakeholders, i.e. vehicle sellers and buyers, can give their feedback and feedback on the draft notification within 30 days.

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