Buying a used car is similar to searching for treasure. You can find many used car deals in the market. However, you should limit your car purchases to those that will benefit you in the long run. One of the important factors during a used car search is the age of the vehicle. Understanding the important factors that make or break a used car deal will help you determine whether you should take the plunge to buy a used car or wait for a newer model.
Full breakdown of the elements that make or break a used car deal
- car age
Over the years of use, cars lose value due to depreciation. Your goal should be to purchase a car with a low depreciation rate so that its value does not depreciate significantly in the near future. But be sure to avoid buying a very old car because it may end up in the garage more often. Most lenders avoid financing a used car that is more than nine years old because as the years go by, so does the cost of maintenance. Therefore, it is advisable to choose a used car, but do not choose a very old one.
- Odometer reading
Mileage is a deciding factor when buying a used vehicle. The average car miles traveled per year is about 12,000. Lenders generally prefer that a used car be driven under 100,000 miles. In the event that the car you want to buy has more miles on the odometer, it is wise to do more research and look for more details. Ask if the car received regular maintenance while you drove the extra miles. However, if the car is in good condition, well maintained, and the mileage is a little above average, you should buy the used car without worry.
- Without changes
Make sure the used car you’ve reduced to buy is not modified in any way. Any modification made to the used car can compromise the performance of the vehicle. For example, if the previous owner modifies the engine and the car is stressed, it may break down sooner than expected. Modifications generally do not come with any warranty and parts cannot be replaced. So be sure to ask the right questions about modifications before you accept the car offer.
Buy a used car but with caution
Buying a used car is light on the pocket compared to a new car. Make sure you have the used car checked out by a mechanic before you make the purchase. You can also use the vehicle identification number to receive an instant report on the make, model and year of manufacture of the car. A vehicle report will also give you a true picture of the vehicle’s current condition. Based on the information, you can decide whether to buy the used car or find another one. Therefore, keep in mind the essential details before saying yes to a used car.