Five mistakes to avoid when purchasing a used car
For many people, buying a second-hand car can often be their biggest regret, claiming that brand new cars are a better investment. However, used cars are by far better investment than a new one, for example, you save more money, you also won’t need to pay for depreciation as a car loses its value within the first year. There are also many vehicles which you can choose from, you avoid new car fees and you can still get a vehicle under warranty. There are a number of people in South Africa who can afford the high car prices of a new car and it’s very important to be financially savvy. By buying a second hand you get to save more money and still have a form of transport that will last you for years.
To ensure you get value for your money, discover the five things to avoid to ensure you get the best bang for your buck!
Always get finance before making a deal
Don’t make the mistake of going to a car dealership without seeking and being pre-selected for financing. This is one of the most important tips for buying a car as you need to know how much you can afford.
There is no point in shopping around for a vehicle and speaking to the salesman if you don’t have the financing sorted. Make sure you contact a registered credit provider and find out how much money you will have to spend. Once that is sorted you will have a far better idea of how much money you’re able to spend and what suits your budget.
Think of the overall cost
When purchasing a car there is indeed a lot to think about and not only the monthly payments. Firstly the price of a vehicle doesn’t only include vehicle finance you received from an authorised financial service it also includes the cost of having a car. When buying a vehicle from a dealer or buying privately, you need to think of all of those other costs.
You need to think about the cost of car insurance, petrol, maintenance and repairs. This is especially important when buying a second-hand car and depending on how old the vehicle of the car of your choice is but there will be times when you have to pay for repairs.
Make sure you create a budget which will outline everything, from how much your interest rate will be to how much you will need to keep aside for repairs every month.
Making a hasty decision
There are many models of cars available in the motoring industry, therefore, there is no need for you to make any impulsive decisions. Salesmen and private sellers will sell you on everything about a car but if you’re unsure then trust your instincts and don’t buy it.
Taking a vehicle for a test drive is a good idea and can help you decide whether or not that is a vehicle for you. For example, you need to know whether the vehicle you’re driving is comfortable, if all the controls working efficiently, whether there is enough space for you and your loved ones and whether everything looks good both on the interior and exterior.
If you have the opportunity to bring a mechanic to inspect the vehicle then that’s exactly what you should do. If you’re purchasing a car from a dealership, chances are that the vehicle has gone through an inspection but be sure before you purchase the vehicle.
Shop around
When you see a vehicle that you like, it’s normal to want to take it off the market immediately. But it is in your best interest that you shop around before you make a decision. There are so many vehicles available, so don’t pass out on a vehicle with a better deal because you decided on buying the first one you saw. You should always keep your options open so that you can decide which one is best for you.
So visit different dealerships and even do in-depth research online to see which vehicles spark your interest. Make sure that you always compare costs so that you choose one which fits your budget perfectly.
Go through the vehicles service history
You should always go through the service history of a vehicle you plan on purchasing. Looking through the relevant documents can give an idea of the condition of the vehicle. Having the service report offers you valuable information like how the vehicle has been maintained by the seller. Offering you the buyer peace of mind knowing a little more on the vehicle you’re buying instead of just taking the sellers word for it.
The conclusion
Finding a good car that will last you for many years isn’t impossible. In fact, there are many good cars available both from dealerships and private sellers. You just need to make sure you don’t make any of the mistakes mentioned above and always be vigilant and take note. If something looks to go to be true it normally is, so be alert.