Buying a used car is a smart way to save money. However, it can be challenging to find the right vehicle when you are on a tight budget. Here are some of the top tips that help you buy the right used car that fits your budget.
Seven top tips to help you buy a used car:
- Decide on the type of car you want: There are many factors to consider when you wish to purchase a used car. For instance, if you have pets or children, you may want to buy an SUV or a sedan. If saving on fuel is your primary concern, you could look at electric or hybrid vehicles.
- Do the research: The first thing you need to do before you head off to a used car dealership is research. Look at the recent resale cost for the specific model that you desire to gain a significant bargaining hand. If you are looking to trade in your existing car, you must find about your vehicle’s current market value, as well.
- Read reviews: Your research should also include online reviews of the variant you desire. Evaluate the ratings for the model and make with respect to reliability, fuel efficiency, comfort, and ease of navigation.
- Consider safety features. One of the most important aspects to assess in a used car is its safety features. Check if there have been any recalls for any issue or if the particular car model has received high ratings in this regard.
- Stick to your budget: A smart way to adhere to your budget is to ensure the payments fall below 20 percent of your take-home pay if your budget is tight. In addition to monthly payments, used cars have other costs related to maintenance. While older vehicles generally amount to less, they are likely to harbor more maintenance issues. There are several resources available online to help you learn more about the repair costs of the particular vehicle and frequent problems that it faces.
- Get the car checked by a mechanic: There are instances where a used car is found to bear mechanical issues after purchase. This happens when the buyer does not get the vehicle inspected before finalizing the purchase. Hiring a trusted independent mechanic for a pre-purchase inspection helps you save thousands of dollars that would be spent on maintenance.
- Consider certified cars: CPO (certified pre-owned) cars combine the security of warranty coverage from the manufacturer with the affordability of second-hand vehicles. These are essentially low-mileage cars that have been serviced adequately when they were in use. Before receiving a certified status, these cars undergo a thorough inspection. Some CPO programs even offer roadside assistance or a trip interruption coverage.
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