With the current hike in car prices, both new and used, make sure you’re getting everything you paid for. This can be a difficult task when choosing a used car, but you can get close by asking the right questions.
1. How much work am I willing to do to get a deal?
Evaluate your schedule and willingness to research options. It’s likely you’ll either spend more time to save money, or vice versa.
2. How much can I afford?
According to Edmunds, the average price for used cars are expected to top $30,000 for the first time at some point in 2022. If you’re planning to finance your purchase, be sure you understand all the terms of the loan and you’ve done the math to accurately evaluate this expense in your budget.
3. How will I finance my purchase?
Securing financing before you head out to look at cars is an important step that empowers you to negotiate with the seller in the same way as a cash buyer. Focus on negotiating an out-the-door price instead of a specific monthly payment to avoid getting stuck in a bad deal.
4. What are common problems with this make and model?
The internet is a great place to find reviews. Check out the makes and models on your list to see if there are any recurring problems.
5. What is the valuation for this make and model?
Websites like Kelley Blue Book and NADA Guides offer a range of value for vehicles based on make, model, age, mileage and features.
6. Can you send me a video of the interior and exterior?
Most everyone has a phone with video capabilities in their pocket. A video that documents the full exterior and interior of the car is a common request these days for both dealers and private sellers.
7. Can you tell me about any recent maintenance or repairs?
Always ask the seller this question. However, you have the power to verify the information by pulling the vehicle’s history report from Carfax or Autocheck.
8. Can I take the vehicle to my mechanic before I make a final decision?
The answer should be yes. If you get any other answer, it’s time to move on.
9. Is the vehicle returnable within a certain amount of time or miles?
Some dealerships have a buyer’s remorse clause in the contract that outlines the parameters in which you can return the vehicle if you change your mind. Be sure you understand your options.
10. Did the previous owner keep up on the maintenance on the vehicle?
Your mechanic will be able to tell whether or not the previous owner has kept up on scheduled maintenance, which can be useful when planning for possible upcoming problems with the car.
11. Were quality replacement parts used?
While your mechanic is not going to examine every part, he will check those which are easy to view. The condition and quality of these replacement parts can be a good indicator for the rest of the vehicle.