Find Out: How to Buy a Used Car
Buying a used car may seem complicated, but it doesn’t have to be. With millions of used cars being sold every year, the options out there can leave you feeling a little overwhelmed. But, if you are going to invest thousands of dollars in purchasing a car, whether it’s new or used, it’s a good idea to take your time and find one that really suits you. Here, we explain what you need to do to buy a used car.
Set your budget: You can pay for a used car by taking a loan or with your savings. If you can, avoid taking a loan. Sure, paying with cash will put a debt in your savings, but you won’t end up spending thousands of dollars paying for interest every year. Remember that you can find used cars at pretty much any price point, even if it’s as low as $2,000. It may not be the best-looking car, but it will serve the purpose.
Shortlist cars that are a good fit: Once you’ve set your budget, start looking for vehicles that suit your requirements. Shortlist at least 3 to 5 vehicles at this stage.
Inspect and test drive the car: Regardless of how good the vehicle seems, you can’t decide whether to buy it or not until you’ve personally inspected it and taken it for a test drive. Ideally, try to schedule the test drives one after the other for all cars on your shortlist, so you can really compare the performance of different cars. If you’re not satisfied with how a certain car drives or feels, drop it.
Get the vehicle checked by a reputable mechanic: You may really love the car, but only a mechanic can tell if the vehicle’s had any serious issues in the past. While you will have to pay to get the vehicle inspected, the expense is well worth it. You don’t want to end up purchasing a car that will cost you thousands of dollars to fix.
Negotiate the price: Once you’ve picked a car that checks all the boxes, you can proceed to negotiate the price. If the seller is charging more than what you think is fair, don’t be afraid to back out and consider other options.