Tips for Buying Used Cars
March 2021
Buying a used car can be a very challenging and confusing time. There are so many different choices that make finding the right car overwhelming. Here at Ascension Credit Union, we want to make your used car buying experience as painless as possible. Here are four questions to have in mind when shopping for a used car.
Is the Car Affordable?
If you're taking out a loan to pay for your car, your car payment shouldn't be more than 20% of your take-home pay. If you're sticking to a tight budget, you may want to spend even less. Used cars will need a little extra attention from time to time: new tires, maintenance and the like. And then there are the other ownership costs shoppers sometimes forget to account for, such as fuel and insurance.
What is the Car’s History?
Unless you're buying the car from a close friend or family member who can vouch for its history, plan to get a vehicle history report. This early step is essential. If the car you're looking at has a bad history report, the sooner you know the better.
How is the Test Drive?
Test-driving a used car is the best way to know if this is the right car make and model for you. It's also a good way to assess this particular car's condition. Here are a few examples of things to check:
Is it easy to get in and out of the car without stooping or banging your head?
Is there enough headroom and legroom? Remember to check the space in the back seat too.
How is the visibility? Check the rearview mirror and the side mirrors. Look for potential blind spots.
Does the air conditioning blow cold? Do headlights, brake lights and turn indicators work?
During your test drive, tune out distractions and focus on the car.
How Do I Get the Best Deal?
Negotiating doesn't have to be a drawn-out, traumatic experience. If you are reasonable and have a plan, chances are you can make a deal pretty quickly and easily. Decide ahead of time how much you're willing to spend to get the car, but don't start with this number in your discussion. Make an opening offer that is lower than your maximum price, but in the ballpark based on the average of that vehicle. Explain that you've done your research, so you have facts to support your offer. If you and the seller arrive at a price that sounds good to you and is near the average price paid, you're probably in good shape.
Let Ascension Credit Union help you find the car of your dreams. Visit our financial resources section of our website for access to Autolink, an easy tool to do your own research on your used car. Call today at 225-621-2800 or visit our website at ascensioncu.org to see how we can help you get the most out of your money.
