5 Smart Ways To Buy Used Cars

By CarsFellow 8 Min Read

Buy Used Cars

Buying a car is never a simple decision. Whether it is outright buying or financing the car, you have to consider a lot of things. After all, it is the second most expensive thing you will ever buy after a house. Hence why many people go for a used car instead. A used car doesn’t really mean something vintage; it can be a slightly used vehicle or maybe even a used sports car. It is not just the issue of depreciation that makes used cars affordable, but there are lots of other perks too such as you pay less sales tax, it is cheaper to register the car and your car insurance costs less too.

So, if you have done all the cost-benefit analysis of buying a used car and made up your mind, here is some information that will save you even more money. Read on the 5 smart ways of buying a used car to come across a good deal:

Used Car Dealership:

As the name suggests, these are the dealerships that trade-in used cars only. If it is a large dealership, it may have its own service department where vehicles are reconsidered. So, the quality of the used cars at a used car dealership can vary from one place to another. There are some independent dealerships that can help you buy the used car even if you have a poor credit history. They can finance your vehicle but keep in mind you will have to pay a higher interest rate here. There are such used car dealerships too that specialize in a certain type of cars only like BMWs or classic cars so this can make your selection easier. Before you make business with any such dealership, it is recommended to run a vehicle history report for the used car you are interested in buying.

Car Auctions:

Car auctions is another fantastic option for buying a used car. You will successfully find a number of different vehicles for a low price. These prices are based on the condition of the vehicle, model and a number of other things. However, you have to keep this thing is a mind that the quality of the vehicle varies. Some of the vehicles at auctions have salvage titles too. Some also need repairing and rebuilding. You can even go on government auctions where the property of Federal Government is sold. No matter what kind of car auction it is, you have to be careful because once a bid is made, you cannot lower it or cancel it. Plus, there is no option of financing. You must be able to pay in the form of cash, check or money order.

Take Over A Car Lease:

It’s an interesting option and probably the most appropriate one if you are looking for a car that isn’t that old. You can take over a car lease and take home the car of your dreams. There are many people who want to come out of their car lease every day for lots of different reasons. For instance, they might be interested in another car now, moving to another state, or maybe they cannot afford to pay the car lease anymore. It is a golden ticket to come across a vehicle that is 2-3 years old, affordable and in good condition. Some of the lease sellers are so eager to come out of their lease, they are willing to give you a cash incentive too. Wondering what’s the catch? Well, nothing really. You just have to check there is enough mileage left otherwise you will be responsible to pay a penalty at the end of the lease period. The best part is that at the end of the lease period, you also have the option of buying that car. It’s easy to find car lease sellers. They are available at lease swapping websites such as www.quitalease.com. So here is how it all works:

  • You look for the used cars listed on www.quitalease.com.
  • When you come across one, then you sign up and contact the seller to take over their car lease. These lease swapping websites just connect you with potential sellers of the car lease.
  • The leasing company then takes care of the rest. Also, finding a seller is absolutely free.

Take Over A Car Lease

Private Sales:

It is easier to negotiate with a private seller as compared to negotiating with a salesman at a dealership since most of the car owners don’t have formal sales training. Plus, a private party does not have to worry about incurring vehicle reconditioning post, advertising cost and paying the salesperson a commission so the price of the used car would attract any potential seller. There are lots of ways to look for private party vehicle. You can check the classified ads section of the local newspaper or look for deals on online classified sites like Craigslist. If the owner is desperate to sell his car, you can take advantage of the situation. The deals often seem great but there are lots of risks involved when it comes to buying a used car from a private seller. You have to perform due diligence in the form of paying for inspections and obtaining vehicle history reports. You will also have to take care of all the paperwork associated with the transfer of ownership yourself.

Certified Pre-Owned at A Dealership:

Certified Pre-Owned (CPO) is another convenient way to find a used car in an excellent condition. The best part about these vehicles is that before presented for sale, they go through extensive inspections and they are reconditioned with factory parts. They come in warranty too. For instance, General Motors offers one year/12,000-mile bumper-to-bumper warranty and the 5-year/100,000-mile powertrain warranty for its CPO cars. Just because these vehicles come in warranties doesn’t mean they are new cars.  All this convenience comes at a price. To be honest, it is the most expensive option in used cars. A consumer actually has to pay 5.8% premium for a 3-year old CPO car.

All methods listed here have their own pros and cons and it really depends on you which one to go for. However, the safest of all is to take over a car lease. It can actually get you the car of your dream!

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