Get Ready to Do Your Homework if You Want to Buy a Pre-Owned Car

When you’re ready to choose a pre-owned vehicle, it seems that many of the sites that are offered online today make things much easier, and they do, but you still have to make sure you have the information that’s important for your purchase. You need to choose the car that’s going to give you the drive you can enjoy for the next few years which means it’s time for some homework.

Find the Right Pre-Owned Car for You

Choosing the right used car makes a lot of sense to start with. Think about what you do every day, where you drive, and the things you need to take with you. Do you want to drive an affordable car like a used Hyundai Elantra or a more expensive car like a Jaguar model? Find vehicles that make sense for you to have the drive you want and that will fit your needs. Start to learn about the models you’re considering, to learn whether or not those vehicles have been recalled, have poor histories, or are scarce. Consider the price you want to pay as well.

A Used Car History Lesson

Once you’ve found the car that you think will be the one you want to drive, learn about the history of the vehicle. Often, the CARFAX report can be viewed online and the VIN can be used to tell you more about the car. Most used cars are sold “As Is” which means you’re going to have to deal with any problems that come up on your own and not have the protection of the used car dealer.

Financing

There’s a good chance the best pre-owned car financing you’re going to find will be through your bank or credit union. If you can’t secure financing this way, you need to understand that the interest rate for a pre-owned vehicle will often be much higher than for a new vehicle. If you’ve got a low credit score, you’ll pay even more and may not have much wiggle room in the financing.

Negotiate the Price

In many cases, dealers don’t offer the option to negotiate prices, but if you consider yourself to be a savvy buyer, you can certainly begin to negotiate by refusing to buy the vehicle unless the dealer drops the price or meets you close to the price you want. If you’re not a savvy buyer and have no experience in negotiations, don’t try to get a price discount, because it won’t work.

Time for Homework to Pay Off

You’ve done all the work and it’s time to make your homework pay off and close the deal. When you do, don’t bring cash for your purchase, use a credit card or secured check of some sort to pay your down payment. It’s not smart to carry around large sums of cash with you, and with a card or check, if there’s a need to receive a refund for part of your down payment, you’ll be able to do so. Close your deal and start driving the used vehicle you’ve chosen to be the one that will offer you a great drive for the next few years.

 

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