It is natural to feel a bit stressed and unsure when buying a used car. But, with a few tips, it is very simple and can be quickly accomplished. Here are the top things to consider.
Pay Attention to Financing
The trickiest part of buying a second-hand vehicle is securing the finance for your purchase. Unless you already have the money upfront, you won’t be able to purchase a vehicle outright, so you will have to rely on financing. Dealerships will take a look at your credit score to see if you have been managing your debt financing adequately. They work with third parties who do the actual financing and give them a commission, so if you have a good credit score, you should not have any problems with this first stage.
If you have a poor score, follow these tips to improve your credit rating and reapply for vehicle financing. You can also look for a vehicle at ‘buy here pay here’ dealerships that do in-house financing and do not work with third parties. They may be a more flexible option.
Determine Your Down Payment
When considering getting a second used car, many people start saving to ensure that they have the money for a down payment before applying for finance for the balance. Traditional dealerships lag behind in that they require a larger down payment than you would pay for a new car, unless you go to a ‘buy here pay here’ dealership, which may be more open to negotiation.
If you have a tax refund pending, you have another option, the AutoMax Tax Max program, where you only pay $89 of the down payment immediately, with the rest due when your refund arrives. The dealership will pay up to $300 on your tax preparation to ensure the best refund.
Narrow the Search for the Vehicle You Want
Before you think of visiting a dealership, be sure that you know what you want in a vehicle. For example, if you have a passion for Fords, consider which ones you like the most. This will save time spent at the dealership and you can even call ahead to make sure they have what you want in stock. This will reduce the number of dealerships you need to visit, hopefully to one. You can also select a vehicle online and move straight to the test drive.
An older vehicle need not necessarily mean that it has neared the end of its lifecycle. For example, the Japanese Domestic Market (JDM) manufactures vehicles to the highest standards for local buyers. However, the USA has regulations (i.e., the 25-Year Import Rule), which only allows vehicles that are 25 years old or older to be imported and made available to the American consumer. These are right hand drive vehicles, but it is apparently as easy as one drive to become familiar with imported RHD cars in NC and drive away with a quality vehicle. Japanese cars are also reasonably priced.
Evaluate the Vehicle
The first step towards going home in a reliable vehicle is selecting a reputable dealership. A good dealership is dependent on its reputation and cannot afford to sell vehicles unless they are roadworthy. Unless you know cars well, it is advisable to bring along a friend who knows a thing or two and who can advise you.
Scan the vehicle’s history report. This will tell you if the previous owner stuck to scheduled maintenance services or skipped them, as well as if the brand has been recalled at some stage for a manufacturing fault. Mileage is also important, and you are better off with a vehicle with low mileage as you will save on gas and it means the vehicle has been exposed to less wear and tear than one with a high mileage.
Use these tips to take the stress out of shopping for a used car.
