The Risks Of Buying A Used Car
Buying a used car seems like a simple enough task. But there are some hidden risks you may not have considered—risks that could leave you in the lurch the moment your purchase becomes final. The following are some of the risks of buying a used car:
1. YOU’LL NEVER KNOW WHAT YOU GOT.
True, any car can break down. But buying a used car means risking your money on the quality of the repairs that were made previously. If you’re looking to buy a used car from someone you know and trust, then this may not be as big of an issue. But if you’re buying from a stranger, it can be unnerving to think that there’s no way for you to know about the work on the vehicle or even if it was done at all.
2. THERE’S NO WAY TO TELL IF THE CAR HAS BEEN IN A CRASH.
Unfortunately, even if you trust the seller, there’s no way for you to know that the car wasn’t in an accident that wasn’t reported to the insurance company. Some people are under the mistaken impression that if the vehicle has any issues, they can be fixed later. However, an accident can cause damage to a car’s frame that may not be visible on the surface.
3. YOU’LL NEVER KNOW WHAT REPAIRS ARE IN YOUR FUTURE.
When you buy a used car, you’re never sure what will break down next. And you may not be able to get new parts when those parts begin to fail. If you can’t afford a new car, this could become a severe issue.
4. YOU’LL HAVE NO CONTROL OVER THE CAR’S DEPRECIATION.
If you plan to keep your used car for a short time, or indefinitely in some cases, you’ll have no idea how much depreciation will occur throughout its life. With this in mind, and if you plan on reselling it before that happens, you could lose money in the long run.
5. YOU COULD LOSE MONEY IF YOU CAN’T RESELL THE CAR.
Buying a used car from a dealer, or even from one of the many personal sales sites, might seem like the best way to get a good vehicle for your money and still have some control over the problems it will face in its life cycle.
