To get the best bang for your buck, it is critical to do extensive research on the used-car offerings in your area. Even though a prospective seller may not match the lowest price you find, it puts you on better ground when negotiating.
But the price is not the only thing that you should dig deep into before settling on a particular unit. The history report of the used car is as essential.
Why a History Report is Important
A history report will uncover the number of previous owners, mechanical issues, and prior accidents, among others. In most cases, the dealership pays for the third-party service as a package. But if you are dealing with a private seller, you may need to foot the bill yourself.
The issue of depreciation can be depressing for vehicle owners, but it also presents an opportunity for the used car buyer. For example, the vehicle loses about 20% of its value within the first year. It depreciates about 40% after three years.
This is essential information for the buyer for effective negotiations. The manufacturer’s warranty may still cover a vehicle that is one to three years older, and that’s a good thing. Unless such a car has been subject to a significant amount of abuse, it can still give you some good years of service.
Finding a Good Used Car
The used car marketplace is vast, and you should not limit yourself to a particular dealership based on one thing or another. Most people don’t know that low mileage late-model vehicles are affordable and offer quality that is at the same level as new cars.
In most cases, the later models in car dealerships will qualify for the balance of factory warranty. For an additional cost, it may be eligible for an extended warranty, and that is music to the ears of the used car buyer.
