Buying a used vehicle can be the best and most affordable way to own a car. Most financial advisers consider purchasing an inexpensive used car and maintaining it for years as one of the wisest ways to minimize the cost of ownership.
However, this will depend on the car type or model you pick. That used car you consider cheap may cost you more in financing or repairs than one that costs a bit more up-front. This can make used car buyers feel like giving up.
Here, we’ll discuss the five ways to stay motivated and get ahead to secure that car you’ve been dreaming of.
1. Define Your Needs
Understanding the make, model, and features you need is the first step of buying a used car. There are plenty of used vehicles to choose from. At Carvana, we have more than 25,000 used vehicles, so there’s no need to be in a rush to make a choice. Take the time to research and write down the key features you desire in a car.
Determining the model year for your car can be a great place to start. Then, decide on the number of seats you want it to have. Do you want a small or large car? What other vital interior and exterior features do you want or need the most? Do you want a certified pre-owned (CPO) or a non-certified CPO car?
In short, create a full description of the car you want. After that, do your research and determine which makes and models fit your needs. While doing so, look at their price ranges and determine what fits your budget. Kelley Blue Book can be a great resource for this.
2. Set Your Budget and Secure Financing
It’s vital to remember that to acquire and drive a used car, you’ll need more than just money for buying the vehicle. Your budget also needs to include inspection fees, funds for covering any minor repairs, regular maintenance costs, and registration and licensing costs. The good news is that you may leverage special incentives and programs to minimize the cost of a used car.
Once you know what your budget is, it’s easy to consider only cars that are within your range. At Carvana, when you shop for your next car, you can do so with real, personalized terms that enable you to find a vehicle that perfectly fits your life.
You can enjoy great rates by getting pre-approved through Carvana or third party financing. Get multiple quotes, and choose the one that fits your needs and saves you the most money.
Additionally, the best way to reduce your overall costs is to make a down payment. The bigger the down payment, the better. When you put more money down initially, you will have to borrow less, which means less money paid in interest in the end.
Aside from a down payment, you can reduce your costs by trading in a vehicle. Maybe you want to upgrade or are looking for something that better fits the needs of your family. Trading in your vehicle can act as a down payment and help reduce the amount you need to borrow. If you can trade in a vehicle and put a little cash down at the same time, you can really get ahead on your investment.
Check to see if the vehicle has a warranty, as this can save you money when you need repairs. In addition to a powertrain warranty, check to see if the car comes with a warranty covering a certain amount of mileage or number of days after you purchase the vehicle.
With Carvana, every vehicle comes with a 100 day/4,189 mile “Worry Free Guarantee.” If something happens during this period, you can count on us to take care of it.
3. Research the History of the Car
Before you buy a used car, it is important to get a full history of the vehicle. You want to know the number of previous owners, the maintenance history, and if there are records of any accidents.
The maintenance history is very important. A car that has been well taken care of and maintained according to the manufacturer’s recommendations is more likely to be reliable for years to come. Knowing the maintenance history also reduces the chances of unexpected repairs.
With Carfax or AutoCheck reports, you’ll know the history of the car you want to buy. They’ll let you know if it has ever been in an accident or used in potentially concerning events.
4. Take a Test Drive
This is a crucial part of purchasing a used vehicle, as it lets you see and feel how the car drives. Do so in different situations, including up and down hills and on highways. If you notice something is off or find the car uncomfortable, feel free to walk away.
If you love listening to music, make sure to test out the car’s audio system. That’s because the stereo specs won’t tell you the whole story. Most specs and descriptions available online are not a replacement for the test drive. Make sure you like the car before making a purchase.
When you buy a car from Carvana, you have seven days to drive it and check out all its functions and features. If you don’t love it, you can return it with no questions asked. We will even swap it out for another vehicle two additional times after purchase to help you find the perfect vehicle.
5. Request for Car Inspection
Car inspection is an extremely important part of the buying process. Find a trustworthy mechanic to check the car frame and engine visually. They should also inspect under the car’s hood and run some tests.
Every car we sell at Carvana goes through a comprehensive 150-point inspection and comes with a free Carfax report. You can rest easy when you buy a used car from us. All of our cars have zero reported accidents and are free from any reported incidents such as fires, floods, or frame damage.
The Bottom Line
With lots of used cars on sale out there, finding one that suits your needs can be an overwhelming task. Some end up giving up! Above are the easy ways to stay motivated and step up to buy a used car.
It all starts by listing down the features you desire your car to have. After that, set your price range depending on your budget and get vehicles that fall within that range.
Then decide how to finance it, figure your down payment, go for a test drive, and let a professional mechanic inspect the car to make sure it’s in great condition. If you’re satisfied, go ahead to buy it. If not, walk away.
Never buy a used vehicle the same day you go to a dealership. Instead, take as much time as possible to research the car you want. Remember, patience pays off!
