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A car might be a beneficial investment but many would-be buyers are hesitant to purchase a new car with the knowledge that it will begin losing value as soon as it leaves the car dealer. By the time it rolls out of the store, the car will only be worth reoughly 91% of its previous value. Many car buyers are reluctant to foot this bill and would rather spend their hard-earned money on pre-owned vehicles that are reliable and still offer superb value. By purchasing used cars, you can steer clear of some of the depreciation cost and save money in the process. When buying used cars, keep these recommendations in mind:

1- Research before you go shopping.

Establish the most important functions you need in a car along with your preferred brand, make and model. Some car brands and models also hold value better than others and are thus more dependable as secondhand buys. Remember the cost of maintenance, upkeep, parts and accessories since these can easily make a seemingly great deal an expensive headache. Consumer reports and evaluations can be useful guides to help you decide which pre-owned cars offer the most value as secondhand purchases.

2- Buy a car you know.

Buy used cars only if you know their history. If purchasing directly from the owner, ask for maintenance, repair and restoration information. Used cars that have been in serious accidents or floods and those that have endured major use (rentals are a good example) are best avoided. The car’s history may also be verified using its VIN number, something that can also be obtained through a used car dealer.

3- Inspect the car.

Never buy used cars without a physical inspection. Even knowledgeable buyers can be misled by information provided on an ad. A comprehensive inspection of the vehicle will help you identify potential problems, particularly those lurking under the hood or chassis. Many of these issues are not readily apparent from pictures and descriptions, no matter how thorough. It is also a very good idea to bring a trustworthy mechanic or at least someone who is knowledgeable about cars to help you inspect it for flaws.

Before completing the deal…

4- Consider if the vehicle comes with a written warranty.

Private sellers are not required to provide warranties for preowned vehicles unless your agreement says otherwise. If the car is relatively new, verify if the manufacturer’s warranty is still active. Verify how long the covered period is and if the warranty is extended to the car’s new owner. If you still have coverage for a reasonable period of time, purchasing an extended warranty might not be necessary. Having said that, if the car does not come with ample coverage or if you foresee future expenses due to repairs, purchasing an extended warranty is a very good idea.

5- The next essential consideration when buying a used car is insurance.

In many cases, the cost of the insurance may be a deciding factor on whether or not the car is a smart purchase, so it helps to acquire insurance estimates before going through with the transaction to have a better idea about the actual cost of the car.

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Apr072011

Tags: automotive, cars, preowned vehicles, Trucks, used cars, used trucks, used vehicles

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