Between now and 2022, the global used car market is expected to post a continuous annual growth rate of approximately 7%, based on market research by Technavio. People buy used cars because they’re cheaper than new ones, and are a much affordable option when you need a convenient way to go to work, school or run business errands. To make the most out of a used car, you need to select the one that fits your requirements. Considering additional costs like car insurance is vital when buying a used vehicle. Taking your time and knowing what’s right for you is the key to making the right car buying decision.
Consider Your Budget
Before deciding on the type of vehicle to buy, know the amount you’re willing to spend. As you determine the mode of financing .e.g. through a bank loan, car dealership or personal savings, it’s advisable to include consideration for additional expenses on top of the car price to cover for unexpected repairs or possible inspections. You need to remember that the car will require regular maintenance from time to time. Insurance and fuel cost will depend on the type and power of the engine. It’s a good idea for you to factor in all the above costs.
Evaluate the Car History Report
Getting the vehicle history report is essential when buying a pre-owned car. To get the full history report, you can use the license plate number or vehicle identification number (VIN). The report shows the correct odometer reading and insurance history. It also reveals the cars excise duty band and year of manufacture. Evaluating the car history report gives you a general idea of what to expect before buying the used car. Upon concluding with the checks, request for a test drive.
Conduct a Test Drive
Taking the car for a test drive is the final stage in the buying process. It’s your chance to confirm whether the vehicle is in an excellent working condition. As a driver, you get the first-hand feeling of how the car runs. Inquire on whether the test drive can be done on the streets, highway, and roads where turning will be required. After conducting the test drive, you can make the ultimate decision on whether or not to buy the used car.
The process of buying a second-hand car involves taking a particular risk on your part. However, if you choose to adopt the advice discussed in the guide above, the pitfalls significantly reduce, and you buy a bargain car that fits your needs and requirements.