Getting the Best Deal on a Used Car
Searching for a used car is a serious process. It can takes days, weeks, or even months, to find the right car at the right price. For many people it’s too stressful to handle, which results in putting it off until the wrong time.
Fortunately, buying a used car doesn’t have to be a stressful experience at all. It’s easy to get a good deal on a quality used car that will leave you satisfied and happy all around. Check out these tips on how to get a great deal on a used car, and be happy with your new ride!
Expand Your Search
A majority of people in the used car market only search locally, typically within 50 or so miles. Expanding that search to a few hundred miles means you have a much greater chance of finding a great car at a great price. The more inventory you search, the better chance you have at being successful. And since all the inventory is available for you to view online, you don’t have to drive all day just to see a used car lot’s selection.
While it may seem ambitious, even expanding your used car search nationwide might end up saving you money on your purchase. If you’re looking for a van, GMC Conversion Vans ships their vans nationwide, meaning you can buy a car from a dealership in Ohio and have it delivered to your driveway in California. Expanding your search means greater inventory, meaning you’ll likely find a better deal.
Wait Until a Holiday Weekend
Holiday weekends are a hot bed for car sales. Dealerships mark cars down dramatically on holiday weekends, meaning usually it’s the best time to buy a car. And since they know so many cars are going to be sold, they will typically replenish their inventory a few weeks before the sales. Checking out dealerships during Memorial Day weekend, President’s Day weekend, and the 4th of July weekend will surely result in finding a great deal.
One thing to consider is that most dealerships offer their holiday weekend specials starting the week before the actual holiday. That means you’ll get the same deal you would on the weekend, but there will be a ton of more inventory for you to choose from. You’ll also avoid the long waits that occur during those holiday weekends, since everybody is buying a car.
To make sure you don’t go over budget when purchasing a used car, make sure you budget before. If you’re buying from a dealership and financing your car, see if you can get pre-approved financing from an outside bank as you’ll likely get a better interest rate when compared to financing through the dealership. More than that, alternative loans like home equity loans and lines of credit can, according to the loan experts at BB&T, “be repaid over a longer term.”
Even if the dealership is offering a great rate (even better than your outside bank’s) you still likely will be getting a better deal if you use outside financing. That’s because if you go with 0% financing you’re likely giving up other incentives.