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10 Steps
to Buy a Used Car |
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Step
1: Should You Buy New or Used? |
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While the great feel and overall pleasure of
driving a brand new car is undeniable, it almost always makes more financial
sense to buy a used car. If you've decided to buy a used car, you've already
made a smart decision. You can get a car that's almost as good as a brand-new
one, without suffering the depreciation that wallops new car buyers as soon as
they drive the car off the lot. Used cars — even those that are only one year
old — are 10 to 25 percent cheaper than new cars. But there are other good
reasons to buy a used car:
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Buying a used car means you can afford a model with more
luxury/performance.
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Lower purchase price
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Lower depreciation
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You'll save money on insurance and tax.
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Bigger bargains are possible for the smart
used car shopper.
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Used cars are more reliable today than ever
before.
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Some used cars are still under the factory
warranty.
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Most new carmakers now sell certified used
cars, which include warranties. |
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Financing rates for used cars have dropped
in recent years. So lower financing costs (in the form of fees and interest
paid) |
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If you buy from a private party, the
negotiation process is less stressful. |
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Buying a used car instead of a new one may
be a better financial decision. |
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Besides less excitement, buying a used car
(or keeping your current car) has a few downsides. The chances for expensive
unwarrantied repairs are higher, reliability can be reduced, and major
maintenance costs such as replacing the tyres, battery, brakes, and muffler may
be on the horizon. New cars also tend to have more safety equipment and better
safety records. True, you can't be the first one on the block with the
trendiest vehicle. But your consolation will come with the knowledge that you
got a great deal and made a smart financial decision. So read on, as we guide
you along the road to used car happiness.
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