Before you hit the open road, you’ll need a reliable car that won’t break the bank. For many of us, buying a used car can be a great way to get more bang for your buck, while still driving off in a vehicle you can trust.
Why buy used? Pre-owned vehicles are often more affordable and won’t depreciate as much or as quickly as a brand new car. You can often get a great deal if you know what to look for, and insurance may even cost less. Of course, navigating the world of used cars can be tricky, so we’ve compiled a few tips to make your next used car purchase a successful one.
Do your homework.
Before purchasing a used car, make sure you research. If you’re looking at a particular car and the VIN is listed, run a CarFax report so that you know the car’s history and whether it has been in any accidents. You’ll also want to look at Kelley Blue Book Value, safety and consumer ratings, and any performance issues the car may have had. Find out if the dealership sells certified, pre-owned cars, which will have some warranty coverage and be in more of a “like new” condition. For a list of dealers that Addition Financial partners with directly, click here.
In addition, ask about the car’s maintenance history and records, and whether or not your mechanic can check the car out before you buy. If the answer is no, it’s time to move on to another vehicle.
Check out this full list of questions to ask when buying used. The more information you have up front, the better position you are in to negotiate.
Get pre-approved.
Check your credit report to make sure all information is accurate, and get pre-approved so that you know what you can afford. Having a budget in mind will make it easier to narrow down what you want, and getting pre-approved allows you to lock in a favorable interest rate.
Negotiate from a position of power.
Once you get to the dealership, play it cool. Even if you have found your dream car, you can lower your negotiating power if you express too much interest up front, and the salesperson may take advantage. Let them know that you are willing to walk away if needed. Some salespeople may try to wear you down by keeping you there longer, so if that’s the case, let them know you are only there for a test drive and that you will be back later to discuss prices.
Looking for more tips for purchasing a used car? Check out our used car buying guide for pointers.
At Addition Financial, we love helping our members live their best lives while saving money. Check out our blog for more useful articles, podcast episodes and other resources. If you’re on the hunt for a new financial institution, Addition Financial is a credit union founded by educators with strong roots in Central Florida. With branches in six counties and growing, Addition Financial is part of the Presto! ATM network for added convenience, and has offered continuous service throughout the pandemic and Saturday hours at nearly all branches.
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust, along with her podcast of the same name.
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