How to Increase Your Cost Savings When Buying a Used Car
When buying a used car, price is a major consideration. The influx of younger models in form of previously leased vehicles has elevated the prices of used cars. They command premium prices. It can be intimidating for a first-time buyer to find an affordable pre-owned car. You need to dig deeper and analyze all the options on the parameters of price and performance. This is where you need guidance for making the right selection and saving extra dollars. Here are the tips that can help:
1. Prefer an Older Base Model:
If you seek more savings on a used car purchase, you should skip your list of favorites and prefer an older base model of a popular brand. The cars that are a few years older command lesser prices when compared to younger models. The high prices of the younger vehicles can be attributed to their stylish look and latest technological features. In this regard, a little research can save your money if you find the makes and models loaded with similar type of features. You can do away with the bells and whistles to find a budget-friendly car. With fewer features, the base models are quite cost-effective.
2. Estimate The Total Cost Of Ownership:
When buying a used vehicle, you need to think beyond the sticker prices. There are additional costs to be incurred on repairs and maintenance of this car. Your long-term cost of ownership will include the factors like insurance, finance charges, vehicle transfer fee, fuel costs, and taxes. You should consider all these expenses and factor them into your ownership budget. Accordingly, look to buy a car that suffices this budget.
3. Skip the Looks:
The looks of the car is a defining factor when making a buying decision. But, you shouldn’t rely on the exterior style. Rather, you should lay your focus on the performance of the vehicle. Inspect the conditions of its engine and mechanical components to ensure safer driving experiences. Here, you should remember that cost of repairing and removing the scratches on a car’s exterior are lesser than the costly engine repairs.
4. Opt for a Certified Pre-Owned Car:
You can easily find a certified used car at an authorized dealership of the popular brands. Investing in this vehicle can be better deal from the long-term perspective because these cars come to the showroom after thorough checkups and testing for physical damages. Additionally, you can save cost in the form of extended warranty, roadside assistance, and scheduled maintenance.
5. Prefer Retired Models:
There are some models that retire after spending a few years in the market. You can consider buying these vehicles to save a lot of your money. Most of the buyers refrain from purchasing the retired models thinking that it will be hard to find their spare parts in the future. But, the manufacturers usually keep making these spare parts for the servicing of their retired vehicles years after they are taken off the assembly lines.
Along with these tips, you can also do a lot of research to negotiate the prices with the dealership to save more money.