Purchasing a used car can be a smart financial move. But at the same time impulse can lead you towards buying a lemon. That’s why it’s essential to arm yourself with knowledge and resources so that it will help you to take an informed decision.
Considering the importance of market research before purchasing a used car. We came up with these eight points that you need to do before buying a car.
- Know your priority
- Set the budget
- Check your finances
- Get Vehicle History Report
- Go for a test drive
- Get the car inspected
- Be prepared to walk away
- Check for the warranty
Know your priority
Before anything else, take some time out to think what actually you want.
Based on your priority list out every point you have in your mind related to the car purchase. Like–
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- Why do you need a car?
- Your requirements from a car
- How many people does it need to seat?
- Would you like it to be small or large?
- Must have features you are looking for in your car?
Once you have completed the entire priority list, do a market research to get an idea about the range of cars that fits well in your criteria. Walking into the dealership just to browse the full range of cars on offer can prevent you from finding the best deals because you are risking getting cornered into a sale by the first hard selling salesperson who notices your lack of preparation. Don’t forget to check the classified ads and brochures on cars from different dealerships, before you decide on a dealer. It will help you to have a better idea of what is available and what should you pay for the similar vehicle in your area.
Set the budget
After entire market research and making a priority list, set the budget. Don’t get influenced by a salesperson. It’s their job to persuade you to extend your budget for the vehicle you are looking for.
Setting a price range for yourself can also help you narrow down your search and negotiate a price you are truly comfortable with. Talk to the seller with full confidence, be firm with your budget range, but don’t share your target price initially. Let the seller quote a price, then come up with your expected rate. These buyer tactics will give you more negotiation power. A used car budget shouldn’t just include funds for the car, you should also plan your expenditure for an inspection and any other small repairs that may be necessary.
Check your financing options
If you are not planning to pay fully in cash for the car, consider financing options beyond the dealership. Also, look for an auto loan through a credit union, for example. Get the rate quotes from a few places, and talk to each potential lender about the types of cars and price range you are working with.
Go for a test drive
A test drive is perhaps the most important part of buying a used car. It helps you know how the car actually drives. Make sure to test the car in a variety of situations, including on the highway and up and down hills. Turn off the music and listen for rattles or squeaks. A longer test drive can help assure you that the car is comfortable to sit in for longer periods. In case if the car looks a little off to you or uncomfortable, you still have the time to walk away.
Get the car inspected
Getting the vehicle inspected by a trustworthy mechanic brings satisfaction and feel good factor. Take mechanical inspection as a very serious process of used car buying. You can do the basic inspection of your car, but a mechanic will help you identify the technical faults. You can get the mechanical inspection done by a professional known mechanic or you can also look for an ASE certified mechanic. You can trust the quality check of ASE certified mechanics as they all belong to an organization which tests and verifies the knowledge and abilities of mechanics.
Be prepared to walk away
Never enter a dealer’s shop with the intent of purchasing the car on that same day. Sometimes, too much eagerness can put you in a position where you will accept an offer you’re not truly comfortable with or you settle for something that may cause more problems down the road. No matter how good the deal seems, look around in different shops. This will help you to avoid getting pressured into buying a vehicle that may not be the right match for you.
Check for the warranty
Many used cars that are only a couple of years old, or those with low mileage could still be covered by a warranty. If the car you selected falls in such category, don’t forget to get the warranty transferred to your name.
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.
