If you are looking to purchase a used car, chances are that you are looking for the best that you can afford within your budget. While you could come across a good deal here are a few points to keep in mind before buying a used car.
All Used Cars Have A Past
Always research a used car that you plan on buying. Even if it looks like it’s in good condition, asking about the car’s history can shed light on events that may help you to negotiate a better deal. Heavy usage and past events like repairs due to accidents can significantly reduce the value of the car.
Private Sellers May Be A Better Deal
When you are planning on buying a used car, you would either visit a dealership or look for a private seller. Private sellers are typically a cheaper option as dealers are always looking to make the maximum profit for their business. Keep cash ready for the purchase as most private sellers are more inclined to negotiate a good deal for the exchange of money while dealers prefer partnerships from financing companies. Private sellers also tend to be more open and honest when it comes to diverging details about the car’s past.
Always Ask For A History Report
Many companies online offer a car’s history report. These are sourced from the DMV and are not still the whole picture. The DMV maintains a record of the cars past and if it has been involved in any accidents. While some car accidents do go unreported be aware that the DMV’s records do not show how or where the car was repaired. The car’s value is linked very closely to the history report. Please stay away from sellers who don’t want to share the history report as there is probably something they don’t want you to know about the car’s past.
Inspect The Car Carefully
Asking for a third party inspection by a mechanic is a good idea. A reputable mechanic will charge a fee to thoroughly inspect the vehicle for signs that repairs have been carried out and check the overall health of the car. You can be assured that the used car is mechanically fit before you purchase it. Minor problems found at this stage can even work in your favor helping you drive down the price.
Is The Extended Warranty Worth The Fuss?
While many car companies offer warranties that can be transferred to new owners, dealerships also offer extended warranties on used cars. These typically are sold as an add on at an extra charge when buying the car. Most of these warranties do not cover regular wear and tear or damage arising from accidents. These warranties cover limited repairs, have a lot of fine print and are generally not worth the expense.
Typically people don’t use the same car for a lifetime as they tend to upgrade to better, newer ones as their budgets increase. Before buying a used car, you should think about what you plan on doing with it after a few years. If you plan on reselling the car, choose a vehicle that will still have a good resale value in a few years.