We’ve all been there. Your finances are low and so investing in a used car makes absolute sense to you. Buying a used car can also turn out to be an extremely smart (and cheaper) investment than getting your hands on a brand-new vehicle. As long as you know what you’re looking for, buying a used vehicle can be the best alternative for you.
Buying a used car can be economical and confusing at the same time as it comes with a history of wear and tear. But it is important for you to avoid the following common mistakes before you buy a used car.
Mistakes to Avoid When Buying a Used Car
Mistake #1: Financing from the Dealer Itself
In case you’re planning to buying a used car from a dealership, it is ideal to avoid the financing they’re offering since normally the cost includes a hefty premium as well. Since dealer financing is made including a wholesale insurance scheme, it adds to the additional interest rates. If you’ve set a budget for yourself in advance and are paying in cash or loaning the amount from a third party, it is easy to avoid this hefty cost. When you know how much you’re able to spend on a used vehicle, it makes negotiating prices that much easier!
Mistake #2: Long-Term Payments
While a lowered monthly payment is great to maintain your monthly budget. A longer payment period results in you ending up paying back a lot more money overall. It is advisable to avoid financing your car with a loan altogether. In case you have enough funds to buy your used car with cash. This will help you save a lot of money in the long term and eliminate monthly payments altogether.
Mistake #3: Not Taking a Test Drive
We strongly recommend you to not be a part of the 20% of buyers who do not test-drive the car before purchasing it. In fact, you must do a test-drive of every single used car that you have shortlisted. If you miss this opportunity before the purchase, you run a high chance of experiencing buyer’s remorse and miss out on any probable concerns you have with the car.
Mistake #4: Not Getting The Car Checked By A Mechanic
Now that you’ve test-driven the car you like, you must insist on getting it checked out by a certified mechanic before you make a final decision. Even if you’ll have to pay for the inspection yourself, doing this will ensure you save a lot of money in the long run. Try persuading your seller to pay for this inspection, if possible.
Mistake #5: Lack of Research
Make sure to conduct thorough research and compared every used car you like before you visit a dealership and buying a used car. Try and negotiate with the salesman either on phone or by email beforehand, since it is much easier to negotiate and walk away if the car you want is out of sight!
Mistake #6: Not Running a Vehicle History Report
Once you’re done with the test drive, mechanic checks, and negotiations, it’s time to run through a vehicle history report. Doing this helps you check for any prior issues or accidents related to the vehicle. And, the number of owners of the car. There are many 3rd party websites that help you do this including CARFAX and AutoCheck.
With over 800 vehicles in our inventory, the Car Factory helps you choose the car of your dreams- brand-new or pre-owned! Schedule your test drive in our Miami or Hollywood locations online today at CarFactory.com or call (786) 406-6234!
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