Buying a used car is similar to hunting for treasure. You can find many used car deals in the market. However, you should limit your car purchases to those that will benefit you in the long run. One of the important factors when searching for used cars is the age of the vehicle. Understanding the important factors that make or break a used car deal will help you determine whether you should take the plunge to buy a used car or wait for a newer model.
Full Breakdown of the Elements That Make or Break a Used Car Deal
- car age
Over the years of use, cars lose value due to depreciation. Your goal should be to buy a car with a low depreciation rate so that its value doesn’t depreciate significantly in the near future. But be sure to avoid buying a very old car because you may end up at the auto shop more often. Most lenders avoid financing a used car that is more than nine years old because as the years go by, the cost of maintenance also increases. Therefore, it is advisable to choose a used car, but do not choose a very old one.
- odometer reading
Mileage is a deciding factor when buying a used vehicle. The car’s average annual mileage is about 12,000. Lenders generally prefer a used car to be driven under 100,000 miles. In the event that the car you want to buy has more miles on the odometer, it is wise to do more research and look for more details. Ask if the car received regular maintenance while you were driving the extra miles. However, if the car is in good condition, well-maintained, and the mileage is a little above average, you should buy the used car without worry.
- Without changes
Make sure that the used car you have downsized to buy is not modified in any way. Any modifications made to the used car may compromise the performance of the vehicle. For example, if the previous owner modded the engine and the car is put to the test, it may break down sooner than expected. Modifications generally do not carry any warranty and parts cannot be replaced. So be sure to ask the right questions about the mods before accepting the car offer.
Buy a used car but with caution
Buying a used car is light on the pocket compared to a new car. Make sure to have the used car checked out by a mechanic before you make the purchase. You can also use the vehicle identification number to receive an instant report on the make, model and year of manufacture of the car. A vehicle report will also give you a true picture of the vehicle’s current condition. Based on the information, you can decide whether to buy the used car or look for another. Therefore, take into account the essential details before agreeing to a used car.