Can You Really Save Money When Buying a Used Car?

Not everyone can afford a brand new car. So they opt into buying a used car. But can you really save enough money for this?

Resorting to purchase a used car is a good idea for several reasons. First, some people may prefer buying a used car for its features. Others may buy a car as a gift for a new graduate in the family. Meanwhile, most individuals think that they can save more this way.

Buying a used car does not mean you can save up. However, it does unless you follow the following tips.

Do your research about the model you want to buy

Research takes a lot of your precious time. But, it will save you hundreds to thousands of dollars. Also, it saves you from headaches and regret. Information is the key when purchasing something. And buying a used car is no exception.

Even before going directly to the seller or dealer, you must already have information about the model of the car. It will help you formulate intelligent questions.

Consider the car which can best meet your needs. Some people purchase because of the brand. They believe that popular brands can ensure quality. Well, brands do not guarantee that you have a good deal. What you should look into is not the brand. Instead, learn how the owner took care of the car.

Purchase the car directly from the owner

You can save up if you deal directly with the car’s owner. Why? Because they just want to sell the vehicle. On the other hand, dealers will most likely add commission to the car cost. Thus, it makes the pre-owned car more expensive than it should.

Also, ask questions directly to the car owner about the car’s maintenance. In addition, get to know the reason for selling the car. Plus, find out if there is existing insurance. Afterwards, decide if you are still interested in buying directly from an owner. Or you can use apps such as Carousel Motors.

Know the car’s road history

Check the car’s registration and its history. Was it involved in any traffic incident? Next, ask for the vehicle’s registration information, road tax, and market value. Was the owner able to meet the tax responsibilities? Has the car loan used to buy the car already been settled? When will the car’s registration and insurance expire?

It’s best if you know these details beforehand. It ensures you a better deal when buying a used car. 

Consider other sellers when buying a used car

You don’t have to take the very first deal. Do not pressure yourself to pay the downpayment. After inspecting the car and talking with the dealer or owner, you still have a choice. So take your time and consider other options.

Also, do not buy the car just because the seller is a relative. Remember the reason why you are buying a used car. It is for your convenience. So choose the car that best suits your needs. But not just because a relative is asking you to do so.

See the car at the seller’s own home.

See that the address in the registration is indeed the owner’s home. Also, it provides you security and assurance. 

Take a friend who knows a lot about cars.

You may have an idea about the car you are about to buy. But there are many things to consider. Sadly, you might forget some vital details.

Bringing a friend may give you more ideas you haven’t thought about. Also, a car-savvy friend might be able to ask about some technical stuff. But, unfortunately, it could be foreign to you.

In addition, you will have a witness to what has been said and agreed. This way, should there be any dispute, your friend can help settle things.

Examine the car in daylight

Inspect the car in broad daylight. It helps you see if there have been any repairs. Does the car look too worn? Is it the same compared to the mileage in its speedometer?

Test drive the car

Check the mileage. Some individuals can rewind the mileage to mask its usage. Also, keep an eye for signs of “use and tear.”

It is natural to test drive the pre-owned car. Take note of the simple discomforts. Is there enough room for your legs? Does the key need jiggling before it could start the engine? These may be simple stuff. But, it will annoy you over time.

Ask about the insurance.

Know if the car still has active insurance. Get to know the coverage of the insurance and when it will expire. If you are buying from a dealer, ask if you can extend the insurance. 

Make sure that the car has no outstanding finance.

As said above, it is best to know if the car is free from any outstanding finance. Was the car loan settled?

Just like buying a new car, purchasing a pre-owned vehicle requires additional financial responsibilities. For example, you would need to spend on fuel, loan repayments, insurance, maintenance and road tax.

They say that buying a car is like walking on a road full of landmines. You need to be sure that buying a used car will give you convenience and not an annoyance. By following the list above, you will be able to save up and avoid future problems.