Top factors affecting selection of used cars are:
- Price and financing options
- Exterior and interior conditions
- Resale value
- Title and history
Price and financing options
Your budget for the car naturally comes first. Closely followed by how you are willing to finance your used car. Research the vehicles that fit your budget and consider all your financing options by taking registration fees, insurance premiums, taxes, and so on. Also, consider your lender options depending on your credit score. A good score will fetch you auto loans from banks or credit unions while with a bad score, you can visit buy here pay here dealerships.
Exterior and interior conditions
Walk around the vehicle with your eyes wide open before making any decision of buying. Look for dents, rusts, spray overs, and water-marks. Minor damaged areas are tolerable and they bring down the price. However, you should reject vehicles with extensive body defects or cover ups. Even rusted screws can be a warning sign. As for vehicle’s interiors, check for defective dashboard lights, damp upholstery, dysfunctional electronics, and more. Be specific inside out.
Mileage says a lot about a used car. A high mileage vehicle will come cheaper than most used cars and may or may not offer long-term service. On the other hand, a low mileage will have a high price tag and again, may or may not offer longevity. What you should be looking for is used cars with optimum mileage, somewhere around 15,000 miles per year, with a buffer of 5,000 miles added on that figure.
Just like new cars, used cars depreciate over time as well, although the rate is quite flat. Look into the factors that depreciate used cars like the number of previous owners, reliability, fuel economy, and service history and calculate, with the help of your dealer or other tools, your selected vehicle’s resale value over the years. Naturally, you will want a high resale value but your current estimate can always change depending on the supply in the future.
Used cars come with warranties as well. Most dealerships offer extended warranties where you will have to pay a one-time fee to increase your coverage, however, there are a few used car dealerships that give basic warranties on their cars. There are also warranties where the dealers pay only a certain percentage of the repairs while in some states, you get implied warranties. Inquire about warranties during your purchase. Look into which parts come under the coverage.
Title and history
Run the VIN of the vehicle online and match the details with the car’s title. All the information has to be an exact match, negating all possibilities of cloning. Also, run the car’s history with any paid service and look into the maintenance schedule to ensure that you are not buying a neglected car. These will keep the legal issues at bay and further establish the quality of the car that you are buying.