If you're on the lookout for a used car that you can buy, you're far from alone. Amidst private-party and dealership sales, almost 40 million used vehicles are exchanged annually.
With such a variety of options, narrowing down that one car that's perfect for you can be a challenge. So we've drawn up a list of steps that will enable you to find and buy the right used car in a breeze.
What is the budget you're looking at?
The rule of thumb is if you settle on a loan to pay for your car, the amount you're shelling out shouldn't exceed 10% of your take-home pay. If you've got a shoestring budget, you may want to consider spending even less. Used cars require additional attention from time to time, including maintenance, tire replacement, and the like. And add to the mix other ownership costs shoppers sometimes forget to factor, like fuel and insurance.
If the car you intend on purchasing is out of warranty, it might be wise to maintain a "just-in-case" fund so that any unexpected repairs can be covered.
Build a wish list of used vehicles
It's no secret that prime examples of good used cars are the Honda CR-V and the Toyota RAV-4. However, they may force you to pay a few thousand more dollars than a Ford Escape or Kia Sportage, which are solid options, too. Hence, if you want to save money, take more than one brand into consideration by picking three cars that fit your needs and budget.
Look at the prices
Prices, in part, are dependent on where you're shopping. You'll discover used cars in used-car sections of new car dealerships, independent used car lots, as well as websites where cars are listed by private-party sellers. Private-party sellers offer the lowest selling price.
Locate used cars for sale in your region
If you want to begin building your wish list, head to a website that lists used cars. You may be able to filter your search by multiple factors such as price, features, and the dealer's distance from you.
View the vehicle history report
It's essential to ask for a vehicle history report at the earliest unless you're purchasing the car from an acquaintance or family member who can corroborate its history.
