Buying the right used car the right way can be a great financial decision for several reasons:
- You’ll be able to take advantage of that “immediate” depreciation that occurs as soon as a new car has been driven off the lot. In just the first year, that can mean as 20% or more.
- If you buy a newer used car, it may still be under warranty.
- Insurance premiums will be lower on a used car than on a new car.
- So how do you choose the right vehicle?
Here are a few things you’ll want to do:
- Establish a budget.
- Determine what vehicles fit within your price range.
- Know the history of the vehicle you are considering. There are a number of services – like Carfax or Autocheck available that allow you to check the history of a particular vehicle.
How do you get the best deal on financing?
One of the best things you can do to increase your leverage when buying a new or used auto is to have your financing pre-approved in advance. Getting pre-approved doesn’t obligate you. But it does give you negotiating power. Whether you are buying from a private owner or through a dealership, … [Continue Reading]
