Buying a used car is a sensible financial move. But it can be tricky. You’re buying a car that doesn’t come with all the assurances of a new car. Here are some mistakes you should avoid while buying a used car.
Don’t Wait until The Last Minute
Whenever you’re buying something big like a car, you need to ensure that you’re in control of the purchase and not the seller. To ensure this, don’t wait until the time where you absolutely need a vehicle and lose control of the situation. Always ensure that you have the space and time to say no and look for something else. Start the buying process before your current car fails.
Don’t Start Shopping Before Understanding Your Needs
Start your buying process by assessing your needs and a car that matches those needs. Sort out your needs by understanding what you will need the vehicle for and what jobs it will perform 80% of the time. Then look at Consumer Reports to find the car that best suits those needs. Look at consistently positive and negative reviews to get the full picture.
Don’t Limit Your Search
Start searching online and ensure you maintain a wide radius from your home. Look up online car listings on sites like eBay and Craigslist. Keeping your search geographically wide will improve your chances of finding the best model for your needs and budget.
Work out Finances Early
If you can pay cash for the car, you’re sorted as it’s the best way to buy a car. But, if you need to finance a car, speak to lenders before you start the shopping process. Work out how much you can borrow at a healthy interest rate, see if the bank can get the paperwork in order, so the loan gets closed quickly when you find the right car. This will also ensure that you don’t overspend and keep a realistic upper limit.
Mechanic Check
Always hire a mechanic to inspect the used car before you buy it. Only go ahead if the mechanic gives you the green light to do so. Use the details in their written report to negotiate a fair price for the car too.
