Jefanie Genilla
If you really want to buy a car but don’t have sufficient funds to purchase a brand new unit, the next best option would be to opt for a pre-loved vehicle. Second-hand cars are way cheaper than the new models, albeit shopping for one is a bit more complicated. Why? Mainly because you need to take a closer look at specific aspects you wouldn’t normally consider when shopping for a new auto. Specifically, these are the six important steps you need to do to be able to see if you’ve got your hands on a good used car deal:
Step 1: Decide how much you’re willing to spend
To begin with, make sure to set a budget for your planned car purchase. This will allow you to strike a balance between the car features you want and the total cost of the property. This will also serve as your guide when negotiating the cost, as well as the estimated additional expenses for the repair and upgrade.
Step 2: Get a comprehensive vehicle history report.
Be a wise car buyer! Before signing the deal with your friend, know the car you’re planning to buy first. Hire a car inspector to look into important aspects such as the following:
- Miles and mileage per year
- Remaining warranties
- Major and minor repairs
- Accident history
- Ownership history
Step 3: Consider the “hidden cost” of your second hand vehicle.
Ownership cost is also an important aspect to consider when shopping for a car, more so for second-hand vehicle buyers. Remember, your unit may not be as road worthy than a brand new vehicle. And for this, you might need to do some minor (e.g., parts replacement, upgrade) or major (e.g., overhaul, body repainting) maintenance to keep this in top shape. It will be great to bring a mechanic if you can when you shop around for a second hand vehicle.
Step 4: Know why the owner is selling his or her vehicle.
The current owner must have a good reason for selling his or her car. Is he selling his car to pool money for the purchase of a newer model? Is she planning to move to a new city but not taking her car with her? Or is the car in a bad shape and the owner is just finding a way to dispose of it? You have to know the reason so that you can decide for yourself whether or not the car is worthy of your money.
Step 5: Know what you can negotiate.
Once you know the reason for selling the car, you’ll be able to negotiate the price accordingly. Results of the vehicle history inspection can also guide you on how the vehicle should be priced according to its make, miles, ownership history and model.
Step 6: Partner with a reliable financing provider.
This is where our loan consultants at Loansolutions.ph can help. Our team can walk you through the terms and conditions of car shopping and put your name in front of various financing providers. Just fill up our 3-Step Online Car Loan Application Form to let us know of your credentials and capacity to pay. We’ll then take it from there.
Unlike buying a brand new car, purchasing a pre-loved vehicle from a friend would require you invest a little time and effort in scrutinizing the car. This will allow you to properly assess its price and come up with a win-win deal.
