Are you thinking about purchasing a used car versus a new car? There are many benefits to buying a used vehicle that make it a great option for many people. However, you must consider several factors involved in used car buying that might be different from a new car. On this page, we've outlined the do's and don'ts of buying a used car for your convenience.
Since there are so many vehicle body styles to choose from with a variety of features and amenities available, it can be hard sometimes to know where to start in the used car buying process. But when you narrow down categories like how much cargo space, passenger seating or towing capacity you need, then you can start to determine what vehicle is right for you.
Once you've narrowed down the type of vehicle you want, make a list of your deal breakers in a used vehicle. Research various models and makes that give you all the amenities and features that you want.
Creating a budget can be the most difficult part of the whole experience. You may have found the vehicle that fits you perfectly, but finding one that you can afford can occasionally be a challenge. When purchasing a vehicle, it's been suggested to put about 20 percent down, limit the term to no more than 60 months and keep your monthly payment below 10 percent of your income. Plus, you'll want to make sure that you consider the cost of regular and unexpected maintenance. Some cars cost more than others.
Negative equity can be a huge burden. The balance of your previous loan may be consolidated into your new car's loan amount, meaning you could be paying the debt of two cars in one, giant loan. Get ahead by knowing in advance what your trade might be worth..
Take your time with the test-drive to make sure you actually enjoy the car and can get a feel for how it drives. Ask questions, play with the various features and look around the vehicle. Make sure the car has enough space for everything you need.