The Used Car MarketOctober 22, 2021
So, why did you buy your car? Was it for comfort and style, impress your friends and neighbors, or maybe because it suited your lifestyle? Or was it an investment, a self-motivated purchase that will pay dividends in the long run?
If you answered the latter, chances are you could be one of many participating in the used car market.
This is good news for the buyer because there are now more options than ever to suit your budget. But if you’re not careful, it could be bad news too – people who want to take advantage of you will tell you anything to get their hands on your hard-earned money. For this reason, it is essential to know what you’re looking at and what questions to ask before signing on the dotted line.
To avoid making any of these mistakes, it’s worth looking at the following points.
1) Does it have a service history?
If you’re in the market for an older vehicle, ask to see the vehicle’s record of services. If no log books or receipts showed when services were conducted, this could indicate that something is amiss.
Of course, to avoid any damage that could happen to a car out on the open road and to maintain its value, cars need to be serviced regularly. However, there are also unscrupulous used car dealers who will put false records in their logbooks just so they can sell their vehicles quickly – as ‘new’ ones.
2) Are there any signs of accident damage?
Spend a bit of time examining the car and checking for bumps and scratches. Used cars which have been in accidents will often be sold as-is since they are worth less than those that haven’t. Also, keep an eye out for ripples and the panels on either side of the doors, which are often tell-tale signs of a car in an accident.
3) Are you comfortable/confident with the vehicle?
If doubt creeps into your mind at any point, you should trust that feeling and look elsewhere. If the seller assures you time over again that there are no problems, take it with a grain of salt. Trust your gut feeling because if you go ahead with the purchase and something does go wrong, difficult to prove otherwise.
4) Can I afford it?
Before you set out on your quest to find a great deal on a used vehicle, you must do some research about how much cars of that model usually cost. The internet is an excellent tool for this. It is not advisable to jump into the market without knowing how much your potential purchase will cost you because if it’s too high, you’ll feel like you’re wasting money and time even before taking it out on the road.
It’s important to remember that no matter how much you love the vehicle if doubt creeps in at any point during the inspection process, it is not worth moving forward with.