In today's world, cars have ceased to be a luxury and have become a necessity. Still, not everyone can afford to buy a new car. Apart from finance, sometimes you intentionally want a used car, either for a transport business or to give the car on rent. The biggest advantage of buying a used car from a private party is that it is comparatively inexpensive. Car dealers are expert and experienced negotiators, whereas private parties are naive and so there are chances that you get a better deal. Some dealers also take a commission for closing the deal; you can save that money when dealing with the owner directly.
Purchasing a Used Car from an Individual
Before you decide to buy a used car think about your driving habits, your requirements, and your budget. Once your decision is made, you need to look for people who wish to sell their old car. You can speak to your friends, relatives, colleagues, and neighbors about this and take their help in your search for a used car. Another option is the Internet, where you may get to see the picture of the car as well. As you get the contacts of people interested in selling their cars, note down essential things, such as the model, the estimated value, and how old the car is.
One question you should never forget to ask is why they want to sell the car. In fact, you should make a list of questions to ask when buying a used car so that you get a clear idea about the car. Then zero down on one or two cars that suit your budget and requirement. Once you are ready to negotiate, call the owners and fix an appointment. Well, the serious work starts now. You just cannot blindly buy the car; you must crosscheck at least the following things about the car before you close the deal.
Before Buying the Car
Many people do not pay attention to detail and end up buying a faulty car that costs a lot in the long run. Spending some time now can save you a lot of money later. Given below are some of the things that you must check before buying a used car―be it from the owner or from a dealer.
Research of the Car
You must know the entire history and the current status of the car, such as its make, model, mileage, transmission, and overall physical condition of the car, like tires, steering wheel, CV joints, paint, car interiors, coolant, condition of the engine, and other parts and accessories. All these things will help you while negotiating.
Driving a car at least once or twice before you buy it is very important. It allows you to check if everything about the car is in good condition. If you feel any discomfort while on a test drive, make aure you bring it up with the owner. You must also inspect the car closely for rust, scratches, and damages to the body of the car. You can also hire an expert mechanic to inspect the car. If there are too many problems, then avoid buying the car, no matter how good the deal seems.
Try to start with a low opening offer. Ask the seller how much he expects and why. This will help you eliminate any unrealistic demands. Spend some time negotiating with the seller and try to convince him that what you are offering is the right and the best deal. If he still refuses to lower the price then it is better to walk off.
Closing the Deal
Before you close the deal make sure that you go through all the documents carefully. Check if the seller is offering any warranty or selling the car as it is. Make sure that you are not paying for unnecessary charges. For example, sales tax is not something you should be charged for. Sales tax has to be paid to a company or a business only. Make sure all the documents, like the registration and insurance, are in proper order. Do not buy a car that does not have the required paperwork.
You also have to decide if you are paying in full or financing it over time. Financing over time can increase the overall cost of the car. You have to consider the loan amount, the interest rate, the length of the loan, etc. You can go for any option that is suitable to you, but it is advisable to consult your financial advisor before you select the mode of payment.
The above factors will definitely come in handy when you are buying a used car. With this information you are sure to buy a good car that will certainly save a lot of your money and serve you with all its potential.