Most cars lose about 20 percent of their value during the first year. That’s a tough pill to swallow for new vehicle owners, but it’s a beautiful thing for the used car market.
The depreciation in the cost value of the car doesn’t say that much about the quality of the car itself. After all, a car with under 30,000 miles that costs 80% of the initial value is a good deal.
Whatever the status of the used car you’re looking at, though, there are a lot of things to look out for. We’re looking at used car buying mistakes today, giving you some insight into what to look out for in order to get the best deal.
Hopefully, the ideas below will refine the way you look at buying a used car. Let’s get started.
1. Borrowing Too Much
If you don’t have cash in hand, you’ll need to take out a loan. It’s a good idea to do this because you can get a quality vehicle with low monthly payments.
That said, don’t take that freedom and get a loan on a car that’s too expensive. Biting off more than you can comfortably chew is very common when it comes to buying cars.
Used car dealership salespeople are good at what they do, so make sure you don’t get sold.
2. Not Researching Used Cars
Sometimes, we see a car that we like, and we get tunnel vision. That leads us to ignore some of the red flags that a used car might have.
Previous damage, high miles, and suspiciously low costs are a few things to think about.
3. Forgetting Third Party Inspections
You should consult your mechanic any time you buy a used car. They can do a look-through and see if there’s anything that the dealership or seller isn’t telling you.
This could save you a massive headache, not to mention thousands of dollars.
4. Skipping Preapproval
It’s a good idea to get preapproved for a car loan. That way, you know your price range. There’s no wiggle room for you to get your hopes up on a particular car that you can’t afford.
The aforementioned tunnel vision might make you bite off more than you can chew if you don’t have a clear budget.
5. Not Negotiating
Remember that used cars are always open for negotiation. This is true whether you’re at a dealership or you’re meeting someone at their home.
A lot of used cars get listed at a higher price than what the seller is willing to take. If you are in the market for a used car, used honda in sacramento may be a good choice. Negotiation is a skill, and it can be hard to push people on price. If you know you’re not a good negotiator, bring a sturdy friend along to do the talking.
6. Not Exploring Multiple Options
Look through different dealerships, websites, and individual sellers before you come to a conclusion. You can find used cars here, but note that it’s good to get a wide feel for the state of the market.
When you don’t know what similar cars are going for elsewhere, you have less ground to stand on when you negotiate.
Afraid of Making Used Car Buying Mistakes?
If the used car buying mistakes above have you a little nervous about making the wrong choice, we’re here to help. We’ve got more information on options for used cars that might help you make a better decision.
Explore our site for insight into buying vehicles, comparing car prices, and a whole lot more.
