Buying a second hand car is something that many of our customers would like a guarantor loan for, so we thought we’d put together this factsheet to help you get the best deal for your money.
Second hand cars can give you much more for your money than a brand new vehicle. This is because as soon as a new car is driven off the forecourt, its value decreases hugely. Cars devalue very quickly, so as someone who’s looking for a second hand one, you can use this to your advantage.
Set A Budget
When buying a big ticket item like a car, it can be easy to spend more than you originally planned. There’s a strange psychological reasoning behind spending too much money when you’re already spending a lot. Go through your current income and outgoings and work out just how much you’ll have available to spend on insurance, fuel and parking before thinking about how much you can spend on a car. The amount you’ve got free each month for upkeep costs will dictate what kind of car you can buy.
Trust The Seller
When buying something that costs so much money, it’s important to ensure you’re purchasing the car from a trustworthy seller. Buying a second hand car from a free ad or via a friend is absolutely fine as long as you’re sure the vehicle is exactly as advertised. You can check on the history of any vehicle by performing a check on it. HPI checks can be obtained from a number of companies online. It will tell you the history of the vehicle and let you know if it’s ever been written off and if it’s registered to the person you think it is.
Check The Vehicle
Always inspect a second hand car in the daylight and try to avoid anything which will make it harder to see imperfections, such as the dark or the rain. Take a friend or family member along with you to look at the car if you can, and make a list before you go of everything you need/want to check. AutoTrader has a good checklist of things to inspect, such as consistency in the paintwork and even wear on the tyres. Don’t let the seller push you into anything too soon. It’s important to get all the checks done that you need to before parting with your cash.
Ask For Extras
Those who are selling cars, whether it’s a dealership or an individual private seller, would like to see the sale go through. For this reason it’s always good to ask for as much as you can to be included in the price. For instance, if you’re paying the full amount in cash, it would not be unreasonable to ask for a full tank of fuel to be included in the price. Dealerships and garages will have the resources to replace things like brake pads etc. so if they’re looking a little worn, why not ask for new pads to be fitted before you seal the deal? You could get much more for your money this way and if you don’t ask, you don’t get.
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