With the price of new vehicles hitting all-time highs, buying a used car can be a practical decision. There can be a lot of value in buying used rather than new. But before you head out shopping, it’s wise to think through what you want by setting a strategy. That way, you’ll be better prepared to get the vehicle that best serves your needs without any regrets.
The dynamics of used car shopping
Vehicle shopping can be divided into two main motivational drivers, emotions and practicality. Emotions can be strong if you really want a specific make and model. Although emotions are important when selecting a vehicle, after all you should love what you’re driving, it’s also important to think about cost and condition in mind when used car shopping.
Important considerations when used car shopping
Ready to drive or needs repairs: Do you want a vehicle that’s ready to drive without any known upcoming repairs, or something that may need some maintenance? Either one is fine, just as long as you know what you’re getting, and the price reflects the vehicle’s condition. You should expect to pay more for a vehicle passing an inspection with no identifiable repairs needed. Likewise, you should receive a discount if you buy a vehicle needing some repair work, which often proves to be a good value.
Determine what’s repairable on a vehicle: If you’re thinking of buying a fixer upper, do an inspection and make a list of what needs to be done. Then get a cost estimate to determine how much you’ll likely spend on repairs. The purchase price of the vehicle should be discounted to make repairs a sensible option. If replaceable components like alternators and starters are needed, those parts are readily available and can be obtained at reasonable costs. On the other hand, if the vehicle has been compromised structurally or has excessive corrosion, you should take a pass on buying it.
Know your own capabilities for doing car repairs: One of the biggest costs for car repair is labor. If you’re good at doing your own repairs, you can save a lot of money on automotive maintenance. High quality aftermarket automotive replacement parts for most makes and models are readily available. That significantly reduces the cost of getting a car back on the road as a reliable means of transportation. However, being honest with yourself about what you can and cannot do yourself is important. You should only take on what you believe you can confidently do yourself, either by existing knowledge or learning a new skill.
Before you begin your used vehicle shopping search
Start by making a list of what you want in terms of your personal budget, condition of vehicle and costs related to repairs if you go with the fixer upper strategy. Knowing these things and having a list will help guide you to a good decision that meets your needs while used car shopping. That way you’ll be able to make a sound decision that will serve you well with your new set of wheels.
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