Are you looking to spend some money on a used car? You’ve probably heard that a new car starts losing value as soon as it’s driven off the lot. In most cases, a used car can be a much better deal than a new one. You can get most of the same value for a lower cost.
Before making the purchase, look for the following things that savvy consumers consider when buying a used car.
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Do Your Research Before Going To the Dealership
Being prepared is key when buying a used car. Learn about the models you’re interested in, their features and what they usually go for. Also review the problems their users typically face and the kind of maintenance they need to retain their value.
This way, you can determine if a model at a dealership is more expensive due to additional features or lower wear and tear or if the dealership is trying to take advantage of you.
By knowing what you want in your next vehicle and what each car offers, you can avoid being swayed by shady sales tactics.
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Shop at the Right Time
While waiting can be frustrating, picking your timing carefully is sometimes essential to saving a lot of money on your next used car. Salespeople at dealerships may have quotas they must fill by the end of the month, quarter and year, according to Community First Credit Union, so picking up this time to buy your car may help you get the best deal possible.
Determine Your Budget
By knowing your budget and financing options (cash, loan, trade-in or a mix of these), you can negotiate effectively. Having a specific figure in mind stops you from getting sidetracked by attractive financing deals that may cost you more over time.
If you want to save money, then buying a car with cash is the best way to go. Though this option may not be accessible to everyone, especially those without the right amount of savings to do this, paying in cash can save you thousands to tens of thousands in interest payments.
If you can’t afford to pay for the car with cash, buying an older, more affordable and reliable model might be worth it. The money you may save over time could go toward things that actually improve your quality of life instead of directly into your bank’s pocket.
Pick the Cars You Want To Inspect
Once you know the features you want and your budget, choose the cars you want to look at. Typically, you can check a dealership’s website to view their available inventory. Select the cars that meet your criteria. If you know what you want, it’s less likely that the dealership will be able to convince you to consider something more expensive that doesn’t fit your actual needs.