If you are on the lookout for a car to replace your old one, there’s one great reason why you should consider opting for a used one. Depreciation is all too real, and it happens as soon as you drive that new car out of the lot. In fact, in just a year, your new car will already have depreciated by as much as 30%.
With a used vehicle, you don’t have to worry about the cost of depreciation because the bulk of it has already happened. Therefore, you could get an excellent deal for a used car as long as you know how to do it right. But if you are indeed thinking about buying a used vehicle and are wondering if you should buy one from a private seller or a dealership, here’s what you should know.
Key Pointers to Remember
- As already mentioned, buying used comes with a better financial deal due to depreciation, as confirmed by used car Utah providers like Young Automotive Group.
- You can get a brilliant package with a used vehicle if you go online and conduct thorough research on the car/s you are interested in. Then, find out more about the car/s by checking out reviews and test driving the car/s to know if it’s the right fit for you.
- Don’t forget to compare different car prices, and you can find out more about the market value of a vehicle by checking Kelley Blue Book and Edmunds.
- Buying from a private seller may be less costly than buying from a dealer, but it comes with a higher risk. On the other hand, Dealer-sold cars can be in better condition and are more reliable, and you could benefit from ‘lemon laws’ in many states.
- If you will be opting for financing, it helps if you are already pre-approved and pre-qualified.
Buying from a Private Party
If you are thinking of paying for your vehicle in cash, buying your car from a private party may be a good option. But you also have to think carefully about how much the person may charge for the vehicle instead of a dealership.
You could try negotiating a deal with the seller, especially if they urgently need to sell the vehicle. But if they don’t have any pressing need to sell, it may be more challenging to negotiate a lower price. It is also worth noting that even if you get a lower price for the car, you are not likely to get any warranty for the vehicle.
Buying from a Dealership
Buying a used car from a dealership comes with distinct advantages compared to buying from a private party. Firstly, you have more choices in the dealership’s lot, and you automatically have a greater chance of getting the car that suits your price range and needs.
Dealerships will also make sure to inspect the car and clean it before they sell it, following the rules set by the FTC and local and state regulations. In many cases, dealerships can also offer a warranty. If you want to negotiate the price, it pays to have a solid financial stance. You should also check the car’s value in Kelley Blue Book or Edmunds and get quotes or estimates so you have some figures you can use as leverage when necessary.
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