For prudent consumers, buying used is a method to save money, and the same applies to cars. However, you can always save a bit more money on your purchase. And when you have the flexibility of a dynamic, moving market that’s untied to MSRP, being smart can not only save you money but also avert potential headaches in the future.
Even then, saving money can also be categorized into two types, one being short-term, where you cut the costs down during purchase, and the other being long-term. While short-term savings are important, long-term savings are absolutely crucial for a car and towards sustainable ownership unless you’re not concerned with keeping it for long.
1. Research
Again, whether if you’re buying new or used, being prepared can only be beneficial for your ownership experience. If you know what to expect and anticipate, you can grasp a good idea of which car is actually appropriate for your current needs, and how much it costs to actually run the vehicle.
Running costs is the crippling factor for many who often dismisses it or underestimates it. This is the prime reason why it’s worth checking out the owner’s forum and discussion to realise what you’re dipping your toes into from genuine owners. You’ll also understand better what to look out for when you’re shopping for your used car.
2. Negotiating
Moving on, knowing what to look out for will also provide you with leverage to negotiate with the dealers. Negotiating is an important skill to have, but when it comes to a moving market like with used cars, it might just be the best tool you have in your repertoire to really drive the initial costs down.
Private sellers can be a wild card in this case, either providing plenty of room for cash talk or will downright shut down haggles. Dealers though will typically provide leeway for bartering, as long as you’re reasonable. Since they have to shift their inventory fast, they might not offer a monetary incentive, but they can provide services to satisfy you as a customer.
3. Be Patient
Patience is a virtue, and it can eminently be the truth when it comes to a used car purchase. A used car is an investment worth waiting for, and ‘maybe this is good enough’ is what catches you off guard. Some folks wait years for their ideal used car, but you should at least have an idea as to what specific specifications you’re looking for.
If the salesman is being hasty and pushy, don’t hesitate to walk away. An overzealous salesman indicates hidden woes for you down the line.
4. Choosing the Right Dealership
If you’re going the dealership route, it is important that you don’t skimp on this. Find a dealer that is legitimate, willing to show you proof of license and works with large credit unions. Larger dealerships or franchises will also offer after-sales warranty, which can be a lifesaver for potential lemons that you end up with.
That said, a venerated dealership should also have a carefully curated range of used cars on sale. Be sure to ask all about the warranty, and read the fine print. A bit more cash for a comprehensive bumper-to-bumper warranty is always worth the trouble. Borrowing loans from reputable creditors also help improve credit score which can cut down your interest rate in the future.
5. Interest and Insurance
It’s also important to comprehend that interest and insurance are never dead set. You will want to avoid making too many credit inquiries at once, but different credit unions may offer varying rates. The same applies to insurance agents, where some folks even recommend calling around once in a while to scrounge for a lower premium.
If you’re dealing with a larger dealership, their finance expert should also be able to sort you out when it comes to the loan. Amortization period affects interest rate as well, where paying more over a shorter period of time actually yields higher savings over time.
These are just a few tips on how to actually drive your used car purchase costs down. If you have questions, be sure to contact us at Lebada Motors. We’ll be glad to help you out.