If you’re in the market for a used car, you have to be extra careful with your money. You don’t get a lot of the safety nets that come with buying brand new and any carelessness can cost you. We’ve rounded up a list of common mistakes people make when they’re buying pre-owned vehicles. Avoid these tragedies and you’ll take a lot of the guesswork (and stress) out of your purchase.
Starting the Process Too Late:
The worst thing you can do is rush yourself. This is a recipe for desperation and gives the seller the upper hand. Don’t wait until your old car sputters to a complete halt. Start the buying process early so that you have enough time to find the dream car that fits both your budget and your needs.
Shopping Around Before You Know What You Need:
Most buyers start visiting dealership lots before they’ve figured out what they need from a car. Big mistake. You’ll end up paying for add-ons that you’ll never use. Review what you need for your car, whether you have a long commute, whether you’re going to be doing any hauling, and what kind of infotainment you need. Big family with a daily school run? You need an SUV. Are you driving in the city, navigating tight parking? Consider a compact Sedan. Of Course, you don’t have to stick to your list. You might spring for a feature you hadn’t considered. But having a list and sticking to it as closely as possible will save you money.
Skipping the Research Stage:
This involves looking up reviews and ratings of car dealerships online, comparison shopping between car brands you’re shopping for, asking friends and family for recommendations, and reading auto magazines and websites to learn about specs and trims. Look for consistently positive reviews of both dealerships and car models before you make your purchase.
Limiting Your Search to Car Dealers in Your Neighborhood:
Cast a wide net. Go to the other side of town. Look online for dealerships far away from where you live. This increases your chances of getting a good deal on a used car.
Waiting Till the Last Minute to Figure out Financing:
If you’re buying in cash, you should be alright but if you need a loan or look into auto financing, then check your credit score and call your credit union, lender, and bank ahead of the purchase to get your paperwork in order.
