It is no secret that the Global Economy is in a bad shape with growth projected to slow down from 6.1% in 2021 to 3.6% in 2022 and 2023. From the COVID-19 pandemic to the war in Ukraine, coupled with rising food and fuel prices you have to ask yourself: Is it really a good time to buy a brand new car? I know you’ve worked hard and you deserve the best bang for your buck, however, buying used cars instead of new ones can be the solution!
First of all, those eye-catching lower price tags are the main benefit. But there is a catch to everything, you can’t buy used cars carelessly. You need to ensure that your money is invested into four wheels that will relieve your headaches, not give you one. You can follow the guidelines below to ensure that you are on the right track in your checklist.
1. The Exterior
You can’t judge a book by its cover, however, assessing the exterior can discover scratches, dents, or rust. Look out for cracks on the windshield, find out if the headlights need fixing and if the rear and side-view mirrors are working. You can also look at the wheels for dents and holes in the tires.
2. Under the Hood
The engine is one of the first things that you need to look at to ensure that it is working properly. It needs to be clean with no leaking fluid or gas. Depending on your location, some countries/ cities/ provinces require used cars to pass a safety and smog test. The wiring harnesses & looms are other critical things to look out for in order to ensure that the electrical circuit in your car is intact. A damaged electrical circuit can cause accidents; I’m sure you don’t want that.
3. Vehicle History Report
There’s a lot of information in a report that can help you decide if you really want a used car. This includes mileage, accidents, and service history. Some vehicles (Honda) can accumulate large mileage figures without experiencing much wear and tear, however, others do not. Accident history is important because it is better to stay away from vehicles that have been in major wrecks and require a new engine or a lot of bodywork.
4. Age
Most new cars can lose up to 60% of their value because of depreciation. This fact can be of great use to you when asking for lower selling prices because you can use the car’s age and how the make and model lose value over time as a negotiating point.
Buying a car is quite a big deal for most people. Used cars have become quite an affordable and reliable solution. Buying a used car that is just 2-3 years old is a wise move as you can save quite a penny and still get a virtually new car. After reading this article you are now equipped with what you should look out for. Good luck with your used car journey!