Seven Things to Keep in Mind When Purchasing a Used Vehicle | Michael Sparks

Michael Sparks

Igniting the “Spark” within – Sharing thoughts and ideas on success

As an entrepreneur we have the task of keeping our costs low while we work on achieving our goal of being financially free. It is important to have reliable transportation to accomplish daily errands. It is equally important to be able to show our customers and clients that we have a certain image for our business. Many new entrepreneurs want to go right out and purchase a brand new car, but we feel that is not the way to do it. Finding a quality used car in most cases will save you money in the short run as well as the long run. Letting someone else take the hit on depreciation will allow you to have a higher resale value in the future.

 

The article below will let you see the reasons to purchase a use vehicle. Enjoy.

“Why Buy Used?”

So you’re considering the idea of purchasing a used car, but you’re not yet convinced?

We’re here to tell you why it is quite possibly the best thing you’ll ever do. But why?

Perhaps one of the most wonderful things about purchasing a used car is that someone else has already taken the hit for car depreciation. On average, your new vehicle will lose about 19% of its value in just the first year of ownership. Purchasing a used vehicle is always a better choice when it comes to car depreciation.

Do Your Research

It’s important before you purchase any vehicle to do some research. What type of vehicle do you want? Large or small? Older or like new? GMC or Ford? Will you be using it to haul anything? You’ll want to ask yourself all of these questions plus some. Don’t limit yourself, but write down what you want and try not to deviate too much. Look around. Check prices. It might be a good idea to go walk around a dealership just to get a feel for what models and styles you’re looking for. If you feel like you’re not getting a good deal, don’t purchase. Sometimes patience is the best plan.

Set a Budget

How much money are you willing to spend? Whatever your final price range is, don’t go over it. It’s totally fine to go under budget, however. You may want to consider having a budget for any possible car repairs as well as for the actual purchase price, and then just taking this budget into account when scouting out vehicles. This will help you figure out how much is too much and if a vehicle is a good fit for you. If you find a car for eight thousand dollars and your purchase budget is ten thousand, you can always use the extra two thousand dollars on repairs. Pretty much whatever works for you is great, just remember to always stick to your budget.

Check the Reliability

It stands to reason that some vehicles have better reviews and are more reliable than others.

Before purchasing any vehicle, look up possible issues and ask your mechanic about any concerns you may have. Always better to be safe than sorry.

More Than a Glance

When you have the opportunity to look the car over before a purchase, make the most of it.

Walk around the exterior of the vehicle and look out for scratches, rust, dents or any other type of damage that may indicate other issues. Check fluid levels and test the lights, the windshield wipers and seat belts. Is there a musty smell in the vehicle? This could be mold or mildew caused by leaky gaskets or a leaking sunroof, which could cause much larger issues in the future.

Give it a Test Drive

If you have the opportunity to test drive it, jump behind that wheel! The best way to know if a car is good for you or not is to run a test drive. Don’t worry about being gentle. Give those brakes a hard stop. Do they feel spongy? Are they squealing? Does the engine sound good? Does the vehicle crank well and easily? If you have concerns or questions, call your mechanic. Doing your research before the test drive also pays off because you’ll know what exactly to look for and what should concern you.

Be Prepared to Walk Away

The first couple of vehicles you test drive may not be right for you. Don’t settle for less. If it’s a good vehicle but the asking price is too high, be prepared to walk away. Even if it seems like the perfect fit, it’s not worth blowing your budget. The right car will come at the right time and at the right price. Finding the perfect used car can be difficult and even a little stressful, but if you stick to your budget, do your research and have a little patience, we’re confident that you’ll be driving it around in no time!

 

 

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