Tough economic times call for tough economic measures, and one of the ways we can save a few dollars is by buying a used car, rather than a new, vehicle. There’s no doubt that there’s a certain allure associated with purchasing a never before driven vehicle; that “new car” smell, everything in perfect working order, shiny, unscratched paint and a spotless interior. However, all of that comes wrapped in an expensive price tag, one that more and more of us are hard pressed to pay.
Given those high price tags, we are left with two choices; buy a used vehicle or no vehicle at all. Though the latter is obviously the better financial choice, it may not be the most practical. Buying a used vehicle can be a bit intimidating, especially if you don’t know much about cars. Most jurisdictions have laws in place to ensure that consumers don’t end up with a lemon. Better yet, read on and save yourself the headache.
What do you need the car for? Those who commute long distances will likely look for a vehicle that’s easy on gas, and those who simply use it to chauffeur the kids from home to school to activities may be more concerned about safety features than gas mileage. Consider what type of car would best suit your needs.
Examine your budget and decide you how much you can afford to spend. Don’t forget to take into account a yearly maintenance estimate when determining your spending limit. If you’re going to finance the purchase, talk to your bank or financial institution. Don’t be afraid to shop around for the best financing deal before you go car shopping.
Make the rounds of used car dealers, and check classified ads in local papers to find something suitable. Never, EVER, even think about purchasing a used vehicle without taking it for a test drive, and not just around the block. Take at least 15 minutes so you can take it on the highway to see if the acceleration suits, turn plenty of corners, drive at various speeds, and if possible over different types of pavement.
If you still like the car, and are considering making an offer, the next step is to take it to your local mechanic for a thorough inspection. It might cost you some money, but it’ll be far less than you’ll spend on repairs if you get stuck with a lemon. Ask the mechanic to make a note of any rattles, squeaks, and other strange noises. Have the mechanic check the brakes, the alignment, the lights, the heating and air conditioning and the exhaust. He or she should also inspect the frame and body for rust and corrosion. Ask him for a written report since you can use this as a bargaining tool in negotiating a price.
Check to see if the price being asked is reasonable by going online to various used car price sites. An alternative to online price checking is purchasing a Blue Book Used Car Guide which is published twice a year.
Determine what you’re willing to pay for the car. If you’ve arranged bank financing, let the seller know that you can pay cash for the car, right now, but they’ll have to give you a deal. Don’t be afraid to negotiate or even walk away if you don’t think you’re getting a fair deal.
One last piece of advice when buying a used vehicle. Never buy one from a friend. Business and friendship rarely mix, and the buying and selling of a car is no exception.