Owning a vehicle gives you the flexibility to leave for work or go out to an event without having to catch public transit. If you’re on a limited budget, options for a car may seem limited.
However, purchasing a used vehicle is a great way to get the ride you want without the big monetary commitment. The depreciation on a used car will also be significantly less than what you would experience when purchasing a new one.
If you were to purchase a new car at $30,000 and then sell it 3 years later it would only be worth $15,000. That being said, before stepping on a used car lot make sure to do some research.
How To Research Buying a Used Car
Firstly, do some general research to identify a reliable make or model that would fit your needs. For example, if you commute long hours for work you might consider getting a used vehicle high in MPG. After having a few ideas for vehicles, consider using an online price guide to find the car’s value.
Once you find a model that matches all the criteria for purchasing, there are a few more things to do once at the lot. A test drive is one of the best ways to check it out, but you also should be ready to inspect the vehicle thoroughly inside and out. Make sure to also be prepared to ask the seller a few questions. The resource below, The Road To Buying A Used Car, provides 6 common questions to ask the seller of the vehicle.
A used vehicle can save you plenty of money upfront and in the future, but it’s important to prepare and come up with a plan before purchase. For more tips on purchasing a new car take a look at the accompanying resource below.
Infographic created by JDBNOW