A used vehicle can save individuals a lot of money, but researching can be a stressful process. In fact, used cars cost 50% less on average than new vehicles. When determining the used car you are interested in, it’s important to address your lifestyle and budget.
A used car also doesn’t depreciate as much as a newer vehicle. In fact, a new vehicle is already depreciating as soon as you drive the car off the lot. After three years of depreciation, a $30,000 car loses $15,000 in depreciation. While if you buy a used vehicle for $15,000 and sell it three years later, it will typically be worth $10,000. Features such as gas mileage, year of production, and brand can also have an impact to the resale value. Many new vehicles also have hidden costs such as shipping charges and destination fees.
Before purchasing, do general research on reliable models. Deciding on all the specifications of the vehicle ahead of time could also save you stress. Once reaching the seller, inspect the car inside and out. You should also ask to take it for a test drive as well as requesting the repair history. This will let you know about any accidents or repairs that may have not been mentioned.
Finding the right vehicle can be a stressful process and it requires patience and planning. It may be an overwhelming process to start, but if purchasing a used car is the option for you, it doesn’t have to be a hassle. For more tips on purchasing a used car, check out the infographic below. It provides a roadmap of several more questions to ask the seller as well as providing tips for what to research before purchasing.
Infographic created by JDBNOW