Buying a brand-new car is a very expensive affair. Not everyone can afford a new car for their use. However, there is nothing to get disappointed. A used car is an economical option that realizes your dream of a normal man to own a car and drive it.
Also, if you are a beginner, it is wise to buy a new car to become proficient in driving. If you are in the market, then avoid these mistakes when you buy a used car.
Not financing the car before you shop for it
When you are in the market to buy a car from any used car dealer, then the first thing that you should do is to avoid any dealer-offered financing as it carries an expensive premium. It is a wholesale insurance offer that adds an additional level of rate of interest. If you pay for your used car in the form of cash, then you can avoid such additional rates.
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Shop on the basis of monthly payments
Another mistake that people do is buying a used car, solely on the basis of monthly payments that they will need to make. Where a low monthly payment is beneficial for a monthly budget, a long-term payment duration implies that you pay back more money overall.
While rental payments can be less than loan payments done on a monthly basis, you need to return your leased car at the conclusion of the lease period. If you have brought a used car, then you can trade or sell it at your own discretion.
If you have adequate funds to purchase a used car by the down payment, then you will not only save a good amount of money but also eliminate the fault of purchasing a used car on monthly payments.
Foregoing the Test Drive
It has been seen that 1 out of every 5 used car buyers does not take a test drive of their car before making a purchase. The reverse is seen in the case of new car buyers who take a test drive on several car models, before finalizing one.
When you do not perform a test drive, you run into the risks of buyer’s remorse. Test drive a car before you make a buying decision helps in assuring proper operation of the car and also protect yourself against the purchaser’s remorse.
Not getting it inspected by a mechanic
A used car has more chances of wear and tear than a new car. Also, there are chances that the warranty of the car has lapsed.
This implies for any damage that you come across in your car throughout its use can cause you a lot of money in the future. Even if you need to pay for the car inspected by a mechanic, you should do it as it can save a lot of your money in the future.
Despite the heavy cost of “new cars”, people are still keen on buying them. However, used cars serve as a great option when you have the right knowledge. Thus, avoid these expensive mistakes at the time of buying a “used car”.