It is a well-known fact that a new car depreciates as soon as you drive it off the lot. Buying a used car is a much cheaper option than purchasing a brand new one, and with the number of financing opportunities available, there are countless possibilities that exist. For some, though, buying any car can be a monumental task. Here are a few used car buying tips.
- Start with determining your budget. – The first step in buying a used car is determining how much you can spend. If you have saved, you can probably afford a higher-priced vehicle. Visit your financial institution to determine how much you will be able to borrow (if necessary) and how much of a monthly payment you can afford. Once you find your budget, stick to it.
- Locate sources to search for used vehicles. – You can use several sources to look for used vehicles. Local classified ads, Craigslist, and local dealers are great places to start. Get an idea of what cars and trucks are available for sale in your area.
- Do your research on vehicles that interest you. – Once you have an idea of the vehicles for sale, do some research on what used cars and trucks are the best value. There are plenty of sources like Consumer Reports that provide detailed information on the best-used vehicles on the market.
- Contact the seller. – Once you have identified some potential vehicles, contact the seller and arrange a test drive and an inspection of the vehicle. Ask the right questions about the vehicle. You should have a good idea of the current mileage on the car, what maintenance the seller has done, how long they have owned the car, and why they are selling.
- Test drive and inspect the vehicle. – If worthy of a test drive, arrange to drive the car or truck. Before the test drive, inspect the vehicle (or bring someone with you who has more knowledgeable). Check all the tires, check underneath the vehicle for any leaks, inspect the engine, and see if the seller has all the vehicle’s maintenance records. Make sure the vehicle starts easily and listen and smell for anything out of the ordinary.
- Finalize the deal. – Once you and the seller have agreed on a price, it’s time to finalize the deal. Make sure you get the correct title to the vehicle. If a private seller, check their ID to make sure it matches the title. Pay with cash or a check from your financial institution.
Buying a quality used car takes some time and effort but is well worth the trouble in the end. The vehicle, once paid for, not only provides adequate transportation but also can be used as collateral for a car title loan in a time of emergency. Embassy Loans is one of Florida’s leading providers of low interest car title loans.