Don’t Make These Mistakes When Buying A Used Car

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One of these mistakes can cost you thousands of dollars on a used car.

Key Point

• Do your research on the cars you’re interested in to get a fair market value.
• Check the history of the vehicle, have it inspected by a mechanic, and take it for a test drive.
• Please bring your own funds. Many dealers offer financing options at much higher interest rates than you can get from banks and credit unions.

Rising inflation and supply chain problems pushed used car prices to all-time highs late last year. The last thing you need to do is accidentally spend more money on a car.

not doing your research

Always research a dealer before doing business with them. Also find out what kind of car you can afford. Auto dealers often try to upsell you so they can make more money. Once you know how much you can afford, find the type of car you want to look for. This makes it easier to stick to your budget.

Visit Kelley Blue Book or Edmunds sites for fair prices. One of the biggest mistakes people make when buying a used car is paying a high price because they don’t know its value. Do your research and know what your car is worth before you start negotiating.

Not checking vehicle history report

One of the most important things to do when buying a used car is to obtain a Vehicle History Report (VHR). You can get his VIN checked for free at the National Insurance Crime Bureau (NICB). Simply enter your car number and it will perform a VIN lookup and display information about your vehicle.

This will let you know about the car’s past, including accidents and major repairs. You can also get CARFAX reports to learn more about your car’s history. Vehicle history can tell you if your used car was in a serious accident, if it had structural damage, if it was rescued, and more. Without this information, surprising things can happen later.

not inspected

Inspection of used cars is important, but many people do not do it properly. Check tires, brakes, and suspension. Also, look under the hood to see if there are any leaks or other issues. If you don’t know what to look for, bring someone who knows cars.

If you’re serious about buying a used car, you should get a pre-purchase inspection (PPI). This is where the mechanic examines the car to make sure everything is in good working order. helps to avoid

I didn’t test drive

Another mistake people make is skipping test drives. This is he one of the best ways to see how the car feels and if there are any problems while driving. If something doesn’t feel right or you think there’s something wrong with your car, we recommend looking elsewhere. No need to rush to buy a car. If a sales person is very strong, that can be a red flag.

Paying for guarantees you don’t need

Another mistake people tend to make when buying a used car is agreeing to a warranty that is useless. Many dealers will try to sell extended warranties that only cover minor repair or maintenance items. Unless you plan to keep the car for a long time, it probably isn’t worth spending extra money on the warranty.

do not bring own funds

One mistake you absolutely want to avoid when buying a used car is not seeking financing yourself. Many dealers offer their own financing options at interest rates that are much higher than you can get from banks and credit unions. It is a good idea to get pre-approved for auto loans before purchasing a vehicle. . A few percent difference in loan interest rates is worth thousands of dollars over the life of the loan.

These are some mistakes to avoid if you are looking to buy a used car.

You should always take the time to carefully examine the exterior and interior of your vehicle, check under the hood, and test drive it to make sure everything is in good working order. Don’t overpay for guarantees you don’t need, raise your own funds. You can find great deals on used cars if you follow these tips.