How To Save Big on Your Next Used Car Purchase
By Charles Hopkins
Published 10/23/2007 | Auto and Trucks
Buying a new car is a long-term investment that should not be taken
lightly. Buying a new car is definitely the second highest investment
you will make other than the purchase of a new or previously occupied
home. Car expenses that continue after the initial purchase like gas
and maintenance make a new car purchase even more expensive.
For those that cannot afford the total costs involved with the
purchase of a new car, they can settle on the purchase of a previously
According to consumer reports, a new car depreciates in value once
it leaves the car dealer lot. The depreciation amount can be as high as
20% annually. Considering this, you can see that it might be easy for
someone to buy a fairly new car at almost half the price of what the
car would cost new.
If you find the right deal at the right price, you could possibly
move up to a higher end model compared to what you would purchase new.
All in all, you save money since the value you are getting for your
previously owned vehicle purchase will be significantly less than the
same car purchased new.
Before buying a previously owned vehicle, it is best to narrow down
the model and options you are willing to spend your money on. It is
important to research your potential car purchase, looking at the
model, its options, its safety features and other items. Armed with the
complete knowledge about a certain vehicle of interest enables you to
get the right car for the right price from most any dealer.
Obviously, you can buy a previously owned car from a dealer or from
a private individual. It stands to reason that you can get a better
price from an individual but he may not be able to prove certain things
like if the vehicle was in an accident like a dealer could. The dealer
can also give a short warranty on the vehicle and also would be able to
provide a free Carfax report if you request it.
Tips for previously owned vehicle purchases
You should check if the dealer or individual has a good
reputation or is able to provide adequate records of maintenance,
Make sure you thoroughly test drive the vehicle and also check to
see if all the accessories work. Turn all the switches on and off to
make sure all the electrical features work.
Most cars will have a maintenance record of some kind. Request
those records from the dealer or individual and if they are not
available, find out where the work was done and ask them about the
Since most people are not knowledgeable about cars, it is
advisable to bring the car to a reliable mechanic for a proper and
There are many car dealers in the car market today. Take your time
and inquire with more than one dealer when looking for your car. If you
cant find your car right away, ask a reputable dealer to try and find
one for you. Give the dealer information about how much you are willing
to pay, what specific colors you want and things like that. The dealer
may either find that specific car or offer another model that is very
similar to the one that you desire.