Debt Tips   

Used Cars

Always buy used cars

When it comes to saving more money and trying to live a debt free life, used cars are great money saving values. Think of it like this, a 2 year old automobile may have depreciated in value by 50%, but that same car still has about 70% of its useful life left to it. This is precisely why used cars are nearly always the best way to go when it comes to buying cars. Also, the insurance on that car will be much, much cheaper.

Always get pre approval for a used car loan before you shop

Just as you would hen buying a new car, get pre approval fro this purchase too. When you have the entire loan details worked out before you hit the lot, you will be a better negotiator because you already have the loan details. Plus, this way, if you have all the info on the loan ready, you will be able to get the car you want before it gets away. When buying new cars, there are usually many of those same models available, but when shopping for a used car, there may only be one available.

Do your research

Check the cost of repairs, upkeep, licensing, gas mileage, and everything else that you would when buying any car, new or used ahead of time. Once you have the book value of the year make and model of the used car you are interested in purchasing, you are armed with knowledge that will better help with negotiations. If you know what the car is actually worth, you will not spend an extra dime paying for it will you.

Check private sellers

Dealers provide the advantage of broader selection and in some cases, warranties on their used autos. On the other hand, private sellers might offer you a better deal and you will get to meet the person who has actually been driving the car to see how they kept the car up and maintained it. But the best part about private sellers is that you will most likely be more comfortable dealing with someone who is not a car salesman. Meaning, you will not feel outclassed, sales wise.

Know a mechanic

Mechanics will many times offer to take a look at a used car for you to let you know if it needs fixing before you buy it. Mechanics can not only help you find a good used car at a great price, but they vouch for the car’s condition by examining it for you. If you do not have a mechanic friend, there are many mechanics out there that will look at any used car at little or no price to give you an educated evaluation of the specific car.

Always get an inspection

As we just mentioned by using a mechanic, inspections are necessary when purchasing a used car of any kind. Never head to any mechanic the used car lot recommends. Unfortunately, while this offer will most always be at no cost to you, you never know the real relationship between the car lot and the mechanic. Always seek an independent evaluation even if it costs you a few bucks, it is worth it.

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