Used Car Buying Factors You Might be Overlooking

Used Car Buying Factors You Might be Overlooking

For some people, a car is a luxury, but for others, it is a necessity. Buying a new car may not be feasible for most people despite all the available finance options. That’s where used cars play a crucial role. They come at a much lower rate compared to new cars. If a used car has been taken care of and in good condition, then a used car would not be too far behind a new car in terms of functionality and efficiency. In the excitement of finally getting a good car, you may be overlooking some important factors regarding used car buying.

Depreciation

It is a well-known fact that the car’s value drops by 20 percent the moment you drive it off the lot, followed by a drop of 15 percent every consecutive year. These are average rates but the value of the specific vehicle you are looking to buy may vary. The depreciation rate depends on various factors the brand, the purpose of use, the usage, etc. Consult experts and make a fair estimate of the depreciation of the used car before buying it. One of the main reasons for buying a used car is to offset the depreciation and it’s foolish if you do not deduct the depreciation while buying it.

Vehicle History

It happens often that when someone really likes a product and is keen on buying it that person might tend to ignore the negative aspects of the product. But when buying a car such an attitude could result in a costly affair. If you are buying the car from someone you personally know, then you would be aware of its history. Else ask a vehicle history report. You could use the Vehicle Identification Number (VIN) or the license plate number to secure such information. Besides this, look up genuine reviews on the same model cars. It also makes sense to look up reviews of the dealer you are buying the car from.

Repairs and Maintenance

Many used car buyers forget to factor in the cost of repairs and maintenance while buying a used car. Even a new car requires regular maintenance and occasional repairs. Look for estimated repair costs for the used car and decide whether it’s still more feasible to buy compared to a new car. Of course, it would be difficult to account for unforeseen events but keep the definite costs in mind. This can be done by getting the car checked thoroughly by an efficient mechanic. It is also a good idea to service the car before buying it for better hygiene and life of the vehicle. You could get a thorough cleaning of both the interior and exterior, get the fluids and oil changed and also get any minor cracks or holes rusts fixed.

A good professional dealer will guide you on these factors. In fact, if you choose a certified used car many of these things are taken care of. Whatever option you choose, it’s important that you do your own research.