The best way to save money when purchasing a car is to buy a used car instead of the new one. The time you drive a new car from the showroom, it starts to depreciate quickly. That means the new car’s worth is now less than what you paid for it.
You can save lots of bucks by letting someone else take the depreciation for the first few years of ownership. Purchasing the best car with low ownership cost and good predicted reliability can also help you in saving money.
Getting the best deal on a second-hand car takes more work than purchasing a new car, and it has more long-term risk to your pocket since the factory warranties do not cover many cars. So in this article, we will tell you step by step from buying a second-hand car, compare rates to move your car, and getting affordable finance.
Steps To Buy A Second-Hand Car
Know Your Needs
Take the notepad and write down what type of car you want. Opt for the one that suits you and your family. Make a checklist that you want, it will help you what type of features you need in the car.
- Fuel Economy
- Budget / Price
- Safety & Security
- Body Style / Styling
- Model / Brand
- Life Style
Plan Your Purchase
Based on the above checklist you need to decide on the EMI’s or budget you can afford to pay. Once you have decided the budget then make the list of vehicles that meet your needs. And it is ok to vary a little bit over the budget if you are getting the best piece of metal.
Research About Cars and Market Prices
When you go online,, you will see lots of expert reviews and information about cars, like their specification, features, fuel economy and many more. Moreover, there are so many websites for used cars which give you detailed information about the pricing and other details of the car.
Used Cars in the Local Market
Search for the second-hand cars dealers nearby, and check out which car is available with them. Make a list of nearby used car dealers that you would like to visit for checking the cars and test driving.
Once you have seen and tested the car, now check whether the second-hand car that you have chosen is worth it or not. Several used vehicles that look good from the outside are disguised and they hide odometer tampering, major accidents, flood damage, or any mechanical repairs.
Used Car Finance
If you do not have enough cash, then you can take a used car loan. There are many banks that will offer second-hand car loans. Also, many of the used car dealers are linked with financial institutions and banks offering second hand car loans. You can get the loan through the dealer from where you are purchasing the used car.
Finalize The Car
Well, there are no standard prices of second-hand cars in the market, the prices are negotiable and marked-up. A good start for the negotiation should be the dealer asking price. Though, dealers manage to mark-up the price by 10 to 20% for negotiation.
Searching for a second hand car is like a treasure hunt. There are best deals out there, with the rise of the internet as a car shopping tool. You have the chance of finding the best deal on second-hand cars that fits your budget. Click here to read about pet shipping. If you find this information useful, drop a comment below this section.