Don’t shop for used cars in this market until you understand and plan for these five tips. Shopping for a
used car does not have to be a scary experience. Here’s what you need to know to get behind the wheel
of a quality vehicle you can trust.
Do Your Research
Do your due diligence and research used cars so that you know exactly how much you should be paying,
and what you can afford. A little bit of research can go a long way in saving you time and money. Plus,
with proper planning, you can settle on a vehicle that will actually fit your lifestyle.
For example, if you’re a daily commuter and are always on the go, this might not be the best time to buy a
rugged gas-guzzling SUV. Additionally, if you don’t know what that gas guzzler is worth, you could be
paying more than you should be. Turn to resources like Kelley Blue Book, understand the value of the
vehicle you’re buying, and plan out a budget that works with your financial standing.
Compare Rates
Just as you would with shopping around different vehicles, you should make it a point to shop around and
compare different auto loans and rates. Depending on your situation, it might be best to work with a bank
and take out a personal loan, or you might find it more affordable to work with the dealers’ lending options
directly.
Either way, always compare rates and ask a lender to match a lower rate. Also, being able to save a hefty
down payment beforehand is one of the best ways to lower your financial obligation and get a more
competitive rate along the way.
Trade-In Your Old Vehicle
While it might be a tough time to buy a used vehicle in this market, it’s a great time to let go of an old one
if you have it. Trading in your old vehicle can get you a really nice chunk of money that you can use
toward your next car. Just as it is important to shop around for a competitive loan rate, it’s equally
important to shop around for competitive trade-in quotes.
Keep in mind that you don’t have to purchase your next vehicle from the same dealer you traded your old
one into. However, this could be a great negotiating tactic to leverage down a lower price.
Shop Certified Pre-owned Vehicles
One of the biggest concerns many drivers have when purchasing a used vehicle is whether or not they
can actually depend on the car the way they would be able to with a new ride. When you shop certified
pre-owned, you can shop with confidence knowing you’re driving off in a quality used car, truck, or SUV.
Certified pre-owned vehicles undergo a rigorous multi-point inspection in order to satisfy the highest
quality standards available.
Work With a Private Seller
If you know a thing or two about cars, or have a trusted friend or mechanic who does, shopping with a
private seller can be one of the best ways to snag a great deal on a used car. Private sellers tend to offer
their vehicles at a much lower price point than dealerships, and you won’t have any add-on fees.
Unlike a dealership, however, there aren’t any guarantees with a private seller and you need to make
sure you do a thorough inspection of the vehicle in order to ensure you do not get a lemon. Be sure to ask
about maintenance records, accident reports, and a carfax if possible in order to make a sound decision.
Bottom Line
Shopping for used cars does not have to be a frightening experience. Working with a trusted used car
dealer or having a friend or mechanic you can trust can easily help you navigate the used car processes
so that you get behind the wheel of a quality vehicle that will last you for years to come.
This post may contain affiliate links. Meaning a commission is given should you decide to make a purchase through these links, at no cost to you. All products shown are researched and tested to give an accurate review for you.
