The actual process to buy a used car can be exciting; however, you can also get sucked into this excitement and make some of the most common mistakes seen related to this purchase. From not being prepared to using your heart, rather than head, these mistakes are seen all-to-often on used car lots all around the nation. While most people know to check car insurance rates before making a used car purchase, there are a number of other factors to consider. In order to avoid the most common mistakes, you must first know what they are.
Making an Emotional Purchase
The purchase of a car, even a used one, is significant and requires a substantial investment. This means that your emotions related to the purchase need to take a back seat to your common sense. If you fall in love with a specific car, this will put you at the complete mercy of the all-too-savvy car salesperson, who will be able to see your longing look from all the way across the lot. It will also close your mind to other options that may actually be more of what you need in terms of a functional vehicle.
Not Negotiating the Purchase Price
It is important to negotiate on the total purchase price of the used vehicle you are considering, rather than the monthly payment. This payment can be manipulated easily, which means negotiating your monthly payments may result in you overpaying for the used vehicle. When you are discussing the payment, you need to consider if the salesperson has arrived at the payment amount you want by extending the finance period, giving you less for a trade in or convincing you that you should lease instead of buying. It is important that you focus on negotiating on the actual price of the vehicle first and then talk about the financing, and trade in value afterward.
Not knowing what Your Trade-in Vehicle is Worth
In some cases a used car salesperson will give you a great price on the vehicle you are interested in, but only because you have taken a large hit on the trade-in you have. This is why it is essential that you know the actual value of your trade-in vehicle prior to going used car shopping. There are a number of websites that will give you the price of your used vehicle, which will help you be informed prior to shopping.
When you begin shopping for a used vehicle, it is important to be informed and ready to deal. If you do not take your time, you may wind up paying more for the vehicle than you should.