You want a new ride, but you don’t want to pay that new car price. There are plenty of advantages to buying used versus new, starting with price. Buying a used vehicle can be an exciting and overwhelming experience all wrapped up into one. Large purchases can give consumers anxiety with all of the factors involved in a sale. As a consumer, take advantage of the internet and other tools that are readily available these days to assist with finding what you want at a fair price. Below we weigh the pros and cons of buying a vehicle from a used auto dealer and offer some tips on the process.
- Lower price
- Save money on car insurance, registration, and taxes
- Less depreciation
- Style and color limitations
- Most lenders charge a higher interest rate when financing a used vehicle
- Risk of a lemon
Establish your Budget
Before you can buy a used vehicle, you need to establish your budget. Decide on how much you are able to spend, and also decipher how you are going to pay for it. Will you need financing? Do you have the ability to put the purchase on a credit card? Don’t forget to set aside money for registration and insurance.
Once you establish your budget, now the fun can begin. It’s time to choose the right vehicle for you. Contemplate how you will use your future vehicle. Do you have a large family that you will be transporting around? Will this vehicle be used mainly for highway driving? Is safety a number one concern? What features are you looking for? Make sure you research the reliability of each brand/model you are considering. Take the time to find exactly what you want to avoid more car shopping shortly down the road.
Locate a Quality Dealer
There are endless sources today to purchase a used vehicle. Make sure you are using a reputable dealer, such as Auto Action.
Price out the Vehicles
Once you have narrowed down your choice of vehicle, do some pricing research. Utilize the internet and used car apps on your smartphone to obtain who in your area sells your desired vehicle for the best price. Also utilize publications such as Kelley Blue Book to find out the fair value price for the vehicle you are considering. This will help you negotiate with your dealer. The more information on your vehicle of choice you have, the better. Pricing sites will ask for the year, make, model, mileage, options, and condition.
You’ve established a budget, researched vehicles, pricing, and dealers, and nailed down your choice of vehicle. Now it’s time for a test drive. Even though a vehicle looks good, you will not know if it’s the right personal choice for you until you drive it. Feel free to take it on the highway and backroads, and really develop a feel for the vehicle before you make your final decision.
Close the Deal
The final step is the most gratifying….purchase your vehicle and take her home! You should feel confident with all the research you put into this process. Take some time to enjoy your new vehicle.