It can be hard to imagine getting through the whole day without making a minor mistake or two. It is the major mistakes that we make that can cost us, dear. That is definitely true when it comes to purchasing a used car.
The following are the mistakes you need to avoid when searching for a used car:
Not Having the Car Checked Over by a Mechanic
Purchasing a used vehicle from a dealer may include a limited warranty. With a private seller, you will not get that warranty. The vehicle will probably be sold “as is.” That does mean as soon as you drive it away, it is yours. The engine could fall out and there would be nothing you could do.
That is why you need to have the vehicle checked over by a mechanic you trust. It may require driving the car to the mechanic and that could be included as part of your test drive. If the seller is resistant, then it’s best to walk away.
Not Having a Test Drive
You will need to test drive the car that you are purchasing whether it is a new or used vehicle. This is even more important if you are purchasing the car used from a private seller. It is not only about sitting in the car but also seeing how it drives, takes turns and accelerates.
Not Arranging Finance
All dealerships provide financing. In fact, financing is how they make their money. Knowing that you really should avoid using their financing. They will still be happy to sell you a vehicle but you will have control of the loan.
You can get preapproval for a car loan from a number of lending entities. Look around to find the best deal and then lock it down. You can have the pre-approval and then know what your actual budget range will be.
Focusing On the Monthly Repayments
You will be aware of how much you can afford each month when it comes to your repayments. It may seem that extending the loan would mean lower payments. That may be good in the short term but it can cost you a lot more in interest, even with a low rate. Also, consider a lease versus a loan.
At the end of a two-year lease, you will need to return that leased car and all the money you spent on payments and repairs will be gone. However, when you purchase a used vehicle you are making an investment that may give you a return in the form of a sale or trade-in later on. You will not receive the same amount back that you paid out but getting a something back is better than nothing.
Not Contacting Dealers to Pre-Negotiate in Advance
A used car salesperson will do everything possible to make a deal. That could work against you at times, as the deal; they are offering is not the one you expected. By doing your research in advance, you will be aware of the value of the car and what you are willing to pay. Begin the negotiations by email or over the phone. The nearer you get to the number that way; the better off you will be when you visit the dealership.