I work in the auto industry and a question i am asked over and over by friends and family is:
“Whats the best way to go about finding good used cars?”
Many of us chose to buy used cars. It can make a lot of sense. As you know new cars can lose up to 30% of their value in the first 2 years. If you end up needing to sell that new car too soon you will have wasted all that money.
The only problem is that buying used cars can be a mine field of errors. You need to know your stuff. You also need sharp wits and to understand the pitfalls. The truth is that we are not all mechanics and we don’t all have the eye for knowing the bad from the good used car.
Today I will share some steps and tricks that will improve the chances of you making a sound choice. There is a lot to know about used cars, but with the following ideas, you will be well on your way.
Why Buy Good Used Cars?
Take advantage of the depreciation. When you buy a used car, that is a few years old, you have saved yourself the 20%-30% value loss on that car. Someone else has paid that for you. You have reduced the risk of burring yourself in that car financially. If for some reason you need to sell the car again sooner then planned, you will be in a far better position.
Take your pick! When you buy used, there are many different things that can effect price. You will have way more options in terms of model, brand, age, mileage. You have the option of buying a car that you normally could not afford if it was brand new off the car lot. You can really set any budget and shop with in that budget. You could literally spend $2,000 or $200,000 on a used car. Every city is ripe with a vast selection of used cars in good condition.
Something new in the used car department each day. The used car market is always changing. It means that there are always different cars to find and choose from. Most Victoria dealers will have fresh inventory each month. Often you can find the new inventory right at home with your computer. There are also tonnes of private sales listed each day.
Should You Buy Used Cars Privately Or From A Dealer?
There are advantages in choosing to work with a dealer, as well as a private owner.
Private sale used car advantages: Flexible car subscription
You can sometimes find great deals in the private sale listing. With some patience and time, online you can find the good deals. Many sellers online are doing it because they are under the gun and need the cash fast.
Often, private owners are not as aggressive when it comes to talking about numbers and the process. Private owners will allow you to take things at your own pace. Most car salesmen will try and move you to make a choice as soon as they can. This unneeded pressure can be avoided by finding a reliable salesmen or staying in the private market.
You can save a ton of time if you go to a Used Car Dealer. They will have way more selection in one place. As much as we don’t like the sales process, one thing it does is save time. The key is finding a reliable sales person. One who actually cares about you. Talking to someone about what kind of car you need, then driving, and then talking about numbers all in one day means you can rule a car in or out with in a few hours.
Used car dealer in many areas must declare auto Dec’s. They will have documents such as a Car Proof or Car Fax and safety inspections on hand. These are valuable documents that many private sellers overlook. They are hard proof of a vehicles history.
Private Used Car Disadvantage
Most people sell a car in private so they can get as much for it as possible. If they didn’t care about getting the most they could then they would have sold it to a dealer. Most people will shop privately because they feel they can get a better deal then if they went to a dealer. In most cases, private car shoppers and private car sellers, are further apart on price then car dealers and car shoppers. Often private sellers are far more emotionally attached to their car then dealer is and have a inflated idea of its value.
Very often dealers will have extra costs attached to the sale of a used car. They will also want you to purchase extra warranties and products. Many of these products may not suit your life or needs. Be mindful of what you are signing for. Don’t be afraid to ask early what the extra fees will be and what they are for. Many of the products are of use in curtain situations. Once you have listened to and understood what the extras are, make a rational choice as to whether you need them or not.