Purchasing the shiny, brand new car on the lot may be tempting, but may not always be the best option. Vehicles today are more reliable than ever — with many running for over 150,000 miles1 — meaning you can purchase a used car with a long life remaining for a fraction of the cost of a newer model. Plus, buying your next car used will likely save you money on car insurance, taxes, general wear and tear over time, and the significant down payment that comes along with new cars. More and more shoppers are realizing this and opting for used over new vehicles. A recent study2 shows that 64% of consumers would consider a used car for their next purchase, while 35% prefer new.

Let’s take a look at seven steps you can take to get behind the wheel of a used car today:

1. Set a Budget

Whether you’re paying for your used car in full with cash or taking out a loan, you need to understand how much you can afford to spend before walking into a dealership. Be sure to consider how much you would like to spend on a down payment and remember that any principal payment above the minimum requirement will reduce your monthly interest costs over the life of your loan. Use our auto financing calculator to compare financing options and discover how much you can afford on your next vehicle purchase.

2. Narrow Your Search

Decide on what type of car you’re interested in, your top priorities, and any features that you’d like to be included in the vehicle. Once you have a type of car in mind, consider how reliable that particular make and model is and research its vehicle history report, trends, reputation, and total cost of ownership to be sure.

3. Price the Vehicle

Utilize a pricing model to estimate the market value of the vehicle you’re interested in and be able to effectively negotiate with the dealer. Analyze the health and condition of your car based on factors including year, make, model, and mileage to know exactly what you’re getting. You can also price your current vehicle for trade-in value.

4. Contact the Seller

This is your chance to get answers to any questions you have about the car. It’s generally a good idea to verify all information you’ve read about the car and ask about available service records, the vehicle title, asking price, if you can have the vehicle inspected, and any information they may have left out that you need to know.

5. Inspect the Car

Once you visit the car, conduct a thorough physical assessment, including a walk-around, test drive, and inspection by a licensed mechanic, if possible. In your walk-around, look for signs of poor alignment, body repair, and any cosmetic issues that would require upkeep. Choose a versatile course for your test drive route and test for visibility, brakes, acceleration and cornering, control, accessibility, and mechanical condition. Finally, a seller may insist on using their own mechanic for the inspection. If so, be sure to be extra thorough in your own assessment to make sure you’re not being taken for a ride.

6. Negotiate

Start your conversation with the seller by comparing the amount they are asking for the vehicle to other similar listings. Next, point out any issues you have with the vehicle as reasons why you deserve a lower price. The seller can either offer a better deal to accommodate your concerns or stand firm at their original asking price. Either way, you have the choice to accept their price or stick to your guns. Remember, your best negotiating tool is your ability to walk away.

7. Sign, Pay, and Drive Off

Before signing any contract or taking ownership of the car, add it to your insurance policy. Then, have the seller sign the vehicle title over to you, sign the sales contract, and finalize all financing information. Inspect the contract thoroughly for any additional fees including extended warranty, sales tax, and document and registration fees before signing — once the contract is signed, the vehicle is yours.

Shopping for a used car can be stressful. But, if you do your research, set your standards, and prepare to deal with sellers, you’ll be driving your dream car in no time! Visit our website, call us at 800-225-2555 or stop by today to learn more about our competitive auto loans.

*All loans are subject to credit approval.

1https://www.goldeagle.com/tips-tools/long-cars-last-long-will-car-last/
2https://www.coxautoinc.com/news/car-buyers-visiting-fewer-dealerships-making-faster-decisions-as-online-engagement-rises/