The ever so growing automobile market of United States never stops to amaze us, and if we are to agree with what Edmunds.com says then, the industry is projected to continue to grow by leaps and bounds in the year 2019. If we are to look at the statistics, a whopping 10.2 million cars were sold in a 3rd quarter of 2018 alone which a whole 5% more than previous and this trend is bound to continue this year as well.
Though it is true that the market of used cars dominates these numbers, one should not underestimate used cars market which has been on a continuous rise for a number of years.This surge in popularity of used cars has finally made us write this article in order to make your readers aware of what all steps you need to take in order to ensure you get the minimum price and maximum services for your dream car.This article deals with every aspect of used car buying and you are advised to prepare well using this guide before going to buy a used car.
Why a Pre-Owned Car?
Before we go on to the ways to buy used cars and things to remember while doing so we need to answer a fundamental question, why a used car at all? Well, buying a used car has its own advantages and disadvantages and before you go for committing your future to one such car we need to ensure that you really know what it really is to buy a pre-owned car. It is up to you to weigh the pros and cons and come up with a wise decision that suits you the best.
Pros of buying a used car
It is Cheaper than a new one
Perhaps one of the foremost reasons that people buy used cars is because they are available at a much cheaper rate than a new one of the same model would be available for. If you are to get a nearly new used car at prices that are literally deflated when compared to a new one of the same model, it’s called steal deal and frankly, each used car buyer is after such a deal because it saves money as well as serves the purpose.
Now you can even get financial help and warranties with the repairs and maintenance
Witnessing a sudden surge in the market of pre-owned cars, now even manufacturers have conceded to it and they have started giving out warranties and other financial incentives with manufacturer certified pre-owned cars just like they offer for the new ones. This really helps with maintaining your car for a certain period of time.
Pay Less for Insurance
Although not as important as the points above, still you can even save money on auto insurance as the insurance for pre-owned vehicles tends to be cheaper than what is for new ones. In fact, according to zebra.com, an average used vehicle insurance costs around $100 lesser than what you pay for new vehicles that too annually.
Cons of buying a Used Car
Getting stuck with a money eating machine
lf you happen to buy a fairly new car with some mileage on it and later get to know about a serious fault or some major issue with a vital part of your car, you can rack up some serious financial costs for yourself in getting that car repaired.
No Warranty in some cases
If you buy a used car from an individual, you won’t be getting any warranty which can be harmful to your pocket if and when your car ends up in a repair shop. Although this doesn’t mean you can’t get a warranty, it is always recommended to buy used cars from certified dealerships so that you get some warranty coverage period if not from the manufacturer then from dealership itself.
Higher Financing Prices
Although it might seem odd car financing prices are usually higher for a used car than what they generally are for new cars because they come with a greater risk for financing agencies and that is what drives the price really. Sometimes these costs can be tens of dollars while sometimes they even run into hundreds of dollars.