If you need a new ride that will get you from A to B, it is always wise to look at the used car market. While buying a brand-new vehicle and driving it off the lot can feel great, everybody knows that this is often a terrible investment. Used cars do not lose a huge portion of their value after being purchased; however, finding a high-quality used car presents its own problems.
What starts as a straightforward perusal of the used car classifieds can quickly become much more involved. For example, separating high-quality used cars from lemons is a difficult task. Beyond that, the process of finding the right used car loan can be tricky. Turning your dream of owning a used car into reality takes a bit more thinking than you might expect.
To provide some clarity, let’s look at the most important things to consider when buying a used car in 2019.
Consider What You Can Afford
Having a budget established before you hit the market to buy a used car will provide you with more clarity in sifting through the options. Rather than wasting your time test-driving cars that will ultimately be out of your price range or will involve prohibitively high monthly payments, you can instead focus on considering cars that are within your means.
It is also important that you consider what you need the vehicle for in the first place. Have this in mind when deciding. For example, avoid getting emotionally attached to a particular flashy option that is above your price range if you simply need a car for commuting.
Some suggest that a car payment should represent no more than 10% to 15% of your monthly income. Sticking to this rule of thumb will allow you to be confident that you are not overextending yourself.
Take The Time To Test Drive
Doing some research and looking at a few different options for used cars in your location is important. Not doing your homework ahead of time is one of the biggest mistakes you can make. Getting a bigger picture of what cars are available at the moment and an idea of what the going rates are for high-quality used models will allow you to get the most value for your money.
Even if you find a car that seems great and runs well, make sure to give it some thought and weigh your decision based on a few different options. This will ensure that you drive off with the confidence that you have made the right decision. And, of course, you need to make sure that you actually test-drive any vehicle that you plan on buying.
Consider Used Car Loans
If your budget does not really allow the purchase of a used car but the need for one is pressing, then a used car loan is a good solution. Paying cash will always save you the most money on the purchase of a used car, but reasonable, used car loans can be found from trusted credit providers.
Before signing anything, however, make sure that you have a great used car already picked out. Doing this first will allow you to know exactly how much money you need to borrow.
Do Not Be Sour Like A Lemon
Buying a used car is a bit more involved than you might have thought. However, it is important to put the time into finding a high-quality and affordable model to avoid buyer’s remorse in the future. Follow the advice outlined here and you will soon be sitting in the driver’s seat of your, new, used car.