In 2022, over 52 million vehicles were sold across the US. Of that figure, around 39 million were used cars. This is partly due to used car prices dropping slightly in recent years, people wanting to get more for their money, and stretched budgets not allowing for the purchase of brand-new autos.
However, with the vastly used automobile market, finding the right deal and reliable vehicle can be somewhat like finding a needle in a haystack. You know it’s out there, but you just need to be looking in the right places.
Instead of trying to pinpoint the optimal used auto for you, this post will explore some red flags you need to be aware of or common issues to consider to avoid making a mistake when purchasing your next used car. When considering the purchase of a used car, particularly in the Denver area, it’s important to research reputable dealerships. For those looking to purchase second-hand vehicles in Centennial, EchoPark offers a range of options that are well-regarded for reliability and customer satisfaction.
Not Lining Up Finance
You’ve headed out to the used auto lot, perusing the range of vehicles on display, and the salesman asks you if you want to take one for a test drive. Next thing you know, you’re back from your drive and ready to sign on the dotted line. But oh no, you have not lined up your finance options, but you really want that car.
This scenario will likely end with you deciding to opt for finance through the dealer and potentially getting a poor deal. While not all finance applications made on the day will be bad. They are usually more expensive, and there might be better ones you can get if you look at your financing options prior to actually car shopping.
Your main car financing options include:
- Buying your motor outright for cash.
- Taking out a personal loan.
- Entering into an auto septic finance or leasing agreement.
Before you head out to buy our next car, try an online auto calculator to give you an idea of the type of finance agreement you can afford and what our monthly repayments might look like with different options.
Shop around to get the best deals available, then look at your options.
Not Setting A Budget
It’s crucial to set a budget for your vehicle purchase. With cars ranging from a few hundred dollars to the Rolls Royce Phantom EWB at a budget-busting $573,000, not having a budget can lead you to fall in love with a car that’s way out of your price range. A budget helps you avoid overspending and financial strain, ensuring you make a purchase that’s within your means.
Much like people tell women not to try on wedding dresses outside of their budget so as not to be disappointed, the same should apply to cars. You won’t be able to determine where this lies unless you arrange finances beforehand.
How much your budget should be can be determined by a few factors. If you’re paying cash outright from savings, look at what you feel comfortable spending to help you set your limit. If you’re getting a car on finance or a leasing arrangement, you need to go through your income and outgoings accurately to see how much you can afford to spend so you can stick within that price range. Running the numbers in the first instance can enable you to narrow down your search and give you more realistic options for what you can afford.
Not Going For A Test Drive/One Not Being Offered
A test drive is part and parcel of buying any car, new or used. When you head out to buy a used Audi, for example, the dealer should offer you the chance to take it for a test drive so you can get a feel for how it handles and how you feel driving it. Not being offered a test drive or not accepting the chance to try a new auto out on the road is a massive red flag and a huge mistake.
You should never buy any type of vehicle you have not taken for a test drive, as it can open you up to a whole load of issues. What if you don’t like the car once you’ve driven it off the lot? What if there are apparent issues with the engine you can tell instantly, but now you have no recourse because you own it? Ask for a test drive, take one when offered, and never buy a car you haven’t driven.
Buying A Car for Looks
Sure, we all want a car that looks good, but buying a car based on how good it looks alone is a major red flag on your part, not the vehicle. Why do appearances matter over performance or practicality? What if the car that looks good doesn’t do what you need it to or is subpar under the hood?
Your auto needs to be more than a purchase you parade around to make you look good. It needs to be roadworthy, functional, provide you with a way to get around in comfort, and be reliable. Do yourself a favor and look past appearances and get down to the important details. You never know, you might find a good-looking car that does everything you need it to.
Buying The First Car You Try
We’ve all been there: You find a car you like or have wanted for a while, it’s in the right price range, and you’re excited to get in the driver’s seat. But buying the first car you try can be a huge mistake. You need to take your time, assess what is out there, and try other vehicles before committing.
That’s not to say you should never go back to the first car, but always make sure you try out other cars prior to making your decision. If that decision is the first car you test-drive, then so be it. But do not head out, test-drive one motor, and instantly put your money down on it.
Not Doing A History Report
A vehicle history report is a crucial step in the buying process. It provides a comprehensive record of the car’s past, including any accidents, repairs, or title issues. While most used car dealers are honest, there might be some important details not disclosed by the previous owner or even the dealer in the hopes of making a sale. Not doing a history report can lead to buying a car with hidden issues, potentially costing you more in the long run.
A vehicle history report like Autocheck can alert you to any red flags you need to be aware of. These could include a salvage title, odometer discrepancies, or a history of severe accidents. Typically, dealers will perform this check, but private sellers won’t. However, you can always perform a check personally to make sure you have everything you need, and you are confident in your decisions.
Allowing Yourself To Be Pressured
Car sales associates are there to make a sale; you know that and they know that. Understanding the process and what to expect can enable you to avoid the additional pressure you might feel when shopping for your used auto and give you a way to remove yourself from the salutation. Using common tactics to rebuff a sales approach can help you avoid being pressured into buying something you’re not 100% sure of simply because the salesperson has talked you into it. Buyers regret can be a very real thing, and the best advice here is to listen to your gut. And you never know if you walk away and return later, you might get a better deal or a more suitable motor.