Buying a new car is an exhilarating experience until you see the price tag. Not to mention, the upgrades you may want in the near future will add up to the total cost.
So, what do you do?
Buy an older version, and drive it? You will soon experience the buyer’s remorse. You are driving a brand new car, but it is not the latest model, and as soon as you step out of the showroom, its value depreciates.
We understand how confused you must be. So why don’t you buy a used car? This way, you could cut back on the cost and still drive a vehicle with the features you want.
Sounds great, right?
However, buying a used car can be a challenge. And to help you with the same, in this article, we will share a few important tips.
Set An Estimate
Have a goal and budget in mind.Know what features you want in the car. Check out various models and pick one that suits your needs.
Do you want the car for office commute? Or is it only for personal use?
If you can identify the kind of car you want, you can set a budget. Once you have the budget, you can start searching for reliable dealers.
Get The Car Inspected Thoroughly
Now that you have zeroed in on a reliable dealer, and found a car that you want, it’s time to inspect it.
Look at the condition of the tyre and engine. Check out for dents, rust, damage and possible leaks.
If you cannot evaluate the condition of the car, hire professionals for a pre-purchase car inspection. A certified expert can identify issues that you may have overlooked and help you decide whether the car is worth the investment or not.
Go For A Test Drive
To ensure the car functions adequately, take it for a test drive.
Check if the headlights, brakes, accelerator, air-conditioner and other parts are working efficiently.
Attend to the car’s engine. Can you hear any noises while taking sharp turns?
And lastly, question yourself. Can you imagine yourself driving this vehicle for the next 5 years or more?
Examine The Repair And Maintenance Schedule
Perform Due Diligence.
Even the car is working fine, ask the dealer for the car’s repair and maintenance schedule.
Have any of the parts been replaced? What about the repairs?
Has any part been repaired more than once? If yes, why?
If the dealer cannot provide a regular maintenance schedule, this might be a warning sign. So, beware.
Check The Car’s Documents
Ask for the vehicle’s original documents.
Who is the owner of the car? Is this the first time it is being resold? Has the owner cleared all the taxes associated with it?
Make sure you ask all these questions. Along with that, carefully scrutinize the car’s original registration papers.
Determine The Total Cost And Explore Financing Options
Factor in the cost associated with upgrades and improvements you want for the car, and calculate the total cost.
Before signing the deal, check out all the financing options available.
Consult moneylenders, and compare their interest rates.
The car’s inspection report will make the financing process smoother.
Negotiate. Negotiate. And Negotiate.
No matter who you are buying the car from – the owner of the dealer, make sure you negotiate your way till the end.
Be assertive, not pushy.
Once you come to a consensus, sign the dotted line.
Whether new or used, buying a car is one of the major financial decisions you will ever make. So, research thoroughly and read these above-mentioned tips before you buy one.