With the economy in a crunch these days, buying a brand-new car doesn't seem all that viable for most people. Instead, many are turning to the used car market where a better bargain could be potentially struck. With that said, the process of buying a used car isn't the same as for a brand-new one. Unlike the latter, you cannot just blindly purchase cars for sale and expect it not to give you headaches later on the road. Getting a good deal on the used car market requires doing lots of homework on your part. Here are 9 key factors to consider when buying a used car on car finance.Budget Buyer's remorse is a very real thing when it comes to purchasing used cars. Our brain likes to be lazy and when faced with so many choices, tend to shut down on logic and instead become biased toward what seems to appeal to emotion. The result? A regretful overspent! Before you set out to look for a vehicle to buy, set a budget, and adhere strictly to it. That way, you will avoid overspending and actually be able to make a much more rational decision in regards to your car purchase. Lifestyle Another aspect to consider, whether it is buying a used car or a brand-new one, is whether it can complement your lifestyle. Sure, a Ford Mustang GT is a super nice car, but it would be highly impractical as a family vehicle. Similarly, a used Audi sedan might give off an aura of great prestige but think about the high maintenance - do you really think you would be fine with that expense? Critically assess what your needs are and stick to car types that best fit the bill. Financing Most Americans pay for their car through financing. There are many options available to you when it comes to it - you can acquire it through your bank, through a private lending agency, or through the car dealership itself. Different financing options have different requirements. Some may just ask you to make a small down payment and fill out a form while in other you will be required to go through extensive paperwork. It is important that you do your research regarding financing before you go out looking for a car to purchase. This will save you from a lot of headaches later on. Insurance In the US, proof of insurance is often required before you can close the deal on a used car. It's not recommended that you take the lazy route and only start looking for insurance once you have reached this stage. Short on time, in haste, you could end up with an expensive insurance premium that otherwise could have been avoided if you had more time to do your research and weigh your options properly. Looking for your insurance options should commence as soon as you have settled down a few contenders in regards to the car you want to buy. Fairsquare is a great online platform to help you form your opinion on cars to buy. Approach different insurance agencies and ask for quotes for the options you have selected. Compare the expected costs for each selected vehicle from different insurance agencies. Utilize that information to further narrow down the choices on what car might be the best for you. Reputation If you are not well-experienced when it comes to buying a used car on car finance, it is best that you play it safe and go only with those car makes possessing a good reputation. You can look at user reviews and car rating websites to assess a car's reputation. One great online resource for the purpose is Kelly Blue Books. In addition, it is better to opt for reputable dealerships rather than private call sellers. Unlike the latter, the good dealership would want more than a car of their being sold off. It may be important to them for you to have a satisfactory experience so that you can leave a positive review about them or recommend them to your others in your circle afterward. Ownership and Car Title Unless the car is on a loan or lien, the seller of the car should be able to provide you with a car title if you purchase it outright. And, specifically in the case of an individual seller, it is important that you check whether they are true owners of the vehicle or not. Ask for an ID and see if it matches the name on the title or not. Vehicle History Sure, a certain car may look spotless, shiny, and almost brand-new but hidden under its hood might a whole host of different problems. Never purchase a car based on a visual inspection alone but rather also take a critical look at its history. Fortunately, this is very easy to do nowadays. Websites like CARFAX can provide you with a detailed report of a certain car's history, including its past number of owners, service records, and any prior damage it had sustained. Pre-Purchase Inspection A pre-purchase inspection involves a trained technician critically examining the car, inside and out, to assess its condition before purchase. This is a very important step that you shouldn't neglect. Aside from saving you from potentially a bad deal, it could also help you make a good deal even better. If the technician finds an issue with the car that the dealership or individual seller didn't communicate to you themselves, you can utilize the information as your bargaining chip to negotiate a lower price. A pre-purchase inspection isn't expensive and wouldn't take more than an hour or two of your time. Warranty You should always try to make yourself better aware of exactly what you are getting yourself into when making an expensive purchase. When it comes to car warranties, take the time to read the fine print carefully, and specifically check for the warranty labels. Check to see if the car is still covered under the manufacturer's warranty or if it is no longer cover, whether it could be extended. In some cases, a car may be covered by a third-party warranty instead in which case it is important to look at what is being covered and what isn't. Some used cars are sold without warranty as an "as-in" which means that the seller takes no responsibility for any damage once the car's ownership has changed hands. All in all, it is better to purchase a pre-owned car with a warranty than one without. The little extra that you pay for it initially can potentially save you from much bigger expenses later on.
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July 2023
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