Buying a used car can be a great way to get a quality vehicle for less money compared to buying brand new. However, it does require more research and diligence to ensure you get the best value. Here are some tips on getting the most for your money when purchasing a used car.
Research Prices and Market Value
Before starting your search, research the market value for the make, model, year and mileage you’re interested in. Sources like Parkers provide pricing guides and market value ranges based on factors like age, mileage and spec level. This gives you a benchmark to know if a car is fairly priced. You can then factor in conditions like service history and condition to gauge if a specific car is good value.
Once you have an idea of what price to pay for the models you’re interested in, visit a few local used car dealers. For example, if you live in Devon, look for cars for sale in Plymouth or Exeter.
Get a Vehicle History Check
Doing a vehicle history check is essential to avoid buying a potentially unsafe or unreliable used car. Paid services like HPI allow you to check if a car has been in any accidents, has any outstanding finance, has been stolen or written off, or has invalid documentation. This one-time fee could save you from buying a lemon.
Inspect Service History
A full, verifiable service history shows a car has been properly maintained. Regular servicing reduces major repair risks and can help a car last longer. Check that key milestones like timing belt changes have been done as recommended. Sparse or incomplete service records should ring alarm bells.
Haggle on Price
Don’t be shy about negotiating on price with a private seller. Even with dealers, there may be room to bargain, especially if you point out any flaws uncovered during your inspection. Knowing the typical market value from your initial research gives you justification to drive the price down. Aim for at least 10% less than the asking price.
Consider Certified Pre-Owned
Certified pre-owned (CPO) cars from franchised dealers cost a bit more but come with peace of mind. CPO schemes mandate that late-model cars pass stringent mechanical checks and be in good condition. This adds assurances about quality and often includes extended dealer warranties for extra consumer protection.
Weigh Financing Carefully
Shop around for interest rates from banks, dealers, and brokers if you are financing a used car purchase. Avoid long loan terms (over 4 years) which cost more long-term in interest charges. Also, be wary of 0% finance deals that may have hidden fees. Do the maths to find the most cost-effective financing option for your budget.
By following these tips and being a savvy, informed buyer, you can feel confident you’re getting excellent value when buying a used car. Do your homework and don’t rush the purchase. The effort put in upfront will pay off for years down the road.
