When buying a car, the easiest way to save money is to buy a used car instead of a new model. While there might be some maintenance required, if you choose a car with low ownership costs and a good predicted reliability rating, you’ll be able to save money.
Listed below are some tips that will help you buy a used car:
Set a Budget to Buy the Car
When setting a used car buying budget, not only do you need to make sure the monthly payments are affordable, but you also need to look beyond this figure to get a clear idea of the total cost of owning the car. This includes how much you have to pay to insure your ride, maintenance costs, the interest cost on your car loan, and parking costs, among other things.
When you buy an older vehicle, you can expect to pay a lower price. But, the older the car, the more it might cost for repairs. Factor all these points while setting a budget for buying a used car.
Find the Right Used Car for You
When you’re considering buying a used car, you not only have to find the right model but you also have to find one that’s in good shape, has a mileage that can be considered low enough to be attractive, has been serviced properly, and hasn’t been crashed by the current owner.
Consider the Certified Pre-Owned Option
Don’t want to invest in a used car with no warranty coverage? You have the option of choosing a used car with factory warranty coverage. Manufacturer-CPO (certified pre-owned) cars offer a blend of manufacturer-backed warranty coverage with an affordable price tag. These cars are usually low-mileage cars that are only a few years old, with no history of accidents, and with all service records in place. They are often dealership service loaner vehicles, vehicles driven by automaker staff or dealers, or cars returned at the end of leases.