Would you turn down the opportunity to drive a Ford SS-100-X that John F. Kennedy loved to ride? The chances are that you are obsessed with classic cars, and since most of the vintage ones are no longer in the market, you will have to purchase a used one. You can also buy used modern cars. It all depends on your wallet. However, you have to be cautious when purchasing a second hand car. Here are seven common mistakes you should avoid.
- Going Over Your Budget
It’s most likely that you decided to buy a used car because you didn’t have enough money for a new one. Everyone has something they wish to have and can’t get it right away and so it’s understandable.
Therefore, if you have a budget, you better stick with it. It’s advisable to go for a car that costs 20% of your budget. There are many extra costs that you will incur like the insurance cover, renovation, and repair and so you should set aside the 80% for that.
- Lack of Research
For crying out loud, we are living in an era where you can find reviews of anything online, we are not living in the 80s. Before buying that vehicle, read online reviews on forums.
Car dealers are afraid of online reviews because they can influence buyers’ decisions. Always compare the vehicle’s VIN number against its history at the dealer.
- Buying a Car Because Of Its Looks
Before buying a car online or from a dealer, it’s important to consider what you are looking for in a car. If you are looking for a car to drive you from home to the office and back, you don’t need a truck.
Same case if you want a vehicle that can carry a lot of staff, don’t buy a sports car. By being aware of your needs, you will be able to avoid buying a used car on impulse.
- Not Doing a Thorough Comprehensive Check
You will regret if you ignore doing this. It’s one of the most important steps before purchasing a used vehicle. A used car might have defaults and problems which you can’t see with your bare eyes.
They could be costly and you would want a more affordable insurance cover at that moment. The General insurance provider could be your best bet with their low down payments.
- Failing to Check Auto Guides on Used Cars
Used cars don’t have manufacturer suggested retail price (MSRP), and the only way you can tell their value is through Edmunds, Kelley Blue Book (KBB), and National Automobile Dealers Association (NADA).
Dealers and lenders use these to know a car’s price and worth. If you find the price listed is below the dealer’s suggested price, then the vehicle is overpriced. Tell the dealer that you did your research and you know the actual cost.
- Negotiating at The Dealership
Once you are at the dealership, chances are you will not come to an agreement, and you will leave without making a deal. If you do, it won’t be a good deal, and you might regret it afterward.
You better do your shopping online and negotiate by phone or e-mail before visiting the dealer.
- Forgetting the Associated Costs
Yes, you almost run broke to get that German machine, but you were not even ready for the crazy bills that come with it. A Mercedes Benz SUV or even a minivan for instance, guzzles much fuel, and if you are not prepared, you can spend to your last penny. The service costs are also high!
Remember that a used car will require more maintenance and so you consider your income before buying such a car. In fact, you should think about your monthly premium before purchasing an SUV.
Conclusion
Shopping for a used car is not as easy as buying a new one. There are some factors you should consider including costs. Yes, you might pay less for a used car, but if you don’t be careful, you might end up spending almost the same you would spend on a new one. Consider the ideas above.
