Avoid These 4 Things When Buying a Used Car!

Buying a used car can be a cost-effective alternative to owning a new vehicle, as long as you purchase one in good condition. A used car is more affordable and enables you to own a car for personal or business use in the shortest time possible. However, a preloved car may come with several issues that could affect your driving experience. It’s essential to know what to avoid when buying a used car.

If you’re in the market for your first used car, beware of these four things.

Not Knowing What You Can Afford

Determine your budget before you start looking for a car. Never skip your homework—don’t visit the dealership empty-handed or you might end up paying more than necessary. If you jump straight into the car search, you could make unnecessary sacrifices or waste time looking at cars that don’t fit your budget.

The internet is a great place to begin your car buying process. Once you’ve worked out your budget and needs, start comparing models and understanding what the various car features mean. Different manufacturers sometimes use slightly different terms to refer to the same thing. Note any advertised prices, especially on runout deals.

Relying on Monthly Payments

If you plan to buy a used car through a car loan, using your monthly payments as the sole basis for calculating prices is not smart. A low monthly payment may seem affordable, but it would require a long time to complete. This means you would end up paying back more money. Remember, the interest of your loan is calculated in your monthly repayments—the longer your car loan runs, the more interest you would pay.

Also, a car’s value depreciates over time. Although a used car doesn’t depreciate as quickly as a new one, it still loses 15 to 20 percent of its value each year. Reselling your already second-hand car to a new buyer would be very difficult.

Only Visiting One Dealer

Many buyers only shop at a single dealership. Even if you know the salesperson or have bought all your cars from them before, it doesn’t mean they are offering the best price.

These days, many dealerships put their best deals online, making it easier to shop around. Pick a couple of dealerships to visit and negotiate. Make sure you go to an honest used car dealership. They will genuinely help you, and that’s what you want when visiting your local dealership.

Not Asking Enough Questions

“We’ll even throw in…” is always an appealing phrase when you’re trying to make a deal. But did you know dealers make more money on extras and servicing than on the actual margin of the car? While accessories can sweeten a deal, they’re also likely to be used to increase the final price you’re paying.

Don’t hesitate to ask questions. Trust your gut. If something feels off, it probably is. Watch for these red flags to avoid problems when buying a used car!

BONUS: Not Hiring the Best Pre-purchase Car Inspector in Melbourne

Hire a professional inspector like Greasemonkey Inspectors to perform a thorough pre-purchase car inspection in Melbourne. This ensures that your dream car is in good condition and not a scam. If you’re looking for a professional pre-purchase car inspector in Melbourne, contact Greasemonkey Inspectors.

For more information on our inspection packages, visit our Inspections Packages page.