If you are thinking about purchasing a used car, then there are some important factors to take into consideration ahead of time to avoid buying a lemon. Check out this list of things to help you with your next used car purchase to ensure you get the right car to fit your needs.
1. Figuring Out Your Budget
Calculating how much you can spend on a vehicle is an important part of the budgeting equation but not the only piece. In addition to the cost of the vehicle, you also need to figure in all the ancillary costs associated with it such as financing costs, prospective fuel and maintenance costs, insurance and registration, and a decent road-side assistance program.
Another key (but often missed) calculation is projected costs for major repairs down the road. Used cars cost less because they already have wear and tear associated with them, and the amount of that wear and tear can help determine how long before something major breaks. The key is to find the right balance between the cost of the car and how much you will be paying later on.
2. Build a Target List of Used Cars
Once you have a good handle on how much you can spend, the next step is figuring out which used car will fit best into that price range. As a general rule, the more money you have to spend, the more option you will have in front of you, but that isn’t necessarily always the case. Use sites like Edmunds and Cars.com to search through large inventories of used cars to find the one that best fits you.
The money is only part of the equation for finding the right car. The other part is what you want out of your next purchase. Are you looking for a good winter car, a stylish sedan, an SUV with lots of cargo space, or something else? The last thing you want is to be stuck in a multi-year payment plan on a vehicle you don’t want.
3. Check the Vehicle History Report
Once you have found the car you really want, the next step is to check its history. If you are purchasing through a dealership then they will provide the report for you, but if you are buying from a private seller then you will need to go online and get one yourself.
This is an important step and should not be overlooked. If your prospective car has been in an accident, fire, been salvaged, or stolen, then it will show up in the report. This is a great way to protect yourself from purchasing a defective vehicle that will end up failing and costing you a lot of money.
With these tips in hand, you will be in-the-know when going to purchase a used car and therefore able to make an informed purchase. Remember to go through a reputable dealer when making your next used car purchase and good luck to you.
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