Tips to Buy a Used Car
Buying a car is a such a tedious process, especially when buying a used car. The process can be a tricky one to navigate since used cars are not the same. Each of used car has its unique history that can either work in our favor or become the most prominent nightmare in the future. If you ever thought that buying a brand new car is a bit notorious requiring you to do several steps to get the right car, purchasing the used car even well-known for being more tedious than you’ve ever thought. You’ll need to do some extra steps to get the right car. One of the most crucial steps is to ensure to run the history report of a used car in addition to having a certified mechanic inspect the vehicle on a lift. We recommend you to spend some money on a mechanic to help you investigate the car you want to buy so you can avoid any possibility that can make you pay thousands on repairs later.
Buying a used car is not as easy as we’ve ever thought. So, you need to be careful when purchasing one so you won’t end up with a lemon or rebuilt car. Well, it is not a secret anymore that some cars from a horrific wreck on the highway end up repaired, rebuilt, and then sold on the used car market. However, there are advantages to buying a used car. Most crucially you will get more value for your money since somebody else took the massive hit on the initial depreciation. This hit is the most significant source of lost pay when buying a car. You can follow our tips to buy a used car to learn how to avoid the common scams and pitfalls:
Choose the right used car
These steps seem pretty obvious where you just need to pick the one that you love. But you should’s just go out and start the shopping process in a used car dealership. Firstly, search the online used car classifieds by visiting the local newspaper websites to see the automotive classifieds to view ads for used cars that are close to you. Some larger sites that provide thousands of listings could also give you the most extensive selection.
Search the car’s history
This step is considered as one of the most crucial tips to follow when purchasing a used car. No matter what you do, never buy a used car without verifying what you are buying by running a history report. This tip can prevent you from buying a used car that had been wrecked. You won’t believe it; there are body shops that are professionals at making a wrecked vehicle look good. So, if the VIN is not clearly listed in the ad and the seller seems like won’t give it to you, then we recommend you to move on the next car. when there’s something wrong, you can see that they are most likely trying to hide something. Don’t take the risk, and get the other option where you can get all the required information about any problems before the purchase.
Financing the used car
It could be different if you choose for financing a used car, depending on whether you are purchasing from a private party or a used car dealership. Either way, you won’t get any load from the bank if you buy a used car that is older than 4 or 5 years. You will pay at least 2% higher APR for a used car than you would on a new car loan. However, you can offset that by using an online lender that specialized in financing used cars. You can try to have your credit score over 680 because you will be classified as a prime borrower so you can get the lowest possible APR. You might want to try and repair your credit before you buy a car if it is really bad.
Here it is, the most daunting step of buying a used car when you should do the one-on-one negotiation. You can use all search result and all available information about that car to drive the price down to your advantage. It is the reason why we suggest you do some research before buying a used car so you can start negotiating like a pro. You can also visit some website that provides each step for negotiating with all advice to help you get the right price for the car.
After completing your price negotiating, it is time close the deal. Don’t pay cash because you may have trouble getting your money back if there’s something wrong. Carrying around a large amount of money is also dangerous. We suggest you pay with a credit card if you have it or a check of some type. Paying with a check or a credit card give you a paper trail and some recourse available if there’s something goes wrong. If you are buying a used car there the seller still owes money on it; the finalizing process could be the trickiest thing to deal. You are only allowed to do this deal when buying a used car from a private party. Make sure to make arrangements with the lender who is holding the title to have the note paid off and ensured that the title would be transferred to you.
An extended warranty on the purchase protection
This tip is helpful if you buy a used car that is no longer covered by the manufacturer’s warranty. It takes you to a risky purchase for expensive repairs. Therefore, we suggest you get an extended warranty any time you are in this situation. If the used car you buy is a 3 or 4 years old, the chances are that the manufacturer’s warranty of that vehicle has expired and you are at high risk for the repair costs. Don’t get fooled with high mileage ‘powertrain’ warranties as these warranties do not cover most common problems. You can do some research to find out what is covered and what isn’t under manufacturer’s warranty.