When you are purchasing a used car or used truck instead of a brand new one, you will get ample chances to save your hard-earned money. You can also save money on your insurance rates by buying a used vehicle.. If you have never shopped for a used vehicle before hopefully the rest of this page will help you find the best fit for you..
No matter where you look you can always find a used car for sale on the internet or even just down the street. Often times you can find a car on craigslist or something similar that seems like a bargain. Normally this is due to the actual condition of the vehicle. While it might look pretty always have the used car looked at by a mechanic. This is one of the great advantages of going to a used car lot in Lincoln NE. Most used car dealerships in town have a mechanic on staff to go ever a vehicle from top to bottom to ensure there is nothing majorly wrong with it. This is a great advantage for you. While the dealer does it to offer a quality vehicle, it helps you knowing the vehicle has been looked over.
Even though the car you are looking at has been checked out. It is still a good idea to have every used car you are thinking of buying check out by a mechanic you trust. If the person selling the vehicle has an issue with this, save yourself some time and headaches and walk away from the deal even if it is a carlot.
When buying a used car, don’t just buy it cause it is pretty. Make sure that it is mechanically sound and fits your budget.
Budgeting for a car used or new is where most people go wrong. Typically they only look at what they have today and can afford today. Often, not taking insurance and maintenance into account for the budget. This is where using a buy here pay here car lot is often advantageous. It used to be in house financing was something people with bad credit used. This is no longer the case. People with good to great credit use this option more and more. Some of the advantages of the in house financing are:
Another thing that often gets overlooked is the ability to hold the value in used cars. When you buy a new car you lose money in the investment the second the tires leave the car lot an average of 11%. After the first year owning the vehicle the value has dropped by 25%. Three years after purchase it is at 46%. And 5 years after buying a new car the value has decreased by 63% on average.
So what started out as a $36,000 vehicle is now worth roughly $14,600. That is a huge loss in just 5 short years. Don’t get us wrong most used cars still lose value through it’s life. But when buying a used car the previous owner typically takes the biggest hit in value loss. After the first 5 years cars lose value at a much slower rate.
Now here is the odd thing. If you do your research and buy a quality used car. You can get into a used car that hardly loses any value on a year to year basis. An example is the 2004 Dodge Ram 1500 was selling used in 2010 for about $14,000 today the same truck sells between $14,900 on the high side, $9,900 average and $6,400 on the low side.