How to Get a Good Deal on a Used Car
In this blog, you'll learn about Used Car Buying Tips that will help you make the best of your next car-buying experience. Buying a used car is like gambling, you can never know what you’ll get. Hence, many people are apprehensive when it comes to putting their hard-earned money on a pre-owned car.
There are several risks involved in buying a used car from people you don’t know let alone dealers. Thus, before you go used car shopping, be sure you check off everything that we have mentioned in our Used Car Buying Checklist below. You will make a much better decision with these tips and tricks:
1. Buy a less popular car brand
While buying a car people focus a lot on the brand for various reasons some of which are not practical. Like buying an Audi has a lot to do with aspiration than need. The same is the case with other popular brands. But big car brands are overpriced especially with the car models that sold well and are in demand. You try getting a deal on those and be ready to be disappointed. However, several less popular but equally good car brands didn’t sell well. It doesn’t mean their cars aren’t good and you should give them a shot.
Less popular cars are much less in price, be it first hand or second hand. You will get a better deal and a chance to negotiate.
2. Research Research Research
Buying a used car can be tricky. There are times when you might end up paying a lot more than the car’s worth. Of Course, it can be the other way around as well and you might get a sweet deal on a great car but let’s face it the latter is like winning a lottery these days.
Thus to avoid paying extra, do your research at least for a month. Check out all the used car websites, talk to car dealers, and even reach out to some private sellers to see the market price of the car that you’re interested in. This will not only give you an idea of how much financing you’ll require but also give you a better chance of negotiating a fair deal.
Facts and figures come in handy when you’re trying to bring down the price in a negotiation.
3. Don't be tempted by Low cost
The whole point of buying a used car is to spend less money but what if the price that you’re getting it at is unbelievably low. Don’t be tempted, do your research. A low cost on the used car can mean many things, either there is a lot of damage that you can’t see now, or the car has been used up pretty well. Or worse, it has been in an accident.
Check the car’s history and do a thorough inspection before making any decision. It’s always better to ask its owner upfront about the car’s history.
Keep in mind the extra cost of repair and other maintenance even if you score a great deal on a not so good car.
4. Check the Car’s history report
Every smart buyer will advise you to check the car’s history report before deciding anything. If you’re buying from a car dealer they will most likely provide the report without asking. If they don’,t make sure you ask them, and If there is any reluctance from their end it is no secret the car is no good. It is always advisable to know about the full history of the car especially about any big issues and previous damages. Nowadays several websites will give you the full history of the car by just entering their VIN like this one.
It is good to check a couple of these websites to get a good idea about your next car.
What will you find in a Used Car’s history report?
A car history report entails the following important details:
How many owners has it had?
Where and When was it sold before?
Service and Maintenance history
Where has it been inspected and registered?
Has the car been in any accidents?
Previous damages, if any.
5. Drive it like you own it
When buying a used car, it’s necessary to take it on a spin. But many buyers are in a hurry to seal the deal and don’t take test drives seriously. Taking a car out for a 5 minutes drive is nothing close to a test drive. It can work for you if you’re buying a brand new vehicle but while purchasing a used car, go for a long drive. Give it at least an hour or so and drive it as you own it. Go to places that you’re most likely to visit with it. Make several stops and drive on all types of streets, especially your usual route.
Check out these tips that are most likely to help you get the most of the Test Drive of your used car.
1 Ask for a longer drive if you want. Usually, salesperson asks the car buyer to take a certain route while on a test drive however it's always better to ask for a longer drive if you're not satisfied. Don't be shy as it's better to be sure than regret later.
2 Check the brakes to see if they are working fine or has gone weak due to being overused. Also check the steering to see if it's not vibrating and doesn't steer way too easily.
3 Check the engine properly. Don't be fooled as sometimes sellers can start the engine beforehand to warm it up and hide it's issues if any. Observe if it makes any sounds like rattles or clinks.
4 Turn on the AC to see how long does it take for the car to heat up or cool down. Also see if turning the AC on has any effect on the speed.
5 Most importantly, always pay attention to parking. Make sure the car shifts smoothly from drive to reverse without making any noise. See if the steering doesn't feel stiff while maneuvering.
6. Avoid buying Car accessories
A smart car buyer knows buying accessories with the car can only mean squandering money when you should be driving a hard bargain. Moreover, all you should be trying to do is get the car accessories as complementary rather than overpaying for them. You could end up paying 5 times more to get extra features that you can get at a really good deal elsewhere. Forget about that stereo, moonroof, or comfy heated seats for a while and focus on getting a good deal.
7. Get the car inspected by a trusted mechanic
This might be a good chance for you to befriend a mechanic and get the used car inspected properly. No matter how good you are at these things, a professional’s eye will give you the much-needed confirmation that you can say yes to your new car. Also, you are going to need the services of your mechanic more often than you can think. To be a happy car owner, it’s only necessary to keep your car in a good shape by getting it serviced from time to time, especially in the case of a used car. Cars that have been damaged before can easily be repaired and painted over to look good as new and only a technician can reveal the previous issues that the car has been into. Many garages do vehicle inspections solely for a used car to give you clarity of what your new used car has been into.
We agree it is quite a task to find a good used car for sale especially from first-hand owners, but it is always a good idea to skip car dealers and other middlemen when it comes to second-hand purchases. Try to spread the word around that you are interested in purchasing a used car and get references from friends. It’s better to purchase your used car from an acquaintance as there are fewer chances of fraud and over pricing. You can also negotiate to win better with someone you know rather than with a professional car dealer who negotiates for a living.
Also, car dealers deal with hundreds of cars daily and they are in the business to sell at any cost. You can’t expect a fair game, even though it appears to be. They will hide the previous issues that the car has been into and always charge you extra as you are also paying for their commission. There are so many websites that are dedicated to bringing first-hand buyers and sellers together via chats and other forms of communications. Try websites like OLX, Quikr, and others.
Getting a loan for a used car can be quite tricky especially if the car model is old. Usually, companies don’t finance a car older than 10 years. Thus if your car is 7 years old, you can only get a loan for up to 3 years.
Apart from that the quality of the car also determines the loan value. The value of a used car can differ depending on the usage, the number of people who have used the car, how many times it has been transferred, and the mileage.
Thus, it’s considered better to self-finance the car to avoid the stress of making monthly payments.
If you want a good deal on your next car, it’s a must that you learn the art of negotiation or else takes help from someone great at it. Negotiation is everything when it comes to buying a used car or anything else for that matter. Go for the win, in no condition whatsoever should you deviate from your price point. The seller is more likely to accept your offer if they are desperate to sell their car. They are either in a hurry to move or move on to their next car which is a good thing for you.
If you’re dealing with a car dealer know that you’re in tricky territory. They are great negotiators and have deadlines and deals to close. They will play hardball but so should you.
Read: Top 10 Websites to Buy and Sell Used Car
