With the start of a new decade, are you thinking of ways to bring a change in your life? Well, if you do not have a car, it is time that you start thinking about getting one.
Why?
Well, a car is not a luxury anymore but a necessity. Today, even 24 hours of the day seem insufficient, and when you do not have a car, you can expect to waste extended hours of walking and tiring public transport.
As time is the essence, owning a car can significantly help you save a major chunk of it, but which car to purchase?
For the first time buyers, a new car is an ideal option, but a new car does not come cheap. It is the second biggest expense of your life after a house, and it can really put a dent in your bank account. The big question that arises is whether to spend a major chunk of your savings on a new car or purchase an affordable used car?
New Car vs. Used Car – Making the Right Decision
Deciding between a new or a used car is a huge one, and it can majorly affect your finances. Therefore, it is advised that every car buyer must give an ample amount of attention to it and take a well-thought decision.
In comparison to new cars, used cars are much lower in price. However, the reason why experts say that buying a used car is the smartest option is because of depreciation. The depreciation in automobiles is so rapid that after ten years, a vehicle’s worth is equal to just 10% of its original value. By purchasing a one-year-old used car, you can avoid the rapid depreciation that takes place within the first year of ownership.
Choosing the Best Used Car
There are no doubts there, buying a used car is an ideal way to bag a bargain, but it takes a lot of effort to find that perfect car. There are innumerable factors that you have to consider when buying a used car if you wish to use it as a reliable companion.
Vehicle History
When buying a used car, checking the vehicle history is crucial. There are a lot of details a vehicle history report can provide you with, such as outstanding car finance or any accident or theft records. If you purchase a car that has been recorded as stolen, you will have to deal with a messy situation. The authorities will take the car away for investigation, and it can get really stressful.
Another problem that you get trapped in is a logbook loan agreement. If the purchased vehicle is under this agreement, you will find out that the car is not in your ownership. It will create a very complicated situation for you. Therefore, make sure you get an insight into the vehicle’s history.
Vehicle Value
The chances of overpaying for a used vehicle are high, and you must find out the market value before you finalize the deal. You can look for similar cars online and check price guides to ensure that you are not being overcharged.
Condition of Vehicle
Checking the condition of the vehicle is something you must not miss out on. You must thoroughly inspect the exterior as well as the interior of the car. The smartest option is to hire a professional inspection service to help you with the evaluation of the condition. The locks, windows, signs of accidental damage, and clocking that is tampering in the odometer. Only a professional can thoroughly evaluate the condition for you.
Vehicle Performance
The vehicle performance is another vital aspect of inspection of a used car. Never purchase a used car without taking it out on a test drive. You can ask the private seller or the dealer to accompany you on the test drive. Make sure you drive the car for a sufficient time and cover a long distance.
Cut-and-Shuts
Cut-and-shuts are areas of illegal welding which you may find under the carpets and beneath bad paint jobs. You can pull up the carpets and paint on the exterior that does not match the other parts of the vehicle body. There are possible areas where you can find cut-and-shuts.
The Documents
Checking the registration documents for authenticity is also an important part of the process. You have to ask for the V5C registration document. It is a document that contains information about the registered keeper and all previous owners of the vehicle.
Vehicle Identification Number – VIN
You can find the Vehicle Identification Number – VIN on the base of the windscreen, under the framework at the side of the driver’s seat, and stamped under the bonnet. You can match the VIN with that printed on the V5C registration document to check if it’s genuine or not.
These are the crucial factors that you need to address when purchasing a used car!
If you want to get rid of the car you purchased, trading in is an option you can choose. The biggest reason why it is a great choice is because of the degree of convenience it offers. Putting up a car for sale can turn very hectic, and it might take much more time than your expectations.
However, to get the best out of your used car for trade-in, there are several factors that you will have to address.
You will have to consider all possible repairs in your car, replace the old tires, properly maintain the documents, maintain the mileage, and do your research before you choose a dealership for trading in your used car. Moreover, if your budget allows, you must think about some extras, but keep in mind not all add-ons will raise the value of your car.
If you are thinking of getting a car for yourself, you must give a used vehicle a thought. It might not seem like an attractive option, but it certainly is the smartest!
