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What should I look out for when buying a used car?
Your current credit situation puts you into the sub-prime category. Most likely you will be getting into a used vehicle. Most new cars are only available for prime customers with good credit. Firstly, buying a used car is considered one of the smartest moves because you are letting the original owner take care of the depreciation. Once a car is driven off the lot it depreciates approximately 20% to 40% so why not let someone else take on that loss. If this is your first car too, you probably will be looking for something under $10,000. Test drive, test drive, test drive! This is a must. You need to feel the car and drive it before you buy it. With used cars, you want to try and pinpoint as much as you can and let the dealer know certain things that you request to be fixed or taken care of when you pick up your car.
Kilometres on the car are important but not the be all and end all. A lot of brands will last a long time but on the same token, others may be notorious for a short life span. Do some research into the life of certain vehicles. Try to obtain any service history on the car and also get a car proof so you know if there were any accidents reported, was it a rebuild etc. With the engine on, unscrew the oil cap. If there is smoke coming out, it means that the engine may not be in great shape. Check any and all of the power equipment. You don’t want to drive off the lot and find out the rear windows squeak. Also do some research on the model and year of the car. You may find out that there were recalls on that model so make sure you are diligent in your research.
Some cars are also notorious for certain problems so make sure to check into what models are known for what. You also want to check out what the resale value is on your brand. A great thing about buying a used car is that you have a better shot at negotiating the condition of the vehicle. If there are scratches or dents then don’t be afraid to ask them to be fixed before you buy the car. The dealer may really want to unload that inventory so it might be in their best interest to satisfy you as the customer by spending a bit more on repairs and touch ups. A used car can be a great investment because you can save a substantial amount of money and you can now get around town in something reliable and affordable.
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