Looking for a used car to purchase can be maddening at times. I don’t know many people who can say they actually enjoyed searching for a used car and making the final decision. In fact, many people will tell you this is one of the most stressful purchases they have ever made. My goal is to make it a little easier on you. Here are some used car purchasing tips that can save you cash in your deal.
Perhaps the most important tip I can share is to only buy what is known as a “certified used car.” These are vehicles that have undergone at least 100 point inspections, and repairs made, by original equipment dealers. These cars are then sold with a warranty that protects you from repairs down the road that will cost you more than your used vehicle is possibly worth. Note that only original equipment dealers can legally call a car “certified used.”
Take advantage of the online buying guides. The most popular guides are Kelly Blue Book and the NADA guides. These are industry standard guides that will give you the appropriate range of prices for any vehicle you are looking to purchase. Going into any negotiation armed with this information will give you leg up to make sure you are getting the best deal possible.
Finally, pay as much cash as you can afford. Used car loans are very expensive, often in the double digits for interest rates. Over time, these rates really add up and cost you much more money than the car is actually worth. Paying with cash, as much as possible, will pay off in the long run.
So there are three tips for you to keep in mind when you are out there looking for a used car. Be prepared and follow these rules and you can significantly reduce your stress when making this purchase and you will save money in the long run.