When buying a used car, there are several decisions you can take to ensure you are making a wise investment. It can be tough to cut through the ads, deals and promises. To help you make a smart purchase, we have provided below six mistakes that you must avoid.
1. Not Doing Enough Research
You know you want a used pickup truck. The neighbourhood dealer has one that meets all of your criteria. However, just because a family friend has a hot deal on his lot; this does not mean it’s the best deal among the car offers. Look through all of the online sites and resources. Ensure you are getting the best deal on what you want.
2. Failing to Get A History Report
Failure to get a history report can lead to a lot of headaches and it can eventually cause your bank account to shrink. This is especially true for vehicles that cannot be purchased with a warranty. Make sure you have an overview of your intended vehicle’s “life.” Be aware of all accidents, repairs and ownership history.
3. Taking Too Little Time on The Test Drive
After heading to the lot to see the sweet deal on that family crossover SUV, you are in love with the idea of transporting the kids in this ride. You ask for a test drive, and you take the vehicle down the road; make a few turns and head back. Make sure that you take enough time on your test drive to fully test the vehicle. How do the brakes work, when you come to a stop?
Were you able to pass other cars on the highway without a glitch? Did any lights come on during the drive? What are the blind spots like? How is the sound system? The questions you could ask could turn limitless. Go into your test drive with a list of what all needs to be tested, and please take your time!
4. Banking on Only One Bank
Financing options abound for used vehicles. Whether you have good credit or a dismal credit record, make companies fight for the right to finance your used car purchase. Just because you have a great relationship with a bank does not mean they will provide the best financing options. Banks are not the only source for an auto loan. Among the additional sources to consider are dealerships, credit unions, insurance companies and loan companies. Check out in person and online sources.
5. Settling for the First Price
If the purchase of your used vehicle comes with no room to wiggle, then move on to another vehicle or dealer. Anyone selling any large scale purchase, like a used car, should be willing to negotiate. Always try to lower the price, and never settle for the first price listed or the first negotiated price. Counter-offer at least twice.
6. Forgetting to Purchase Warranties/Get An Inspection
Any time that you purchase a used car under 88,000 miles you must be certain to purchase a warranty. Warranties can be purchased that last until 100,000 miles, and they can be purchased in 12-month increments. For cars over the warranty threshold, you must take the vehicle to be fully inspected and obtain a detailed report of that inspection.
The list above is not the end all be all list for avoiding mistakes related to buying a used car. It does, however; includes six simple actions that you can take to make a wise used vehicle purchase. Enjoy your “new” used car!
