Buying a used car can save you thousands of dollars versus buying a brand new model. By purchasing a used car, you avoid much of the depreciation that cars inevitably face in the first few years too, which means your investment in your vehicle lasts longer. But there are some crucial questions you need to ask, both yourself and the seller, before purchasing. Here’s a list of those questions you won’t want to forget.
Ask Yourself: What Can I Afford?
Image vis Flickr under CC BY 2.0 by Ted Ellis
The answer to this question will impact what cars you look at. Knowing what you can afford means more than just a monthly payment. You need to understand any loan terms if you plan on financing. You want a low interest rate, for starters, but that doesn’t necessarily mean less money spent. If the loan has a lower rate but runs two more years than another loan with only a slightly higher rate, you could end up paying more money in the long run. Finding the right balance will be key to your financial well-being.
Ask Yourself: What Do I Need In A Car?
Knowing what you need or want in a car will help you avoid paying for features you don’t need or won’t use. A truck with four-wheel drive costs thousands of dollars more than one with two-wheel drive. If you don’t ever go off-road or don’t live in a wintry wonderland, when will you ever use four-wheel drive? So why pay for it?
A good tip would be to make a list first of those features you need, then add those you want but can live without. This list will help you filter out those vehicles with costly amenities and capabilities that are of no value to you. It will also help you avoid sellers trying to pitch unwanted features.
Ask The Seller: What Is The Vehicle’s Accident History?
Accidents happen, and more often than not, the vehicle gets repaired properly. Sometimes they aren’t fixed properly. That’s why you should run a vehicle history report on any car you’re seriously considering purchasing. Several online companies provide this service which details the accident history of the vehicle based on the VIN. After running the report, you should ask to see any records of repairs to ensure they were done correctly.
If someone doesn’t claim an accident, you won’t find any record on these reports, which could be troublesome. That leads us to the next question.
Ask The Seller: Can I Have My Mechanic Inspect The Car?
First off, any reputable person or dealership will have no problem answering yes to this question. If you get no for an answer, the best advice would be to walk away. If a seller doesn’t want you to have the car inspected, they probably have something to hide. It might be an accident, or it could be more serious mechanical problems that, as a buyer, you want to avoid.
When you get a yes, take the car to your trusted mechanic and have him inspect the car thoroughly. This inspection can cost around $150, but it’s worth it if it prevents you from buying a lemon. Your mechanic will give you a detailed report on the car’s condition and even an approximate value. If you find no issues, great.
If you do, these issues aren’t always deal-breakers but opportunities to negotiate. Sellers often choose not to fix minor problems because they have no return on investment. Fixing a door handle will only cost $100, but it doesn’t add resale value to the vehicle. But it does give you a negotiating point, so keep this in mind.
Ask The Seller: How Was The Car Maintained?
Don’t accept an explanation as to how. Ask for proof. Good owners will have all the service records ready for inspection. These records will indicate if the owner maintained the car to factory specifications. A well-maintained vehicle has a far better chance of driving better longer than a poorly maintained car.
Ask The Seller: How Was The Car Driven?
This question addresses mileage and age, which importance has been debated by car owners since the automobile was invented. The age of the vehicle determines its value. So does a car’s mileage. A car depreciates by a fixed amount every year simply because of age. This amount gets adjusted further by the mileage the vehicle was driven against the average of all cars driven.
The average mileage per year for vehicles falls around 15,000. So, a car that’s five years old and has 75,000 miles will have a value accurate for its age. A car that’s five years old with 95,000 miles will have a lower value than its age would indicate. Conversely, the same-age car with 50,000 miles will have a higher value.
A car driven in constant traffic for long stretches will have more wear and tear than one that motored around town. So, how the vehicle was driven can indicate how much wear and tear it has undergone. Less wear and tear leads to a longer life for your car. Ideally, you want a low mileage vehicle that had an easy life and was well maintained.
Ask The Seller: What’s Broken?
You might not get an honest answer to this question. That’s why you’ll want to take the car to a mechanic, but your mechanic might miss something. You should take the vehicle for a test drive and run the various systems. You want to look at everything, from radio knobs to the carpeting in the trunk. Make a list of the items you find that need fixing and use them either as an excuse to walk away or negotiate a lower price.
At Panama City Toyota, we understand how important finding the right used car can be to you and your family. That’s why all of our used vehicles undergo a multi-point inspection, similar to our Certified Pre-Owned vehicles. You can be confident that a car on our lot has been inspected to ensure safety and reliability. We invite you to browse our inventory online or visit our dealership. One of our friendly, knowledgeable staff will show you vehicles that fit your needs and budget and even let you take your favorites for a test drive.
