Beginner’s Guide to Valuing Used Cars.
February 22, 2012 by Arthur
During your search for a used car, it is vital that you do your homework and make sure the car you want to buy isn’t over-priced given its condition and features. You have to be careful to avoid being taken for a ride, even if the car you are looking at has all the features you desire. Below are some handy hints to assist you in your quest to find the perfect used car.
1. You have to do you Homework.
Once you have some idea of the kind of car you like, do your homework on that car. The first thing you need to find out is how much it costs to buy a brand new version of that car from a dealership. You will need to determine how easy or hard it will be to find replacement parts for your chosen vehicle and whether or not that make and model is still produced. Its a good idea to visit a few different dealerships or do some research online and compare the car you want to buy against similar examples that are on the market. If the price of the car you want to buy seems to good to be true when compared to similar cars, chances are it is. The car might not be worth the time, effort and money you would have to outlay in the long term if something went wrong. If the car is substantially more expensive than the competition, ask the seller why this is the case.
2. The Value of a Car Decreases as it Ages.
New cars lose their value rapidly; a 3 year old car is 30% less valuable than it was when it was first purchased and after 5 years its value may have declined by a further 35% from the original purchase price. Having researched the price of a brand new version of your desired second hand car, you can apply these figures to help you work out the value of a second hand vehicle.
3. Check Third-Party Guides.
You can use Car Fax to get up-to-date information about the car type of car you want to buy. You can use Car Fax to find detailed descriptions and information about the used car you’re looking to buy. Accident information and insurance data is accessible through this service.
Kelly Blue Book is an incredibly thorough listing of values for used cars. They have loads and loads of used car listing which might be useful for you when comparing values.
4. Get a Mechanic to Look it Over.
Of course the value of a used car has a lot to do with is condition and how well it runs. You might love the look of the car, but if you don’t know how to inspect the mechanical aspects of it, you will probably need to take a mechanic with you to check that the car is running in an appropriate condition. There are dealers out there who will try to sell you a defective car by offering discounts or other perks. Be vigilant and, most importantly, don’t deal with shady sellers. A dealer with a solid reputation is likely to give you the best service. Friends and loved ones can be a great source of information when it comes to finding the right car dealership for you.
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