For many years we only bought new cars. Over the last 4 years, we have only bought used cars and, quite honestly, I have never been happier.
For one, we have no car payments which, by the way, is a first for us. Two of the 3 cars we own were purchased with over 150,000 miles on them. You would never know by looking at them but, because they had so many miles, they were an awesome price. My MINI started out with a loan but we have had it long enough that we have paid it off.
My old self would have gone out and bought another new car after I paid it off but my new, more frugal and money conscious self, is hanging onto it for a long time, learn more in this blogpost.
So, since I am all for buying used cars, I wanted to give you guys some tips and reasons for buying used while at the same time recommend you to check out this just listed used car for sale.
Pros of buying Used Cars
- Insurance costs are usually cheaper.
- The price of a brand new small basic car can be the same price as a 3-4 year old car that is loaded with features
- If you buy with a certified pre-owned dealer, the warranty will usually be transferred if you are the 2nd owner of the car
- Used cars will maintain their value much better than new cars
Cons of buying Used Cars
- Repair costs. You do have to weigh that in but in most cases, the repairs will be far less expensive then a monthly payment, the money you loose driving a new car off the lot and the higher insurance rates.
Tips on Buying a Used Car
- Have it carefully inspected by using the VIN number – you can do this on Carfax.com. It will give you details on whether your car was involved in car accidents or had any major damage done to it.
- Do your research on the cars you are looking to buy. Some great sites are KellyBlueBook, Edmunds.com and autotrader.
- Negotiate! Low ball your offer by at least $1,000 and stick to what you believe the car is worth.
Another Option
If you are in need of a car for a short period of time or you are trying to get rid of a lease that you currently are in, you may wan to check out SwapALease. This site gives you the option to search for cars in your area and take over the existing lease or find someone to take over your lease.
How about you, any good tips for shopping for used cars? What has your experience been owning a used car.