After owning a home, a car is the most expensive thing that many people will ever buy. This is why many people go for used cars instead, but the process of buying a used car can be fairly stressful. Thankfully, if you know which tips and tricks to follow, you can make the process much easier, and more importantly, much cheaper.
If you want to buy a second hand car, don’t worry. Here are three tips for buying a used car in 2018.
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Do Some Research
Cars can be pretty expensive; in fact, 17% of the average American’s income is spent on transportation costs. For this reason it is important to make sure that you invest in a durable used car that will last for years, rather than a worn-down old car that will constantly need expensive repairs.
You can research the car that you are interested in buying by using a reliable online appraisal guide to find out more about accurate pricing. This means that you are less likely to be ripped off by a used car salesman (which is something most people would definitely prefer to avoid).
Do a Vehicle History Report
Find out the vehicle ID number for the car that you are interested in buying, and then go online to run a vehicle history report to find out more about the car’s mileage. If you speak to a car dealer who isn’t willing to provide this information, take it as a serious red flag and walk away, as there are lots of car scammers who will happily charge you too much for a car. In fact, one in 10 cars in the US have the odometer rolled back, meaning that the buyer is unaware of the real age of the car.
If you have the money to do so, the best option is to pay for the car out of your own pocket, but for many people this isn’t a realistic option. Around one quarter of US citizens shop around every year for auto insurance, implying that financing is a very popular way to buy a used car – but it is important to find a trustworthy finance option without sky-high interest rates.
Buying a used car doesn’t have to be a stressful experience – especially if you know what you are doing. The number one rule is to make sure that you know exactly what you are buying, as this means that you are less likely to be overcharged.