Are you planning to purchase a used car in 2018? That’s great because you no longer have to squeeze in between passengers when riding on buses or subway trains. Owning a car enables you to plan for road trips more conveniently as compared to car rentals. But, in order to get value for money, you need proven tips and tricks from this 2018 Used Car Buying Guide.
The best thing about this 2018 Used Car Buying Guide is that it caters to both new and experienced car buyers. You’ll also learn a few car salesmen tricks to avoid when shopping for a car.
2018 Used Car Buying Guide: 8 tips on how to buy a used car
1. List your expectations
We need cars to travel from point A to B, right?
It seems pretty obvious however, people usually have different reasons for owning motor vehicles. If you recently joined college, you need a modest car that has a low fuel consumption rate just to get you to college and your place of work. A senior blue chip company executive needs a premium brand that reflects his or her authority and creates a good first impression on potential clients.
Writing down your expectations helps you to remain firm whenever a sly salesman tries to confuse you into purchasing a car that’s beyond your budget. It also helps you to narrow down the technical specifications and body features you want.
2. Seek professional help on whether to pay cash or get an auto loan
Nowadays, you can get a college student auto loan even if you have a low credit score. Purchasing a car through an auto loan can enable you to still pay your college tuition fees on time because you can get lower monthly installments over an extended repayment period.
Paying cash for a used-car gives you full ownership on the spot. Moreover, it’s much cheaper than an auto loan because you don’t pay any loan application fees or interest charges. However, you need a good job or business in order to save up the full amount.
It’s advisable to consult a financial coach to guide you on the best car purchasing option.
Learn More: Zero Down Payment Car Loans
3. Start saving early enough
If you’re not expecting a windfall in the near future, it’s up to you implement a savings plan. In order to get affordable monthly installments for your college student auto loan, you need to pay a huge deposit up front. Plus, car dealerships expect buyers to pay for loan application charges in cash.
You can download a money manager app to help you keep track of all your cash and credit card expenses. If owning a car by a specified date means cutting down a few luxuries, go for it. No pain no gain.
4. Do some research on insurance plans
Owning a car comes with various responsibilities. Both the national and federal government requires all car owners to have an insurance cover on their automobiles. If you’re a college student aged 24 and below, you should look for an insurance company that caters to your niche’. A good auto insurance provider offers both the good student and pay-per-mile insurance premiums to college students.
Ask a friend or relative who has experiences with cars to take you to good insurance companies. This research helps you to know how much you need to save each month for your auto insurance payments.
5. Buy from a female car owner
Why do auto insurance companies offer lower car insurance quotes to female drivers even if they drive similar cars as male drivers? Because national road accident statistics indicate that women drive more safely than men do. In fact, more men drive while intoxicated compared to women.
Apart from responsible driving, women take their cars for servicing frequently. Men prefer doing repairs and maintenance using limited and often worn out tools inside dark home garages. You get value for money buying a used car from a female car owner because their well-serviced car has an extended life.
6. Inquire about the car’s accident history
Some car accidents are worse than others. A car that’s had several serious accidents requires several replacements and realignments. Some damages actually show up much later after the car accident occurred. A novice car buyer cannot spot these defects because car sales reps use sly tricks to distract unsuspecting buyers.
Make sure you bring along your senior relative. Their long history with cars and sales reps will help you spot cosmetically enhanced wrecks on the spot.
7. Request for a test drive
Requesting for a test drive enables you to fully perform due diligence when buying a used motor vehicle. Some car dealerships and owners do brilliant cosmetic repairs in order to distract buyers’ attention from doing thorough inspections. Insisting for a test drive is the only way to get a real feeling of the car’s performance.
Check whether the fuel gauge reads accurately as you drive around town. Pay attention to the oil indicator and speedometer. Assess the car’s stability by driving at top speed over a long distance. If the car wobbles dangerously, that’s an indicator of poor wheel alignment.
8. Do a fluid leak test
If you don’t want to spend all your money purchasing oil and transmission fuel frequently, ensure that the engine doesn’t leak. A leaking engine develops mechanical problems such as brake failure due to brake fluid dripping off at a high rate. You’ll have trouble switching gears if your car loses engine transmission fluid fast.
How does one do a fluid leak test? Park your car with the engine running. Place a large white cardboard under your car. Then, wait for 30 seconds and switch off the engine. If you notice a huge oil stain, your test car requires urgent mechanical repairs.
Congratulations on completing the 2018 Used Car Buying Guide!
A car is an expensive and really useful necessity in the 21st century. That’s why you need to follow all the 8 used car buying tips highlighted in the 2018 Used Car Buying Guide. You can speak to a certified and highly experienced financial adviser by calling or sending an email to Complete Auto Loans.