Top 5 Things to Avoid When Buying a Used Car
Buying a used car is a great way to get around affordably. Whether you need a quick car replacement or you’re looking for a birthday gift for your sixteen-year-old, used cars come with tons of benefits. But just because you’re investing less, doesn’t mean buying a used car is free of responsibilities and challenges. Here are five big mistakes you should avoid when buying a used car.
1. Forgoing Mechanic Checks
Many dealerships will offer you a chance to test drive a car before signing off on it. For some, that serves as enough reassurance not to have their car checked before they buy. This is probably the number one thing to avoid when buying a used car. Paying a few extra loonies to have a professional inspect your car now can mean avoiding numerous maintenance and repair costs later. In some cases, the sellers are so keen on making a sale, they’ll even pay for the inspection themselves; so it can’t hurt to ask if that’s an added bonus. Either way, it’s always important to get a mechanic’s opinion before you spend on any pre-owned vehicles.
2. Buying for Looks
Everyone loves a stylish-looking ride, but unfortunately, used car owners don’t have the luxury of assuming a pre-owned car will be reliable. It’s important to consider the purpose of your used vehicle before even beginning your search. This narrows down your options and helps you save time in the decision-making process. In other words, if you’re searching for an affordable delivery service truck it’s probably best not to be looking at used sports cars just because they’re shiny and customized.
3. Monthly Payment Trickery
A lot of new buyers in the used car market are fooled by low monthly rates. And even if you aren’t easily coerced and simply can’t afford to pay cash up front, you must beware of enticing low monthly costs. This isn’t to say that affordable monthly rates are bad, but always keep in mind what you’ll end up paying in the long run. After compounded interest and other associated fees, you could end up paying the cost of a new car in the long run without even realizing it. So for those looking into used cars, make sure to have an overall budget along with your monthly budget and calculate what you’ll be spending overall.
4. Forgoing a Test Drive
Just like opting out of an inspection, waiving the option for a test drive is another major thing to avoid when buying a used car. Taking a car straight off the lot without first getting a feel of how it performs on the road can lead to serious buyer’s remorse. Remember, it’s not always about appearance when it comes to getting a pre-owned vehicle. You can go online and find a nice-looking car in a matter of minutes but if it just doesn’t feel right when you’re behind the wheel, your relationship with it will be short. That translates to time and money wasted that you can never fully get back. Most dealerships offer you the chance to test drive their cars to guarantee your satisfaction before you commit. This isn’t a perk you should ever dismiss.
5. Failure to Secure Financing
If you’re not looking to put cash down on your next used car, dealer financing is an important step for you to consider. Many retailers provided varying rates for used car financing. This acts as a kind of indirect loan provided by the retailer then sold to a bank or a third-party lending institution. The bank buys the loan at a discounted rate and then collects principal and interest from the borrower. Getting financing is a great way to shop for new cars responsibly and remain within budget. However, it’s also something to be mindful of when it comes to accumulated costs in the longer run.
At Open Road Outlet, we always encourage our customers to have a budget and an estimated expense total in mind before making a purchase. This makes the negotiation process far smoother with less financial risk for you. It’s also important to keep in mind that used car financing options can be more expensive than new car financing. It’s best to keep all this in mind before signing off on a purchase.
The extensive list of options available in the used car market can be thrilling to any driver. But keep in mind you’re still making a financial commitment. Visit us at Open Road Outlet in West Saint Paul, MB and we’ll be happy to guide you through the purchasing process. Our services also extend to those in Saskatchewan and Steinbach too! We’re just a call away.