Shopping for a used car is like going on a treasure hunt. There are amazing deals out there, and with the emergence of the Internet as a car shopping tool, you have every chance of finding a good deal on a car that meets your needs and fits your budget.
There are plenty of incentives to buy used instead of new: It will save you money on car insurance, registration, taxes and depreciation, which is the loss in a car’s value due to wear and tear over time. It also makes sense because cars have never been more reliable. It is not unusual for some vehicles to be trouble-free for well over 100,000 miles. Low mileage is not the number it used to be.
Everyone wants Honda and Toyota and with good reason. Other brands have come a long way in order to keep up with Japanese car manufacturers and there are a lot of great domestic used cars. Many Ford, Chrysler and GM cars have some great features and are priced well by comparison.
The main things to consider are history and title. A clear title means that there has not been a total loss recorded for the car and you can be assured of the integrity of the frame and body of the vehicle. Clear titles are also easy to insure and register and easy to transfer when you sell. Always get a pre purchase inspection and it is best to go to a third-party mechanic. Carfax is good but does not always have correct information on the car. A hands-on inspection is the best!
Test drive the car and see how it feels for you. You may find that the car speaks to you and you fall in love. Sometimes the car may grow on you over time. Nevertheless, it depends on your needs and budget. Just know that the more you spend the better the car. It is true that you get what you pay for, so with 1000.00 you may have more issues than expected and the ultimate cost may be more. There are little gems that come up though and again the best thing to do is have the car inspected.
With Buy Here Pay Here and subprime finance the more money you must put down the better. More down payment usually means better car and that’s good in the long run. Higher down payments reduce your debt and make your loan more affordable. The cost of the loan will more than likely be closer to the value of the car when all is said and done. There are places that offer 500.00 down or less. The problem here is that the loan becomes so inflated with interest that the loan always exceeds the value of the car.
Always try to put more down and always communicate with the seller. Most dealers will work with you when there is open communication.