Buying a Used Car From a Dealership

It can be a bit overwhelming buying a used car. Unlike a brand new car, there’s a few extra things to consider when purchasing a new vehicle - things like car age, history, current health, different warranty options, and more. Before you head to the dealership, make sure you ask yourself the following key questions.

What is your used car budget?

Perhaps one of the most important things to consider is budget when purchasing a used vehicle. Most people are interested in used cars because of the lower cost with which they are associated. How much are you willing to spend on this purchase? You should be ready to make a 10% down payment on your used car to help with financing options. Experts suggest choosing a vehicle and financing package that does not exceed 10-15% of your monthly income maximum when buying a car. You should also try to limit your car financing package to no more than 3 years. 

What car features are important to you?

Depending on the make, model, and year, used cars can come with a wide variety of features and functions. Think about what you primarily plan to use the vehicle for - solo personal use, for a large family, or perhaps somewhere in between? The following points will help you decide on your car buying requirements:

Size: How many people will you need to fit in your car on a regular basis? Will you need to carry around a lot of items or cargo? Do you need the ability to add extra storage space on the roof, perhaps for outdoor outings? Make a list of what sizing requirements are most important to you. 

4WD vs 2WD: What conditions will you primarily be driving in? Does your area get a lot of snow and ice that would require 4WD? Think about whether 4WD is right for you, or if you’ll be fine with a typical 2WD vehicle.

Fuel Economy: Will this be your everyday commuter car? Will you encounter a lot of stop-and-go traffic, requiring a good miles per gallon rating? Are you after highway efficiency? Consider how important gas mileage is for your specific car uses. 

Safety Features: What safety features are essential for you? Do you require a backup camera, blind spot detection, or lane departure warnings? What features are you used to that you cannot live without? 

Have you compared reliability for different car models? 

There are many research companies out there that assist buyers with determining car model dependability. Of course, the individual car you select may have certain wear and tear, but it’s important to make sure the model in general is reliable. For information on different car makes and models, considering taking a look at Consumer Reports or J.D. Power to see maintenance reports and overall car reviews.

What is the total cost of ownership of a used car?

Paying for a car is more than what you put down upfront at the dealership. The total cost of ownership considers what you will pay over the entire lifespan of your vehicle. This includes things like monthly payments with interest, maintenance costs, and more. It’s important to take the total cost of ownership into account when calculating how much a car will cost you, so that you’re not surprised several years down the road. For more resources, take a look at the Five-Year Cost to Own summary provided by Kelly Blue Book or the Cost of Vehicle Ownership article on the Consumer Reports website. 

Do you plan to trade-in your current vehicle? 

Trading in the car you’re currently driving can help a lot when it comes to bringing down the total cost of your vehicle and lowering monthly payments. There are many car appraisal tools available on the internet to help you determine how much your trade-in may be worth. It’s important to be honest with yourself about the condition of your car and report any known issues. This will ensure you get an accurate quote to better help with financial planning. Check out this free trade-in value tool from Cumberland Auto to see how much your car is worth. 

Do you need car financing options?

If you’re like most car buyers, you’re probably not buying a used car outright. You’ll need a loan that you will pay back in monthly installments over time. Typically, used car loans have higher interest rates, since used vehicles are considered higher risk than new cars by lenders. However, this is not always the case. Having a good credit score will help you land a better financing package, as with any other loan. To save time, you can even apply for and get pre-approved for a loan before ever visiting the car dealership. This makes your bargaining ability more competitive once you’re looking at cars on the lot. If you want to see what your financing package might look like, check out this car loan and lease tool from Cumberland Auto. 

Buying a used car from a dealership doesn’t have to be a confusing process. Following the above guidelines will help simplify and streamline your used car search. If you’re ready to take your search to the next level, be sure to check out the current used cars for sale at Cumberland Auto.