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How to Save Money when Buying a Used Car—6 Tips

How to Save Money when Buying a Used Car—6 Tips

If you are considering to buy a car and want to save money, shopping for a used car is a smart choice. But compared to buying a new car, purchasing a used car can consume you fewer money and you can get vehicles that have similar conditions like new ones, however, a lot more patience and effort are needed before you make the decision. Here are some useful tips when you are buying a reliable used car.

1. Determine your budget.

Before you look into different models, you should decide how much do you have to afford and what feature, gas mileage or maintenance fees can be. Work out a detailed budget on your monthly expenses on the car.

2. Read through the buyer’s guide.

The used cars bought from financial institutes and dealers are regulated by The Federal Trade Commission and a buyer’s guide is available for each car. Before you make any decision, read through the guide first and make sure you understand the total purchase price of the car, the length of warranty and if there are any problems associated with car.

3. Check vehicle history reports.

No matter you are buying a vehicle from an owner or dealer, you should always check the vehicle history reports, which can be purchased online with the Vehicle Identification Number (VIN). You just need a tiny investment to find out if the car has any accident history, major damages, or registration/title problems.

4. Buy cars from individuals.

Cars brought from individual owners can be substantially cheaper than those from dealerships. You can save money by seeking your next vehicle online and in classified ads like Craigslist. Please keep in mind that if you are purchasing from an owner, the car condition may not be guaranteed and it will be difficult for you to determine the quality if the previous maintenance records are not properly kept. Also, to avoid scams, you will not buy a car from an owner without verified ownership—ask for the title first.

5. Check out the car and test drive.

If you are seriously considering one vehicle, check out the care carefully by yourself. Take the car to a near inspection to see problems with the car. A qualified mechanic is able to complete all inspections and aware of the estimated cost for any repairs, so that you may be able to negotiate with the owners about the price. Look carefully for signs of previous accidents, oil leakage and water damage. You should test drive the car for a while to see how you can handle it under different road conditions.

6. Decide to pay in cash or go financing.

You will be able to save more if you pay in cash compared with financing a used car. However, if you can’t afford the price in one time, financing allows you to pay it over time and may be more manageable for many buyers. Please decide which way to go based on your financial condition and compare offers from different dealers to get the best deal.

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