4 important things to know about buying a used car
Buying a used car? Here’s what you need to know
By Nthabiseng Moloi
Given the fluctuating exchange rate and unsteady economy, it’s a fortunate South African these days who can afford the asking price of a brand new car. For many of us, budget restraints mean looking a little harder for that perfect pre-owned vehicle, able to meet our needs without burning a hole into our savings.
Also read: Buying or selling your car online? Don’t get scammed!
But as with anything pre-owned, this kind of purchase comes with its own set of risks, which means it’s doubly important to perform due diligence before deciding which ride to buy.
Here are some key things to look out for before selecting your next set of wheels:
Budget
First and foremost, it’s imperative that you work out exactly what you can afford. By going in with a set budget in mind, you’ll not only quicken the process by narrowing down your scope, but you’ll also reduce the risk of making an emotionally-driven decision that could come back to haunt you later on. Remember that when it comes to budget you’ll need to factor in not only the price of the car, but also the cost of insurance and servicing post-purchase, which can be extremely expensive if the car you’re buying is outside of its service warranty period.
Car history
It’s easy to dress a car up to look good, but beyond the shiny new bumpers and appealing interiors, there might be more to the vehicle than meets the eye. Has it been in any accidents that might have damaged its inner-workings? Perhaps it’s been blacklisted or traded illicitly? These are all critical questions you need to ask before sealing the deal.
Not only is it imperative that you have a full understanding of your car’s history, but you’ll also need relevant accident reports and a full service history on hand for insurance purposes. You might need to bring a mechanic or someone with a thorough knowledge of cars along with you, who can check for common faults and issue a clean bill of health prior to purchase.
Before buying, also make sure to perform a thorough inspection yourself, checking tyres, paintwork, rubber between the doors and hinges before making an offer. If you spot any imperfections that you feel you can live with, try negotiating the price down.
Be wary of modified cars
A modified car that’s still within warranty may sound like a dream come true, but remember that any modifications to the original vehicle void the warranty. So if you are considering a car that’s been modified in any way, ask to be connected with the mechanic to ensure you have an understanding of what these mean for you going forward. Remember too, that modifications can affect your insurance premiums so make sure you’re armed with all the relevant information before you sign on the dotted line.
Insurance
So you’ve decided on a dream car – now you’ll need to make sure it’s protected in the event of theft or an accident. It’s important to remember that comparison is key when selecting an insurance option, as not all are created equal. Whereas some insurance quotes might appear cheaper, it’s important to delve deeper into the fine print to ensure you’re covered in the event of any misfortune – those few rands you save each month by picking the cheapest option might cost you dearly further down the line if you fail to do your research properly.
Remember, buying a car is a big financial step, so it’s imperative that you do homework before making the commitment. Don’t be afraid to ask questions, even if it means delaying the purchase slightly. Your patience will pay off in the long run.
Source: MiWay