There are many benefits to buying used cars. In fact, drivers have a better chance of striking a deal on a quality used car than on a brand new one. If you’re currently looking for a used vehicle, you’ll want to have a roadmap before heading to the dealer. Here are 10 ways you can get a great deal on a used car, according to US News:
1. Do your own research
Ah, research. Not everyone loves it, but it’s hugely important when shopping. For example, you may want to consider which vehicle fits your price range, driving needs and lifestyle. You can also read reviews and online rankings of car gurus. Another research tip is to explore the market and find the best possible price.
2. Get pre-approved first
You always want to start the financing process and get pre-approval for financing before you start shopping. Why? You want to find a financing deal that’s best for your current situation, not on the dealer’s terms.
3. Search the net
If you’re looking for that perfect used car, consider thinking outside the box. If you can, search for used cars in surrounding cities, on Craigslist, or on Facebook Marketplace. In addition, Carmax and Carvana can bring vehicles directly to you from other areas.
4. Shop When Others Aren’t
According to American news, “The prices of used cars are determined by supply and demand. If supply is low and demand is high, like today, prices will be high. As a used car buyer, look for places in the market with sufficient supply and low demand.” For example, you might want to buy a convertible in New York City during the winter.
5. Analyze the deal on the used car
Be careful when working with a salesperson at the dealership. They may try to include the value of your trade-in, the financing, and the car price together. You want to divide these three into separate trades.
6. Try not to focus on the payment
It’s easy to focus all your attention on monthly payments, but try not to do this. Instead, you need to consider the total cost of the car, including any fees, interest, and taxes on the loan. Thinking about all three will get you the monthly rate you want.
7. Find special offers on used cars
You may want to consider purchasing a certified pre-owned vehicle. These cars are low mileage and late year models so you know they are in as good as new condition. They also come with warranties backed by their automaker. In addition, you may be able to find special financing deals.
8. Know where not to buy
Sometimes buying from the wrong dealer won’t get you a good deal. This means that the chances of getting a lemon can increase. So, even with bad credit, try to avoid Buy Here Pay Here dealers. They price their cars high on top of the high interest rates.
9. Watch your emotions
Buying a car can be exciting, but it is also a huge investment. When it comes to the transaction, it’s best to keep those emotions to yourself. If you’re buying a car for the first time, it might be best to bring a friend or relative.
10. If you think you’re getting a bad deal, walk away
The best thing to do when buying a car is to know when to walk away. There is no legal obligation until you sign on the dotted line. If something doesn’t feel right, get out and take a moment to think.
All in all, buying a used car doesn’t have to be a daunting task. On the contrary, it can be an enjoyable experience with the right research and information!
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