Over 40 million used cars find a home every year. They’re an inexpensive alternative to buying a new vehicle. Buyers not only save money on the price of the car but also get to enjoy cheaper insurance. There are not as many dealership fees to worry about as well.
The problem is finding the right car for your buck. If you don’t know how to navigate the used car market, you could find yourself in a lemon.
We have a few tips that will help you avoid that. Check out this guide to learn everything you need to know about buying a used vehicle.
1. Set Your Budget
Before you start shopping around for a car, it’s a good idea to come up with a budget and not go over it. If you can’t afford the monthly payments, you’ll be out of a car, and the repo will hurt your credit score.
You also have to pay attention to the interest rate. If you don’t, you may end up paying way more than the car is worth.
2. Get Your Funding Before Going to a Lender
Once you’ve got a budget in mind, start looking around for funding. You want to have a check in your hand before you head to the dealership.
It will help you stick to your budget. The dealer can’t upsell you if the money on the check is all you have to work with.
3. Ask for the Carfax
The main worry that everyone has when hunting the used car market is accidentally buying a lemon. It’s easy to do if you neglect reading the Carfax.
It’s a report that will let you know how many owners a car has had, if it’s been through any accidents, how many miles each owner put on it, and what kind of maintenance it’s been through.
Most dealerships will willingly give you this information. If they seem a bit hesitant to do so, don’t buy from them.
4. Finding the Right Vehicle
Think about how you’re going to use the vehicle. If you have a large family, you wouldn’t buy a sports car, for example.
Once you know the type of car you want, it’s time to find a dealer. If you need a cheap and fast solution, Craigslist is an option, but you’ll have to keep your eye out for scams.
To be safe, it’s recommended to only buy from reputable sources like CarMax or AutoList. Auto expert Alex Showalter will tell you that.
Navigate Yourself Through the Used Car Market
With the number of benefits, you can get from shopping in the used car market, there’s no surprise that it’s so popular. It’s a great way to get a halfway decent car fast.
You have to be smart when you’re shopping around. If you don’t check the Carfax or buy from the wrong source, you could find yourself driving off the lot in a lemon.
For more tips that will help you find the perfect vehicle, visit the Lifestyle section of our blog.