4 things not to forget when planning to buy a used car
You're well advanced in the process of shopping for a used vehicle, and have a good idea of the model you're going to choose and the dealer you're going to do business with. Before you make your final decision and close the deal, have you taken the time to think through all the elements that go into the purchase calculation?
Here are some examples of points to bear in mind:
1. Extended warranty
If it's recent, the used vehicle you're considering may have an original manufacturer's warranty that's still valid. The Consumer Protection Act also provides for various legal warranties of normal use, good working order (against hidden defects) and reasonable duration.
Depending on the age, condition and anticipated reliability of your vehicle, you may want to consider an extended warranty, budget permitting, for added peace of mind. Make sure you know what's covered and what isn't (parts and labor), and how to have the warranty honored.
2. Work to be done
A pre-purchase inspection will inform you of the vehicle's mechanical and general health, including any parts you may need to consider repairing or replacing in the short to medium term. Find out what the costs are, and don't forget to factor them in!
What's more, if you're planning to add accessories or equipment to enhance performance, comfort, style or practicality to really meet your needs, you need to plan for them.
3. Car insurance
You should probably think about this before you decide on a particular model because not all vehicles will cost you the same amount in insurance. This is something that many buyers overlook, and some end up with a nasty surprise when they see their premium.
Get quotes and compare them. If possible, avoid vehicles that are typically more popular with thieves, and remember that electric vehicles are considerably more expensive to insure.
4. Depreciation
Finally, another element to calculate or at least take into account is depreciation. Of course, depreciation doesn't have as much impact on a used vehicle as it does on a new one, but if you're planning to resell it rather than wear it out, it's a good idea to choose a model that will lose less of its value and fetch a better trade-in price in a few years. Do some research online to better assess anticipated depreciation.
