Many buyers prefer to buy used cars over brand new cars off the parking lot. Used cars a great option for teenagers who are learning how to drive.
Buying a used car may seem like a hassle unless you know where to look. Knowing when to buy a used or junk car is important. Certain times of the year are better to go shopping for used cars.
Aside from knowing when the right time to purchase a used car is you also need to consider a few factors when making your decision.
Things to Know Before You Buy
Used cars are always less expensive, but it’s easy to become a victim of a scam. You need to do research and know the right questions to ask about a junk car or used car.
This list will give you an idea of what questions to ask and important factors to look out for.
· Find A Reputable Buyer
Make sure you’re buying a car from a trusted source. The smartest way to buy a used car is from a used car dealership.
A quick google search of the reviews for the car lot you’re interested in, will let you know whether or not you can trust the seller.
This is especially important if you’re looking for used cars online because anyone can leave out key problems with the car.
· Go with Your Gut
If you feel an offer is too good to be true it probably is. The seller may be trying to get rid of a severely damaged junk car by any means necessary.
Super low prices are usually a red flag. Use common sense. Why would they be willing to get the car off the lot so quickly?
· Car Inspections
Before putting the money down on the car ask if it’s been inspected. Will the seller allow you to bring a mechanic to inspect the car?
In the long run, this will save you time and money. No one wants their used car to be in the repair shop a week after purchasing it.
Drive the used car over to friends and family and see how they like it. Sometimes they will be able to spot an issue with a car that you don’t see.
· Spring Time
During the spring is when most people are looking to buy a car whether it’s new or used. Purchasing during the winter months can save you money.
There aren’t as many deals available in the spring since it’s this time of year when people have tax refunds and extra money to spend.
· Look Out for Potential Rebates
Rebates are an incentive for car dealerships. Sell X amount of a certain car and the business will get bonus money.
Look into when rebates are running for the used car of your choice.
It’s All About Timing
Certain times of the year simply are not ideal for purchasing a used car. Look out for changes in the market as well.
Avoid buying a used car when the car is in high demand. High demand means there are more buyers than available cars.
This becomes problematic because prices will surely be inflated. Just be patient and wait for prices to return to normal.
If you have recent car inquiries open hold off on buying a used car. These inquiries will show on your credit report and dealers will be hesitant to approve your purchase.
Buy at the end of the month instead of the beginning. Car dealers give deals closer to the end of the month since they have to reach sales quotas. These deals are unlikely to be around at the beginning of the month.
Making a Final Decision
Upon making your final decision know that it’s completely okay to walk away from the offer. Avoid spending your money on a car that you’re not confident in.
What are your options? Looking at multiple cars, from multiple dealerships will ensure you get the most bang for your buck.
Used and junk cars can be a tricky business. Following these tips and buying at the right time will help you keep more money in the bank, and you’ll be confident that you purchased a decent running used or junk car.