Buying a Used Car Here is How You Can Get a Good Deal

If “walking the extra mile” is what you do well in life, this guide is just what you need. Yes, you have walked the extra mile whenever possible, worked hard, started doing well in life, but are tired of walking everywhere on feet or resorting to public transport. So, it is natural to crave a car for your daily commute or rare adventures. And you are aware that a used car will cost you much less than a new one, but give you the same freedom and joy. Hence, read on to know how buying used cars can be wise and ways in which you can bag a good deal.

Depreciation is a boon
Other than price, depreciation is a major reason behind buying used cars. They depreciate at a slower pace than new ones. In fact, after a few years, any newly-purchased car becomes worth about 60% of its original price.

            ALSO READ: Points to Consider Before Taking a Used Car Loan

Warranty guaranteed
Cars are still under the manufacturer's warranty even if they are one to three years old. Unless they face major accidents and damages, they will serve you well over several years.

Now, here is how you can grab a good deal on a used car.
 

• Do your homework

Look before you take the giant leap. Research on the make and model you are interested in buying. Conduct a market study and try estimating the value of your coveted model and make. Zero in on a car that meets the mileage and features you yearn for. Keep searching for the seller who matches the lowest or your expected price.
 

• Go for a test drive

Now that you have decided what to buy, and the price you can get it for, go for a test drive to ensure that everything is working fine and all that the seller has promised is true. Check the ownership history, the odometer reading, and accidents and damage reports. Buy the car only if you are content with your experience.

            ALSO READ: 7 Money-Saving Tips For Buying A Pre-Owned Car
 

• Choose private sellers over dealers

Did you know that private sellers sell their cars at a price that is at least 10% less than that offered by dealers? Private sellers are not professional salespersons and are often unable to bargain. They are usually in a rush to sell off their cars because they are planning to buy new ones or are probably moving. Hence, used car negotiation is easier with private sellers. Ensure that you receive the duly signed "pink slip" from the seller though. Also, you may need to insure the car. Despite such expenses, you can still save more than if you purchase from a dealer.
 

• Select certified pre-owned cars

If you decide to skip the above tip and choose a dealer, go for Certified Pre-owned (CPO) cars, especially if you plan to buy a used luxury car. Here is the biggest benefit that you can reap - you get a minutely inspected car with all maintenance issues addressed before you leave with the vehicle.

 

 

• Choose a discontinued or slow-moving/slow-selling model

The best time to buy a used car is when dealers have limited space in their showrooms and often announce stock-clearance sales. They put up slow-selling or discontinued models at discounted prices. Grab the best deal on time!

            ALSO READ: 5 Questions to Ask When Buying a Used Car
 

• Apply for a used car loan

Why pay for the car in one go when you can avail a used car loan and repay in instalments? This will burn a smaller hole in your pocket any day, especially given the shaky financial scenario in the wake of COVID. Just make sure you approach reputed financial institutions. Research well, choose the best loan terms and see if you fit the eligibility criteria of the lender. In many instances, if you draw a minimum of INR 20,000 per month and have a year’s worth of job experience, you can avail a loan at a competitive used car loan interest rate. Just submit a few necessary documents for verification, after which the used car loan will be consigned to your dealer, and you will get the car of your dreams!

To wrap up, if you are aware of what you need and how much you can spend, your work of choosing the right used car is halfway done. So, what are you waiting for? Keep the above tips in mind, avail the best used car loan you can and grab a good deal today!