How to Get the Best Deal When Shopping for a Used Car

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Searching for a reliable used car at an affordable price can be tricky. Finding the best deal around may seem impossible. However, following these suggestions will make the process much less intimidating. Here are the most important factors in finding a great deal on the right used car.

Informed Shopping: Improve Your Search with a Research Strategy

Taking the time to dig a little deeper into the history of any vehicle is crucial. Accident reports, maintenance logs, owner history, and other information can be uncovered for a small fee on almost any used car as long as you have the vehicle identification number or VIN. Having all the possible background information you can on any vehicle you’re interested in gives you the best chance of getting an awesome deal. Here are some things you’ll want to know while researching:

• Ownership history with registration information

• Any recall information

• Sales information and history

• Odometer readings

• Each vehicle’s history report

• Maintenance, service and repairs logs

• Flood, fire, or other major damages

• All accidents the car was involved in

• Inspections and title status

The vehicle history report is the greatest value to have for used car bargain hunting. It will be the most thorough and detailed account of what the vehicle has been through. Knowing the title status is another important element. A clear title may seem like the best bet, but this status only refers to having no lien against the title. 

Salvage, rebuilt, and reconstructed titles acknowledge that extensive work has been done to the vehicle. Used cars with titles in any of those three statuses either must undergo an inspection or have already been inspected to be verified as road-worthy after having all repairs completed.

Smart Money Management can Help You get a Better Deal

Before you start the research process, you should have a clear understanding of what your price range is, including any collateral you might have for a trade value or what kind of a down payment you’re able to make. Weigh the income you receive each month and reduce the expenses you’re obligated to within the month from that. Include every penny you earn or spend. 

From the remaining funds, determine how much you have to spend on a used car. Determine what your financial means are, set a price range, and stick to it. If you’re planning on financing a used car, have that process moving along before you decide on a car.

Whenever you do find something you’re interested in, make sure you know what an accurate and fair value is for that vehicle. You can use a car valuation calculator to avoid overpayment. You should also have a firm understanding of your trade’s value if you’re using your current ride for a down payment incentive.

Open-Mindedness: Explore all Your Options

Part of having a plan in place when you’re shopping for a used car is having a solid idea of what exactly you’re looking for. However, if you’re looking for the best deal rather than a specific vehicle, then being open-minded is a deal-maker.

Keeping your options open will broaden your possibilities extensively, but you should absolutely still have that solid idea of what you want or need in a used car. Make a list of what’s most important to you, other than price. Factors such as location, mileage, fuel economy, body style, year model, manufacturer, aftermarket items and so many others will carry different weight in the final decision you make.

Ask yourself things like: What are your must-have elements? Where can you compromise? What needs do you have in comparison to the wants you’d like to have? Write the answers down for your own reference as you shop. Create a checklist to evaluate each vehicle of interest.

Another way to widen your options is to look locally in addition to your online search. Go to dealerships in your area. Ask questions, take test drives, and read all the reviews you find on each place. Always remember to ask for a vehicle history report.

Final Note: The Best Deal for You

As you shop, remember this: getting the lowest price is not the same as getting the best deal. Each person looking for a great deal on a used car right now has a unique set of needs, wants, reservations, finance options, and other factors that he or she needs to consider in this process. Your best deal will likely be a little different than the next shopper. Comparing prices is a convenient and helpful tool, but don’t compare your needs and situation to other buyers as a measure of value. Keep the suggestions you’ve just read in mind, take the actions that apply to you, and shop with a strategy. You’ll have no trouble finding a great deal for your needs and means.