Rear angle of cars parked in a lot

What to Consider When Purchasing a Used Vehicle

Tips for Buying a Used Car

Buying a used car takes a lot of time and planning. Each used vehicle is unique since each has been cared for differently. The condition, model, mileage, are three major factors that determine the value of that car. Here’s what to consider when purchasing a used vehicle.

[ READ MORE: Why Buy a Used Car Over a New Car? ]

Set Your Budget

Before you start shopping, you should understand what you can afford. Can you pay $20,000 or is $10,000 the most you can go? Depending on your price range, buying a vehicle that is out of your budget can be detrimental to your finances and credit rating. In addition, you should understand how you would pay for this vehicle. Can you pay in full or do you need to take out a loan?

Select the Right Vehicle for You

Maybe you like SUVs, sedans, trucks, or anything in Front angle of a black car and a white car inside a dealership showroomgeneral. With so many brands and models available, it can be hard to choose. When selecting a vehicle to purchase, you should consider your needs. For example, if you don’t have a family, then a sedan may be the right choice for you. If you have a large family or are planning on hauling plenty of cargo, then an SUV would be a good option.

When finalizing your decision, you should understand the vehicle’s background. Was it involved in an accident? How well was it maintained? You should always ask your dealer questions regarding any used vehicle, so you don’t end up buying one on the verge of breaking down.

Negotiate and Close the Deal

The listed price is often a “buy it now” price. Many dealers are open to negotiations on the price of a used vehicle. If you like a car that is just out of your budget, or are looking to save a few hundred dollars, try offering a price you are willing to pay. Once you and the dealer settle on a price, complete the required paperwork and payments to make it yours.

Do you need help financing for a vehicle? Reach out to us and we will help you step by step. For more tips like this, follow the Broadway Credit blog!