7 Ways to get a Good Deal on a Used Car

Do you want to buy a used car? It’s a good decision to opt for a used car over a new one. A new car depreciates nearly about 10% the moment it leaves the lot and another 20% within the first year of its purchase. It’s a fact that after three years of car purchase, the average car is worth only 60% of the original purchase price.

This fact may be slightly depressing for a new car owner, but a great relief for used car buyers.

If you are buying a 1-3 years old car, you might get a car under the manufacturer’s warranty and it may also offer you many more years of good services unless it is been abused. According to research, the average life of a vehicle on the road was found to be nearly 11.5 years.

Also, consider the size of the used car market- about 40 million used car changes hands each year and the average vehicle will likely have three owners in its lifetime.

We have listed some important points, if followed will help you to get a good deal on a used car —

• Research
• Test Drive
• Private Sellers
• Dealers
• Certified Pre-owned
• Check for discontinued, slow-selling vehicle
• Know your priority

Research

So, the first way to be sure about getting a good deal is through research.

Here are some of our articles which might help you in your search process–

1. 8 Surprising Facts You Should Know Before Buying A Used Car
2. 8 Things You Should Do Before Buying A Used Car
3. Which Car Is Right For Me?
4. How To Buy A Used Car?

Market research helps you better understand the functions and features of a car. Do everything to know about your chosen vehicle before physical examination and final deal.

Researching what make and model you’re interested in and knowing the exact value of the car in your area will help you negotiate better. It is always beneficial to be informed before making the final purchase, to avoid buyers’ remorse.

Test Drive

Once you are sure about the car you are buying and are also satisfied with its cost, it’s time to physically examine the car. Test drive the selected car. A test drive will help in checking whether all the statements made by the seller regarding the car’s condition are true or not. After the test drive look for vehicle history report. Vehicle history report makes you aware of any possible hidden costs. A vehicle history report will give you the details of odometer readings, ownership history, service history, title information, reports of accidents. It will also make you aware of the junk or flood damage to the car.

To get a detailed vehicle history report click here.

Private sellers

Remember, private sellers usually charge extra 10% in the final price quote which is even higher than what a dealer’s final price, check carefully. Mostly private sellers are not professional salespersons, and not everyone is good at haggling.

There are chances of getting a good deal with the private sellers if you have properly researched the car make and model you are looking for.

Some private sellers want to get rid of their vehicle as soon as they can as they might be moving to another city, or, having purchased a new car and need more space in the driveway.

Make sure to sign the title/pink slip before you hand the money to a private seller.  

For more information on buying a car from the private seller check this link.

Dealers

There are many advantages if buying from a dealer.

• The very first advantage is the varied choice. It is much easier to shop for a car when you have a whole range in front of you.
• Dealers usually perform a basic service and inspection of a car which gives it a clean and attractive look. In case if you are purchasing from an established dealer, it has a reputation to uphold. Plus, they are also governed by FTC (Federal Trade Commission) as well as state and local regulations.
• In many instances, dealers also offer some sort of warranty. It may be as low as 30 days but still, such warranties give a sense of relief to a buyer. As a buyer, you should always ask how warranties will be honoured.

Certified Pre-owned (CPO)

All certified pre-owned cars are thoroughly inspected. They are cosmetically sound and if any maintenance issue occurs it is addressed immediately. Certified pre-owned cars are unlikely to have shredded interiors, bashed fenders or missing trim.

Usually, CPO is offered by most luxury car brands like Mercedes- Benz, Lexus, Lincoln. Some mainstream like Nissan, Chevrolet also have such programs. By their nature, CPO cars are sold through dealers only.

If you are purchasing a CPO car, always check for its inspection report. An inspection report will list all of the areas checked and any recalls on the model. Also, check details like tire tread depth, the thickness of the brake pads. CPO cars usually have very less wear and tear.  

Check for discontinued, slow-selling vehicles

You should not ignore discontinued or slow-selling cars from your car purchase list. It’s good to buy a used car that’s been discontinued or slow-selling in the market. You can get a heavy discount on these cars.

If you are sure what you want and how much it is worth, you have reached the halfway process. Check the day value of the selected car to be sure about its cost also never forget to check the Vehicle History Report of a car.

Every used car has a back-end story and some of them are nothing short of a nightmare. So, always look for the Vehicle History Report before purchasing a used car. It will help you know if a car has a clean history or hidden problems. We have data available for every used car sold post-1982.