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Buying a Used Car? 5 Things You Need to Know

As with any large purchase, you should be aware of the potential pitfalls and hazards that could spoil your next used-car purchase. By following a few easy steps, you can ensure an easy car-buying experience and many regret-free driving days.

Know Your Budget

 

Before you set foot into a used car dealership or respond to that online ad for that potential car of your dreams, you first need to know what you can spend. Understanding this will not only keep you from overspending, but it may help you to narrow your choices down to a car that fits your lifestyle well.

First, you should set a maximum amount for what you will spend for your used car. This is not necessarily the most you could spend for a car, but it’s the most you feel comfortable spending for a car. Usually, these are two different numbers.Second, you should take into consideration a maximum cap on monthly payments of 20 percent of your net salary. This may or may not work for you, especially if your monthly expenditures are more or less than average. If you already have a lot of bills to pay each month, a lower car payment may be necessary.

Finally, you should understand that the price of the vehicle might not be the total you will have to pay. Car insurance, necessary taxes and fees, the vehicle’s depreciation rate, and the cost of maintenance and gas should all be considered in determining how much you can pay for your used car.

Know What You Want

Now that you have a number in mind for what you want to spend, it is time to figure out what you want. The best way to do this is to create a list of what you want from the vehicle. For example, is room for the kids, good gas mileage, easy parking, or exceptional reliability important to you? How important is hauling space, body styling, luxury options, or the vehicle’s color? Once you have a list of must-haves and would-likes for your ideal vehicle, you can effectively cross off models that do not fit.

Once you have a vehicle model in mind, research all you can about it. Check out vehicle reviews, user blogs, and online complaints from model owners. Look for known weak points, price points, and the average cost of use. When it comes to car buying, knowledge is power.

Know Where to Look

 

 

Now that you have a target vehicle in mind, it is time to go shopping. There are several options for where to find your dream used car:

Used Car Dealership

For those that live in markets that are too small to offer the vehicle you are looking for or for those who do not have the time or patience to search out a private party, a used car dealership may be the most convenient choice. Used car dealerships tend to be less than private dealers when it comes to price and quality, although there are higher-end dealerships that deal exclusively with late-model or certified pre-owned vehicles. Typically, the dealership’s local reputation is a good indicator of its quality; a dealership that has been in business a long time with few complaints is usually a good sign.

Used car dealerships are convenient for financing. However, dealers that offer credit to customers with poor or bad credit may be offering subprime financing, with large payments and exceptionally high-interest rates. It is important that you take care not to get into a deal that’s more than you can handle.

Private Party

It is important to realize that with a private-party sale, it is your responsibility to be prepared. This means researching the vehicle you are looking into before you first meet the seller. It is important to have the prospective buy’s Vehicle Identification Number (VIN) at hand. If you cannot get the number from the seller either directly from the ad or by asking him/her, do not consider this vehicle.

Once you have the number, you can order a comprehensive vehicle history report from CARFAX. This report will allow you to see if the vehicle has been totaled, stolen, or flooded; the number of previous buyers the vehicle has had; what major repairs the vehicle had; and other facts that would be useful in making a decision to purchase.

Buying Online

Unlike new cars, used cars can be purchased online. Buying online is not necessarily cheaper than buying by any other means, but it can be more convenient for you to do the searching and vetting process at home.

Buying online could show you results that are outside your market, where it may be difficult to take possession of the vehicle. It is important to take advantage of the search feature, where you can limit your search by price, features, model, and geographical location. Many used car dealerships utilize online ads, so the online option may be a good way of finding the right used car dealership for you.

Know if the Car Works

 

You think you’ve finally found the right car for the right price. Well, you might want to get a second opinion on this. There may be problems with the vehicle that neither the CARFAX report nor the seller disclosed. It is important to take the car for a test drive.

When test driving, drive the car for more than 15 minutes. Drive on different roads, including highways and city roads, and pay attention to the sounds the car makes—squealing or rattling are bad signs. Pay attention to the ride quality, and test the brakes. If allowed, sit in the car for an hour to test seat comfort and the quality of the seat padding. Finally, look at the mechanics—particularly, under the hood, the suspension, the tires, and the brakes. If something looks wrong or like it was not maintained, walk away.

It is also important to have the vehicle inspected by a mechanic. A pre-purchase inspection costs about $100, but—unless you are buying a certified pre-owned car, which already had an inspection—the investment may save you thousands of dollars in unforeseen repair costs.

Know How to Seal the Deal

It is important that, after all of the work and effort you put into securing your dream vehicle, your dream car purchase is not jeopardized by sloppy paperwork or a dishonest seller. If dealing with a private seller, have your insurance ready before paying for the vehicle. Check with your local department of motor vehicles to see if there are any fees or fines yet to be collected for the vehicle. Finally, insist that the title and registration for the vehicle are signed over to you before handing over any payment.

At a dealership, be aware of any add-ons that the dealer may insist on offering you, such as additional warranties and prepaid service plans. These extra items will raise the cost of your vehicle and may actually be unadvisable. Research the possible add-ons you may be interested in before arriving at the dealership, research what other dealerships charge for the services, and be prepared to say no if necessary.

One feature you may want to consider for your new ride is a backup camera, which would improve the safety and driveability of your used car. Backup cameras can be bought aftermarket from vendors like Camera Source, a one-stop shop for your backup cameras and car accessory needs.

Seeing the Payoff

Buying a car is a major investment. Besides your home, your car is likely the most expensive and personal item you possess. By following these simple steps, you can make the process of buying your dream used car simple and pain free, so that the only worries you will have with your car is where you want to drive it next.



 

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