Buying a used car can be a tricky process compared to buying a new car. The car make and model may be the same across different cars but the car history, maintenance, mileage, and depreciation over time will vary from one car to another. As such, you need the right information on how to go about making a purchase.
So here are 5 tips to buying a used car:
1. Research First
There is a lot of information that is available both online and on print media regarding used cars. There are blogs that review different types of used cars, their features and specifications, resale value, cars that are not worth buying, some of the pointers to look for in a faulty used car, how the different cars perform and so on.
So before settling on buying a used car, do research first. You may have decided on buying a specific type of car. You can research more on it before approaching a car dealership to make a purchase.
2. Check On The Car’s History
It’s not enough to simply see a used car for sale and instantly sign the cheque to buy it. That is a totally wrong approach. The information that the car dealership or the car owner is giving you shouldn’t be the anchor point from which you decide to purchase.
Even if the car appears to be in great condition, it is advisable to check on the car’s history to get firsthand information about it. Request for the car’s Vehicle Identification Number and check for its history online. Sites like Carfax.com can give you a history report of the car.
3. Find Out About Financing Options
It costs quite a bit of money to buy a car and you may require financing to facilitate the purchase. If this is the case, ensure that you have a good credit score to get the best financing offer. Most banks offer loans to used cars that are below 5 years since their manufacture. As such, they are more likely to charge a higher annual percentage rate compared to a used car.
A good credit score will allow you to get a lower annual percentage rate. Try to gather some of your own money that you can couple up with the financing option available to minimize the strain of buying the used car.
4. Get An Extended Warranty For The Car
There are high chances that the auto manufacturer warranty for the used car doesn’t cover it anymore by the time you are buying it. It is important that you get an extended car warranty for the vehicle. Used cars may come with some additional costs that may eat up into your finances. An extended warranty will protect you from such costs.
5. Always Negotiate For A Price Cut
Never be afraid to negotiate with the seller for a price cut. While some of the prices may be fixed and do not allow for negotiation, don’t be afraid to walk away if the price is too high for you to purchase. You might get a better deal from another seller. If there are any errors in the history report of the car, you can use them to negotiate for a lower selling price.
These tips will guide you in buying a used car. Need a credible source to buy a used car? Check out San Marcos used cars.