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Making the choice to buy a used car instead of a new one can be a sound financial decision. There are several benefits to purchasing a used vehicle such as lower insurance and registration costs, and a lower overall cost to purchase. If you think you’re going to purchase a used car as your next vehicle, take a look at our guide below on how to get your best deal.
Research the Market and the Cars You’re Interested In
In order to ensure you’re getting a great deal for a used car, you’ll have a bit of homework to do. Make sure you research the market value for cars you’re considering in your area. This will give you a good insight into what a fair deal would be when you get to the dealership. Another thing to research is the models you’re specifically interested in. Some models are known for having issues or component failure around certain high mileage benchmarks. This is to be expected since cars are machines and they will wear down over time.
Remember to research the trim levels available as well to have a firm understanding of which features are available. When shopping for used cars, you don’t typically have the freedom of choice when it comes to available trims. The highest trim levels will likely cost more but they’re also more likely to have more technology included. If you can find a higher trim level at a rate that’s closer to the lower trims, it can be a huge win if the price is right.
Understand Depreciation
Cars will always lose value with time. There are a few periods of time when a car will depreciate quickly over time. For example, cars lose 10% of their value right after they leave the lot, another 20% after a year, and a total of 40% of their value after three years. As a buyer, look to take advantage of these depreciation averages to get the best deal. Buy cars shortly after the first or third year mark for the largest discount. At that time, the vehicle is also likely still under the manufacturer’s warranty, which is a nice bonus.
Pay Attention During Your Test Drive
It goes without saying that you should test drive any vehicle you plan to purchase. When test-driving a used vehicle, try to be more aware of different sounds in the vehicle. This can be your first alert to any maintenance needs that might be coming down the road if you choose that vehicle. Many guides will advise you to leave the radio off during your test to listen for these potential issues, however, the radio is something which is used every day by drivers, so be sure to test the speakers out as well.
Purchasing a used car has several benefits which make it an appealing option. Understanding the market and how cars depreciate over time can give you an edge when shopping for a new car. If you’re interested in purchasing a new-to-you car this year, stop by the dealership or check out our online inventory.
Image via Flickr by SoulRider.222
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