Buying a used car offers many benefits over buying a new vehicle, such as a lower purchase price, less depreciation, and lower insurance to name but a few. However, you need to be prepared when you’re shopping for a used car. Here are five important factors to consider.
1. Decide on Your Budget
Working out your budget is equally the most basic and most important factor when buying a used car. If you’re paying cash, don’t be tempted to stretch your budget. If you intend to take out finance, realistically work out the deposit and monthly payments you can afford without difficulty. Don’t forget to take the running costs into account.
2. Create a Car Wish List
You might like to own a particular car, but it can make your search easier if you create a list of similar vehicles that fall within your price range. Also, decide on the specifications you need, and those that are desirable. It might come down to choosing between an older but higher spec model or a newer car with fewer extras.
Research takes time, but is invaluable. Study the reviews of the cars you’re interested in to see what owners say about them and if there any common reliability problems. Look up the “10 best…” lists for the type of vehicle you want. Use Kelley Blue Book as a guide to the real value of used vehicles based on age, mileage, condition, etc.
3. Research the Value of Your Trade-in
If you’re offsetting the cost of your “new” car with a trade-in, you should know what it’s worth. Once again, Kelly Blue Book can help you with that. A salesman has to turn a profit on your trade-in, so he will try to give you the lowest price possible but, if you know its value, you’ll know if it’s a fair offer. Alternatively, assess whether you’d get more for it with a private sale and if it’s worth the additional hassle.
4. Have Your Chosen Car Checked
When you’ve found a car that you’re interested in, you need to know if there are any problems with it. Firstly, look up the vehicle history report which will tell you the ownership history, the approximate mileage, if it’s ever been involved in a major accident, or if it’s stolen.
Take it for a test drive for yourself to make sure there are no unusual rattles, squeaks, or problems with the brakes, steering, and suspension. Even if it seems OK to drive, the next step is to have it inspected by a mechanic for any underlying problems. It might cost you around $100, but it could save you a lot of money and hassle in the future.
5. Negotiate
You’ve done your research, so you know the value of the dream car you’ve found, and what your trade-in’s worth, so negotiate with the salesman to get the best deal. Be prepared to walk away if you don’t get what you want.
Rath Auto Resources of Fort Worth have an awesome inventory of used vehicles and they’ll give you the best deal on your trade-in.
Image via RathAutoFortSmith.com
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