It’s no secret that buying a car is a costly endeavor. New cars come with high price tags, so opting for used cars makes a lot of sense financially. And thanks to advances in manufacturing and engineering, used cars are also more reliable now than ever!
But before you jump on that Car Loan Calculator, we’ll outline everything you need to know about buying a used car, from the factors you should consider to scams you need to watch out for. Keep reading to ensure you get the best deal possible!
Top reasons you should get a used car
Used doesn’t necessarily mean abused. One of the biggest misconceptions about buying used cars is getting a “lemon” or a car that’s been through the wringer. But this isn’t true. Here are the top reasons why buying used cars is more advantageous than ever:
You get better value.
Used cars are cheaper than new cars. But they also keep their value longer. Hear us out: a new car starts depreciating the second you drive it off the lot.
In fact, by some estimates, a new car can lose up to 20% of its value in the first year alone! On the other hand, a used car has already taken that initial depreciation hit, so you’re getting a better value overall.
Think about it this way: a used car that’s three years old probably still has most of its major features and amenities. It also might still be under warranty! So you’re getting all the bells and whistles of a new car without the high price tag.
They’re more reliable than ever.
Manufacturers have made incredible strides in recent years regarding quality and reliability. Cars made in the last few years are more reliable than ever before.
This is good news for used car buyers because you’re more likely to get a quality vehicle when you purchase pre-owned. On this front, it pays to do your research. Check out reliability ratings for different models before you start shopping around.
You have more negotiating power.
You don’t have to take the dealership’s first offer when buying a used car. You have a lot of negotiating power regarding price.
Remember: the dealership wants to sell you a car, but they also want to make as much money off of the sale as possible. So it’s in your best interest to haggle and negotiate until you get the best possible price.
Selling a used car is easier than ever.
If you’re worried about being stuck with your car forever, don’t be. Selling a used car is easier than it’s ever been. Compared to selling nearly new cars, you won’t have to worry about taking a big hit when it comes time to resell.
Plus, there are more avenues than ever for selling your used car. You can sell it yourself or trade it in at a dealership. You can even use an online service like Car Deals Canada!
Online applications will only take a minute, and Car Deals Canada will do the rest. By applying to Car Finance Leads, Car Deal Canada finds the best possible buyers for you.
You have more financing options.
When you’re buying a used car, you often have more financing options than buying brand new. You can get an auto loan from a bank, credit union, or even through the dealership.
But no matter where you choose to finance your used car, be sure to get pre-approved for your loan before you start shopping. That way, you’ll know exactly how much you can afford.
Buying a used car: factors to consider
While rife with benefits, buying a used car can be tricky if you’re not prepared. Keep in mind the most important factors when making your purchase:
The vehicle history report
When looking at used cars, get a detailed vehicle history report. This report tells you everything you need to know about the car’s past, from who owned it to where it’s been and what it’s been through.
The odometer reading
When looking at used cars, pay close attention to the odometer reading. This will give you a good idea of how much the car has been driven, which is important to know when considering its overall condition.
The vehicle’s title
When buying a used car, make sure that the vehicle has a clean title. A clean title means that the car hasn’t been in any major accidents and doesn’t have any outstanding liens or loans against it.
The test drive
Before buying a used car, be sure to take it for a test drive. Get a good idea of how the car feels and drives. It’s also a good opportunity to check for strange noises or smells that might become a problem.
A pre-purchase inspection
Get a pre-purchase inspection done on the car before you buy it. Sometimes you need an expert’s opinion to know what you’re getting into. Have the engine, brakes, and suspension checked out to ensure everything is working perfectly.
Now that you know all the ins and outs of buying a used car, you’re ready to start your search! Check out Car Deals Canada for the best selection of used cars in Canada.
Common used car scams and how to avoid them
Hold it right there! Before starting your used car search, it’s important to know about some of the most common scams. By being aware of these scams, you can avoid them and have a smoother used car buying experience. Here are some common used car scams to watch out for:
The “bait and switch.”
In this classic scam, a dealer advertises a car at an unbeatable price, but they try to sell you a different car when you get to the dealership.
To avoid falling prey to this scam, be very specific about the make, model, and year of the car you’re interested in. Once you’re at the dealership, don’t let them show you any other options.
A tampered odometer.
In this scam, a dishonest seller rolls back the odometer to make the car appear to have less mileage than it does.
The best way to avoid this scam is to get a vehicle history report. This report will show you the car’s true mileage and its maintenance history.
The “flooded” car.
Watch out for cars that have been damaged in floods. These cars often end up on the used market without being properly repaired.
To avoid buying a flood-damaged car, get a pre-purchase inspection. A qualified mechanic will be able to spot any lingering signs of water damage.
What is a lemon? A lemon is a car that has so many mechanical problems that it’s not even worth repairing. Dealers sometimes try to sell lemons on the used car market.
Like with flooded cars, mechanics will be able to spot a lemon during a pre-purchase inspection. If the car you’re interested in fails its inspection, move on to another option.
A curber is an unlicensed individual who sells used cars out of their driveway. Curbers are often dishonest and may try to sell you a stolen or damaged car.
The best way to avoid buying from a curber is to only buy from licensed dealerships or online retailers. If you’re considering buying from an individual, do extensive research first.
From researching to taking it for a test drive, a lot goes into buying a used car. Do your research, know what you’re looking for, and don’t be afraid to walk away if something doesn’t feel right. With these tips in mind, you’re sure to find the perfect used car for you. Happy car hunting!