Recently I just bought a new used car, if that makes sense, and I thought I would share my buying experience with you and over the next few weeks I’m going to be sharing my thoughts tips and ideas to help you get the most of your buying experience.
In this article I’m going to talk about when you should consider buying a used car and after you read this article you may realize that it may be sooner than you think.
I certainly was not ready to buy when I got my new car just over a week ago from the date of publishing this article. It wasn’t until several things had been brought to my attention all in a very short period of time that pushed me to consider buying a used vehicle.
So if you fall into any of the situations that I’m about to cover than you may want to consider buying a used vehicle sooner than later.
#1 Is Your Vehicle is Getting Old
Just because your vehicle is getting old does not mean you need to trade it in and get a new one. My previous vehicle is a testament to the times and it has done well for me. In fact I’ve owned my last vehicle a 1995 Chevy Silveraldo for the last 15 years.
Age wasn’t the main reason I sold my truck but rather the fact that I knew that the older my vehicle got the more chance it would likely have some big maintenance issues. This could be anything from my transmission going out to replacing a head gasket.
So if your vehicle is getting up there in age then maybe you might want to consider getting a new vehicle.
#2 Is Your Vehicle Costing You In Repairs and Maintenance
Next you need to consider if your vehicle is going to be costing you in the near future. For example, my truck was going to need new tires, a new exhaust system, wheel bearings, and a few other things.
This alone was going to cost me nearly $2000 for these repairs. Instead of putting all of these cost into my current vehicle I felt it would be better to put this towards a newer vehicle to help pay it off.
I also felt the cost were only going to be growing at this point as well. The truck itself is 20 years old and has over 230,000 miles on it and I’ve really gotten by without having anything to bad as far as repairs goes. I know this doesn’t mean something will but I also know it’s only a matter of time before it does.
#3 Is Your MPG Low ( Miles Per Gallon)
Another area I knew my truck was declining in was my MPG. About 5 years ago my truck did roughly 15 to 16 miles per gallon. In the last year or so I’ve noticed it drop off a lot. Just before I traded it in I was getting between 12 to 14 with it.
The lower MPG was costing me at least $50 a fill up and that’s even with lower gas prices. When gas prices were hitting over $3 a gallon I was paying $80 a week or more. I also knew that if I switched to a more fuel efficient car I’d save $30 to $40 a month alone.
That’s money in the bank that I could also use to put toward this used car I needed to buy as well.
#4 Will You Need to Buy another New Car Soon
One factor I did not consider right up until the time I was actually looking for a new vehicle was the fact that I’m also going to need to replace the current family vehicle that my wife is driving to and from work.
I’ll likely need to get a new family vehicle in the next 3 to 5 years and the last thing I want to do is buy two vehicles at the same time.
Doing that would strap me financially and really put me in a pinch. So I decided to trade my truck in and get it paid off completely before I buy another one.
#5 Will You Get a Good Trade In Value
Finally, the last thing I look for is a good trade in value. I knew walking in that I had nothing to lose and that I really didn’t need to buy a used car at this very moment. To me this felt like I had the upper hand.
At first the dealer said they would only give me $500 site unseen for my truck and by the end of the negotiations they were offering me $2000 for my truck site unseen.
I knew that I couldn’t sell my truck for $2000 on my own because it had to many miles on it. So I told them I would sleep on it.
Side Note: Salesman don’t like this, they would rather sell the vehicle to you now because they know it’s only a 50/50 chance you come back to buy from them.
However I hate make big decisions like this without having some time to think it over, but in the end I did come back and buy the car.
Are You Thinking about Buying a Used Car?
So what are your thoughts, are you considering the idea of buying a used car? Have you consider any of the 5 tips I’ve shared in this article. Feel free to share your thoughts, comments, stories and ideas below.