There is one solid reason why many people are buying used cars today, and it’s all about depreciation. Depreciation will be more extensive on new models, and a new car will depreciate as soon as you drive it. New cars can depreciate by as much as 10 percent once you leave the car lot, and in their first year alone, they can already lose their value by up to 20 percent. In three years, your new car will already have lost 60 percent of its total value from when you first bought it. If that isn’t reason enough to buy used instead of new, here’s another thing: if you buy a model that’s about a year to three years old, it can still be covered by the manufacturer’s warranty. This can create an excellent opportunity for you as a savvy used car buyer. But how else can you get the best deal on a used car purchase? Let’s find out.
- Know the price
When you’re opting for a used model, it will be helpful to have a good idea of how much it typically sells on the market. On average, a standard used model sold for about $21,500 in 2020, and the price of used vehicles rose last year due to more spending by consumers because of the various stimulus payments they received. But with regards to how much you should spend on used vehicles, this will depend on whatever budget you have. If you’re getting a loan for your used car, consider having a bigger budget, so you have more options and a better rate. Here’s one other thing to remember: if you’re using financing to buy your used car, it might be a good idea to get preapproved or prequalified because you can use this to negotiate your car’s price.
- Plan it well
It pays to do as much as you can before deciding on your purchase. This means doing the proper research. Your decision can very well impact your life for the next few years, so plan it well. One thing you can do is start by checking online. Research specific models that have the mileage and features you need. You can also research consumer feedback and reviews. You can check dealers’ sites (such as the Young Automotive website, which offers a broad used car Utah collection). Checking for the vehicle you want online can already give you a good perspective on whether it’s the most suitable choice for you.
- Check it out
When you already have a shortlist of potential used vehicles, it’s time to check it out for yourself. This means taking it for a test drive and giving it a thorough inspection. It’s essential to find out if everything the used car seller tells you about the car is true, making it a point to get the vehicle history report through sites like AutoCheck and Carfax. The report will tell you about the car’s odometer, its history of ownership, and whether it has been involved in an accident or has suffered damage from flooding. The report will give you a better sense of the vehicle’s worth. Good luck, and remember to have fun as well!