If you are thinking of buying a used car the first thing to consider is how much money you have to spend. You can decide on the make and model once you have worked out your finances. There are some important points to consider before you set the wheels in motion and here are five to think about.
1. New cars lose money
Buying a new car may be your dream, but according to the AA website you can lose 40% off of the value of the car within the first year. If you own a car and you suddenly need some instant money you could always go to logbook loans from Car Cash Point and borrow against the value of the vehicle. There are pros and cons when it comes to buying a second hand motor car and it is worth taking your time when looking around. Just because it may look good doesn’t mean it is.
2. Inspecting the car
An article on the AutoTrader website gives some bullet points on what to look out for when you view a used car. The best way would be to take a qualified mechanic with you. The Royal Automotive Club (RAC) or the AA can both accompany you to check out the condition, handling and service history of any car you choose to look at. You can carry out these checks on your own as long as you stick to some basic rules. Checking the car’s logbook and documents is very important; you don’t want to end up with a stolen car.
3. Test driving
When you test drive a car it is the one and only chance you’re going to get behind the steering wheel unless you buy the vehicle. You should make sure you take it out for at least 20 minutes and while driving you should listen out for any ominous sounds coming from the engine or wheels. If you are testing a privately owned car then you should also ensure you are covered by your insurance.
4. Personal budgeting
Even though you may have found the ideal used car for your needs it’s important that you take into account the cost of the vehicle, but also all the added extras.
If you are buying the car on finance or buying it outright you’ll have to account for insurance, road tax and fuel. Once you have paid out for the necessities you should always have some cash put aside for emergency repairs or new tyres.
5. Check the price
Once you have seen a car that you think will suit your needs then you should carry out a price comparison on one of the many websites that are available. There are also some handy apps on the market that allow you to check the vehicle’s legal status and whether it has been stolen. Some second hand cars have been known to have had serious crashes and then have then been welded back together. It is therefore worth doing your homework.