Much like buying a brand new car, now one can book a certified pre-owned car online and that too with a seven-day buyback policy. A first of its kind in India, this is the new feature added on used car buying portal Truebil.

“The booking enables a buyer to block a particular vehicle or model of his choice. We will hold the vehicle for the next three days and even after delivery, we will accept the vehicle within a week’s time or a maximum of it running 300 km,” Shubh Bansal, co-founder and Chief of Marketing at Truebil told BusinessLine .

‘Breathing space’

“It’s not possible for a buyer to fall in love with the car immediately. The buyback period gives him time to drive around and test the vehicle,” he added.

Truebil, a virtual marketplace for pre-owned cars, launched this feature – ‘Most Valued Cars’ – on Wednesday.

However, unlike some of the e-commerce marketplaces, the return policy is not without questions. “Of course, we will ask what is wrong with the vehicle and take corrective actions,” Bansal said, adding the firm is charging ₹1,000 from a user to avail this feature.

For every car sold, it provides ₹10,000 worth of services that include a six-month warranty, one free service and assistance with documents.

Mumbai-based Truebil was founded by seven IIT-ians, of which five were former employees. The portal, which started operations in March this year, recently raised $500,000 in first round of funding from Kae Capital and angel investor Anupam Mittal.

Further, the portal is exploring the option to launch a full buyback scheme, wherein no questions would be asked when a vehicle is returned. However, the fee for this would be much higher at ₹10,000. Truebil, which also has a normal channel for buyers to directly contact sellers, has sold 220 cars since its launch.

One of the features that differentiate it from rivals is that the portal sells only curated cars (engineers inspect every vehicle before listing), with an inspection report available to buyers.

“We reject 22 per cent of the cars that come to us for listing. We don’t list cars involved in accidents, that have done more than 1 lakh km and older than 2006,” Bansal added.