Four Considerations For Buying a Used Car

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With an average of 16 million new and used cars sold each year, consumers have a lot of things to consider when it comes time to buy a car. As with all major investments, many consumers want to make sure they are making the best decisions about what kind of car to buy, what financing options to choose and several other factors. Here are a few things to consider for people who are currently in the market for purchasing a car.

#1. Warranty Options

When buying a new or used car at the dealership, one decision car purchasers often have to make is deciding whether to invest in a warranty option. Used car warranty is often a good option that helps eliminate some of the risk when purchasing a used car. Some manufacturer warranties will not transfer even prior to the expiration date once the car is re-sold. Make sure to investigate into any warranty on a used car to see exactly how long and what is covered so there are no surprises later on down the road. Even if the car is no longer under its original warranty, purchasers often have the option of obtaining a factory extended warranty from the dealer, or an aftermarket warranty. Use what you know about the car and its history to help you make the decision whether to shell out money for a warranty right off the bat, or risk paying for repairs when the need arises.

#2. Deciding Between Buying a New or Used Car

For many people, the luxury of buying a brand new car is appealing. However, the financial toll of such a decision can be a lot to digest. Taking it into consideration that the majority of cars depreciate between 20% and 30% within the first two years of ownership, it is very possible to find a “like new” condition car for a fraction of the price of buying new. The depreciation savings are directly passed onto consumers who can find models between one and two years old for up to 30% of their original cost. Buying a used car is certainly the most popular option, as more than triple the amount of used cars are sold when compared to the amount of new cars sold.

#3. Deciding Between Automatic or Manual Transmission

The majority of used cars available on the market have automatic transmissions–outnumbering manual transitions at a proportion of ten to one. However, some used car consumers seek out manual transitions for their improved gas mileage. It comes down to personal preference. Many drivers prefer the ease and convenience of automatic transmissions.

#4. Buy Here Pay Here Financing Options

Car dealerships that offer buy here pay here financing options are a popular choice for people who need a new car quickly. The ease of buy here pay here financing lies in the convenience of taking care of buying the car and financing it all at one location. This helps expedite the process and get the car even with a credit score that may be denied at outside financing companies. Easy financing can help make buying a car less of a hassle for everyone involved.

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