Getting a good deal on car market requires doing lots of research.
With the economy in a crunch these days, buying a brand-new car doesn’t seem all that viable for most people. Instead, many are turning to the used car market where a better bargain could be potentially struck.
Buying a car can be a stressful experience and a tough choice to make, there are things to consider before buying a car to make the process go more smoothly. Before you even get to the dealer or take a vehicle new or used out for a test drive, consider doing some research to help you with the vital information you need to get the best choice for yourself.
With that said, the process of buying a used car isn’t the same as for a brand-new one. Unlike the latter, you cannot just blindly purchase a used car and expect it not to give you headaches later on the road.
Budget
Before you set out to look for a vehicle to buy, set a budget, and adhere strictly to it. That way, you will avoid overspending and actually be able to make a much more rational decision in regards to your car purchase.
Buying a car is a big purchase, so finances should be at the top of your to-do list before you even start looking at potential vehicles. The cost of the intended vehicle should be within the range of your budget.
Your budget will determine whether you can buy new or used and how much you can afford in running costs.
It’s crucial you’re realistic about your budget. Over-extending yourself can lead to problems later on. Particularly if you have little or no savings and your income drops unexpectedly.
2. Lifestyle
Another aspect to consider, whether it is buying a used car or a brand-new one, is whether it can complement your lifestyle. Sure, a Ford Mustang GT is a super nice car, but it would be highly impractical as a family vehicle.
A man who wants to get his first and the only car with a family of six would be advised to go for a space bus or a large SUV, rather than a sports car of any kind.
Similarly, a used Audi sedan might give off an aura of great prestige but think about the high maintenance – do you really think you would be fine with that expense? Critically assess what your needs are and stick to car types that best fit the bill.
Financing and Maintenance cost
It wouldn’t be cost-efficient to buy a car with cost maintenance above your budget. Before buying a car, it’s reasonable and advisable to look up how much it costs to maintain.
Most Americans pay for their car through financing. There are many options available to you when it comes to it – you can acquire it through your bank, through a private lending agency, or through the car dealership itself.
Different financing options have different requirements. Some may just ask you to make a small down payment and fill out a form while in other you will be required to go through extensive paperwork. It is important that you do your research regarding financing before you go out looking for a car to purchase. This will save you from a lot of headaches later on.
Some people just go-ahead to purchasing a car, without doing proper research on the maintenance cost, which may later hunt them.
Car owners are oftentimes confronted with the harsh reality that car maintenance ends up adding a lot to the overall cost of a car over its lifetime. Apart from the upfront cost of the car. Things like taxes, depreciation, insurance, along with routine car maintenance and service need to be considered when buying.
4. Insurance
In the US, proof of insurance is often required before you can close the deal on a used car. It’s not recommended that you take the lazy route and only start looking for insurance once you have reached this stage.
Short on time, in haste, you could end up with an expensive insurance premium that otherwise could have been avoided if you had more time to do your research and weigh your options properly. Looking for your insurance options should commence as soon as you have settled down a few contenders in regards to the car you want to buy.
Approach different insurance agencies and ask for quotes for the options you have selected. Compare the expected costs for each selected vehicle from different insurance agencies. Utilize that information to further narrow down the choices on what car might be the best for you.
Road or route
The intended vehicle must be suitable for the road/route it will be moving on regularly. You wouldn’t want to by a low car for a road full of port-holes instead you would rather go for an SUV.
When a car buyer is conscious about the route is intended vehicle would pass regularly, it helps to make the right decision. Which in turn saves the buyer some money from constant repairs and extortion from mechanics.
5. Reputation
If you are not well-experienced when it comes to buying a used car, it is best that you play it safe and go only with those car makes possessing a good reputation. You can look at user reviews and car rating websites to assess a car’s reputation.
In addition, it is better to opt for reputable dealerships rather than private call sellers. Unlike the latter, the good dealership would want more than a car of their being sold off. It may be important to them for you to have a satisfactory experience so that you can leave a positive review about them or recommend them to your others in your circle afterward.
Resale value
When buying a car, it’s advisable to know the resale value of the car in your country. So when you’re trying to sell, it would still worth a tangible amount of money. Cars like Toyota Camry, Toyota Corolla, Lexus Rx 300 and 350, Hyundai Elantra, Land-rover Range-rover to mention a few. Have proved themselves over time to have good resale value in Nigeria
6. Ownership and Car Title
Unless the car is on a loan or lien, the seller of the car should be able to provide you with a car title if you purchase it outright. And, specifically in the case of an individual seller, it is important that you check whether they are true owners of the vehicle or not. Ask for an ID and see if it matches the name on the title or not.
8. Pre-Purchase Inspection
A pre-purchase inspection involves a trained technician critically examining the car, inside and out, to assess its condition before purchase. This is a very important step that you shouldn’t neglect. Aside from saving you from potentially a bad deal, it could also help you make a good deal even better.
If the technician finds an issue with the car that the dealership or individual seller didn’t communicate to you themselves, you can utilize the information as your bargaining chip to negotiate a lower price. A pre-purchase inspection isn’t expensive and wouldn’t take more than an hour or two of your time.
9. Warranty
You should always try to make yourself better aware of exactly what you are getting yourself into when making an expensive purchase. When it comes to car warranties, take the time to read the fine print carefully, and specifically check for the warranty labels. Check to see if the car is still covered under the manufacturer’s warranty or if it is no longer cover, whether it could be extended.
In some cases, a car may be covered by a third-party warranty instead in which case it is important to look at what is being covered and what isn’t. Some used cars are sold without warranty as an “as-in” which means that the seller takes no responsibility for any damage once the car’s ownership has changed hands.
Conclusion
Sure, compared to a brand-new car, purchasing a used one carries with it a bit more hassle. But the process is also much more exciting and, if you follow the advice listed here correctly, the potential value for money that a used car can bring cannot be matched by a newer one.
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