10 Common Mistakes to Avoid
When Buying a Used Car
Buying
a car used definitely gets you the most bang for your buck. But as opposed to buying new, there are more
pitfalls that can derail you along the way.
Knowledge is power – so here are the 10 most common mistakes when buying
a used car, and how to avoid them.
1. Getting Emotional or Impulsive
It’s
easy to get caught up in the whirlwind of emotion when shopping for a used
car. It’s fun! It’s interesting! Why not
get that convertible? Back up! Before
you even begin to look at any used cars, you should write down a list of
exactly what you need, and maybe a few thing that would be nice to have. Then stick with that list. Don’t browse for trucks if you are looking
for an SUV or a car. Don’t opt for bonus
features you don’t really need. Don’t
get that convertible! Figure out what
your top priorities are and save yourself a lot of time while you are at it.
2. Limiting Your Search
Don’t
just stay local, and don’t just browse vehicles in person. The internet enables you to expand your
search to vehicles outside your area and makes “window shopping” a breeze. Most dealerships display their inventories
online, allowing you to browse a large number of vehicles very easily. If you find a vehicle that seems interesting
but isn’t close, we recommend calling the seller before making the trip to make
sure the vehicle is still available. Which leads us to the next common mistake...
3. Not Asking the Right Questions
You
can save yourself a lot of time by asking the right questions up front,
especially if your dealing with a private seller. When it comes to the vehicle itself, how old
is it? How many miles does it have? If the vehicle is rather old, how easy will
it be in the future to replace all the various parts? Is there any kind of support or warranty that
is provided? If you are purchasing the
vehicle via a private sale, does the seller possess the title and necessary
inspection paperwork? Asking the right
questions at the beginning can help you avoid exerting any further energy on
cars that do not meet your basic criteria.
4. Focusing Too Much on Price
Whether
you are focusing exclusively on the selling price or are hyper-focused only on
what the monthly payments will be, focusing too much on price can be a big mistake. Sometimes a vehicle is cheap for a
reason! As the saying goes, if it sounds too good to be true it probably
is. On the other hand, if your only
concern now is getting a low monthly payment, then you may be paying too much in
the longer term. If you can afford a
slightly higher payment to reduce the length of the loan, you should consider
taking it.
5. Blowing Your Budget
The
best way to bust your budget is to not clearly understand what it is in the
first place. If you are paying cash,
this is relatively simple matter, although the threat of emotional attachment
still persists. But with financing it’s a bit more complex. Free online payment calculators can assist you with
determining the car loan you can really afford, with an estimate of the monthly
payments to be expected. It is important
to know your upper price limit and stick within it.
6. Not Doing Your Homework
Are
you in a rush to buy a car? Slow
down! Even your need is immediate, buying
a used car, when done properly, does require a fair amount of research. You need to find out everything you can about
the car before you plunk down any cash for it.
Do not assume anything about the car.
Doing your homework involves the following:
Researching the vehicle
online
Understanding the features of
the vehicle
Reading and understanding the vehicle’s car history report, even if you have to order
it yourself.
Be
prepared to find out displeasing information that you were not expecting and
proceed accordingly. Don’t ignore the
red flags! Also don’t be shy about
reaching out to some of the “experts” that you can find them in online auto
forums, to ask for advice.
7. Skipping the Test Drive
Take
a test drive is important. Again, do not
be presumptive when buying a used car.
Physically inspect the vehicle, as best you can with your untrained eye,
and then take it for a drive. Don’t play the radio; listen to the car. Not only will the test drive tell you a lot about the
condition of the vehicle but will allow you to clearly envision yourself owning
the car. Is this the right car for
you? The test drive will help you
decide.
A
second pair of eyes and ears with you on the test drive may see or hear things
that you might miss. Even better, we
recommend taking the vehicle to a mechanic.
Not only will the mechanic inspect the vehicle for any damages, but also
will take it for another test drive. And if you ask, the seller might be
willing to pay for the inspection.
8. Negotiating Poorly
Here’s
where doing your homework comes in handy.
The more you know about the vehicle, the more formidable a negotiating
partner you will make. Detailed
knowledge of the vehicle can help you to effectively agree to a fair price for
both parties. Also, whenever possible,
we recommend starting negotiations over the phone or via email, rather than in
person. This may give you more control
over the interaction, enabling you to display your knowledge, and hopefully resulting
in getting a better deal.
9. Not Knowing Your Financing Options
If
you think that your only options for purchasing a vehicle are dealer-assisted
financing or paying cash in full, you are mistaken. Dealer-assisted financing is certainly convenient
especially if paying in full is simply not an option. But if you don’t have the cash, and you do
have a good credit rating, you may want to check with
your bank or credit union to compare interest rates. However, if your credit history is not good, financing from
a pre-owned auto dealership may be a very viable option. And knowing what your financing options are before engaging in negotiations can be
beneficial.
10. Not Transferring Ownership
Properly
Do
you know what your state DMV requires to title and register your vehicle? The requirements can be onerous if it’s a
private sale. You may even be required
to bring the seller of the vehicle to the DMV with you. But buying from a reputable dealership will
eliminate those issues, as they will handle all the required paperwork for you.
At
Best Buy Imports, you can be sure of getting a reliable vehicle, with a financing plan that’s within your budget,
regardless of your personal credit situation.
All of our vehicles have been completely serviced and went through our
comprehensive 99-point certification and safety inspection. And every car, truck, and SUV we sell comes
with a limited warranty to give you confidence in your purchase. Be sure to check our extensive inventory of late-model, low-mileage
vehicles.
