A Guide For Buying Used Cars
Buying a used car is a great way to get into the driver’s seat of a reliable and low-cost vehicle. Before you head out to the lot, here are 9 things to consider first:
1) How much can you afford?
You don’t want to buy with cash if you don’t have sufficient funds. You can easily qualify for an auto loan or refinanced home equity loan. If you don’t have any type of existing vehicle financing, you will have to decide whether it makes more sense to get a bank loan or finance through the dealership. With interest rates as low as they are, it may make sense to finance with the dealer.
2) What do your needs dictate?
You might want something small for short city driving or something bigger for weekend trips. Your commute to and from work will affect your decision. For example, if you mostly travel on toll roads, you might want a more expensive car with a better fuel economy.
3) What do you like and what do you dislike?
Start by thinking of the type of vehicle that fits your top 3 criteria. Make a list of must-haves and deal breakers. For example, if you want an SUV, make sure it has 4X4 capability or space for kayaking equipment. If you don’t want to worry about getting a flat tire, make sure your car has an automatic spare tire.
4) Are the mileage and overall build quality to your liking?
Look at the odometer reading on all different models. Look at the condition of the exterior and interior upholstery, but don’t be too critical yet. If you are satisfied with the car’s overall condition, you will get much more out of your purchase.
5) Is it a good deal?
Consider the prices at nearby competing dealerships. Look at online marketplaces like craigslist.com or NADA.com to see what similar vehicles are selling for locally and nationally. You may find one that is in better condition that was mispriced by a dealership.
