Buying a used car is like looking for treasure. You can find many used car deals in the market. However, you must limit your car purchases to those that will benefit you in the long term. One of the most important factors when looking for a used car is the age of the vehicle. Understanding the important factors that make a used car business a success or a failure will help you figure out whether you should take the plunge and buy a used car or wait for a newer model.
Complete breakdown of the elements that make or break a used car contract
- age of the car
Over the years, cars lose value through wear and tear. Your goal should be to buy a car with a low depreciation so that its value does not decrease significantly in the near future. However, avoid buying a very old car as it may end up in the workshop more often. Most lenders avoid financing a used vehicle that is more than nine years old because maintenance costs increase with age. It is therefore advisable to opt for a used car, but not a very old one.
Mileage is a crucial factor when buying a used car. The average mileage of the car per year is about 12,000. Typically, lenders prefer a used vehicle that has driven less than 100,000 miles. If the car you are considering buying has more kilometers driven according to the odometer, it is advisable to inquire further and get more details. Ask if the car has had regular maintenance while the car has been driving the extra miles. However, if the car is in good condition, well maintained and the mileage is a little above average, you should buy the used car with confidence.
- No changes
Make sure the used car you’ve narrowed down to purchase hasn’t been modified in any way. Any modification made to the used vehicle can affect the performance of the vehicle. For example, if the engine was modified by the previous owner and is putting a strain on the car, it may break sooner than expected. As a rule, modifications do not carry guarantees and parts cannot be replaced. So make sure you ask the right questions about any changes before agreeing to the auto deal.
Buy a used car, but with caution
Buying a used car is cheaper than buying a new car. Make sure you have the used car checked by a mechanic before you buy it. You can also use the Vehicle Identification Number to get an instant report on the make, model and year of the car. A vehicle appraisal also gives a true picture of the current condition of the vehicle. Based on the information, you can decide whether to buy the used car or buy another one. Therefore, before you say yes to a used car, note the essential details.