Now that winter is finally over, it’s time to start thinking about trading in that old clunker of yours for something a bit more fuel efficient. However, before you rush out and get the latest and greatest model, it’s important to ask yourself, is it really worth it? Why not take at look at some used cars and see if anything whets your appetite? Chances are, something will catch your eye and your wallet.
Why buy a used car? Easy, it just makes sense! Did you know that, according to Cars.com the price gap between new and used vehicles is around $20,000 as of earlier this year? Now that’s a lot of money. In addition, used car values tend to remain steady, while the value of new cards quickly depreciates. In fact, new vehicles begin to lose value the second they’re driven off the dealer’s lot.
It’s important to know what to look for when purchasing a used car. First, it may be easiest to identify your specific needs. Perhaps you’d like to purchase a used car model that’s known for its reliability and low cost of ownership, or perhaps you’d like something that’s very fuel efficient. Identifying your must-haves will help you narrow down your search for pre owned vehicles.
In terms of financing, credit is king. If you know you’ll soon be in the market for purchasing a used car, it pays to run your credit to see where you stand. The higher your credit score, the better. However, if you have poor credit, you can still get financed by applying with a cosigner who has fair to good credit and by making a larger down payment. Depending on where you apply for financing, some lenders are more lenient than others.
Last but not least, be sure to have the vehicle inspected prior to purchasing, especially if purchasing via a private sale. Asking common auto service questions can save you the headache and expense of costly repairs. Remember, there is no such thing as silly or stupid common auto service questions, so ask away!