Buying a used car can be a double-edged sword. You get to save a ton of money, perhaps buying what was your dream car only a few years ago for a huge discount. However, you are also taking on a lot of risk, both when it comes to the car and the purchasing decision itself. So how can you minimize the risk? It’s all about the questions you ask.
It is important to make sure you aren’t only asking the easy questions that are going to get you the positive answers you want and encourage you to buy the car. Yes, you want the car, but you cannot let that desire control the entire process. Here are some things to ask, and remember to be objective and open when you hear the answers.
This is the kind of question that you may have to ask not only the seller of the car but the Internet as well. Car salespeople have a vested interest in you buying the car, so they may give you an answer that, although true, is skewed in a certain direction. For example, they may tell you just the highway gas mileage. Or they may even give you a very honest assessment of the fuel economy of the car, taking into consideration all of the factors, distance traveled, the type of travel, and the frequency of travel. That would be very classy of the seller. However, that is only a portion of the picture.
You have to figure out what the fuel economy is going to be for your needs. This will involve figuring out your commuting schedule and distances. You will probably need to calculate the miles you travel each year anyway for your insurance estimate, so this is a good step to take ahead of time. Do a detailed breakdown of where you’ll be traveling throughout the year. Include work, school, errands, and family road trips. Then figure out what kind of driving each trip will entail. Use this to figure out the fuel economy of the car. You may be pleasantly surprised. Some cars have such good fuel economy that you can even afford a newer or upgraded version, or a better insurance package because of the savings.
Look at the mileage of the car. Then estimate the miles you will be driving each year. Multiply that times five and add it to the current mileage on the car. You can then research different problems associated with each mileage milestone. If the car currently has 50,000 miles, and you drive about 12,000 miles a year, the car will have 110,000 miles five years from when you purchase it. Ask the salesperson what problems typically happen at 50,000 miles, 80,000 miles, 100,000 miles, and 110,000 miles. Some people trade in or sell their cars when they hit certain mileages because they know the car is going to need expensive repairs soon. If the salesperson can tell you what these are going to be, you will be able to make a more informed decision.
Likely, the salesperson will either have no idea or won’t want to tell you. Car problems aren’t exactly the best selling point. But along with the cost of insurance, this is a crucial factor to consider. Go online and check reviews. Look for mileage in the reviews. Also visit forums that focus on the car you’re thinking about. Ask questions of former owners as well as current ones. If you ask enough questions, you will get a good picture as to the types of problems you will be facing down the road.
Of all the questions you should ask before buying a used car, this is probably the most important. While asking what happens at certain mileage points is important, asking what typically fails is even more crucial. This is because the reputation of your car is going to be based on the answer. This affects the future value of the car. If you are buying a car that is known for having transmission problems, you are going to have a very hard time selling it in the future. The same goes for a car that typically experiences the failure of critical ignition or exhaust components.
However, if the car tends to have less expensive problems, you could be grabbing yourself a gem. Some cars have trouble with signal lights going out or they go through brake pads a little quicker than usual. These are not expensive repairs, and if this is what you’re going to be facing, you’re in a good position to have an enjoyable driving experience. Just as important, you are going to be able to sell or trade in the car easier when the time comes.
Some questions to ask when buying a secondhand car are quite subjective. At first, it may seem like these questions are unnecessary or could not possibly provide accurate information. However, this is not the case. If you ask about how other people have enjoyed—or suffered through—their experience with the car, you are likely to find someone who is somewhat like yourself. They may say, “As a mother, I really liked having this car,” or “As a commuting student, this car was a pain.” Because you may have things in common with these people, you can use their experiences to better imagine what yours will be like.
Questions to ask before buying a used car can get touchy sometimes. Talking about money is never easy, but remember, as the potential buyer, you control the transaction. Your decision is going to put money in the pocket of the salesperson, and if you’re buying the car on credit, you have the right to try to negotiate the interest rate. The interest rate is decided by the bank, but sometimes, by virtue of the loan structure, the dealership gets a cut. Therefore, there is often some negotiating room. This is why this is one of the best things to ask when purchasing a used car.
Here’s one way to do it. You can say, “I really like this car, but I want to get the best deal possible. The interest rate has to be right. Otherwise, I'll have to go home and think about it. What’s the best interest rate you can offer?” Car salespeople know that “go home and think about it” means you’re going to buy the car somewhere else. You can even put on your coat, hat, zip up your purse, or put your phone in your pocket as you ask the question, thus indicating that you are ready to leave. If they can’t budge on the interest rate, have them ask their manager. This is a game that salespeople like to play anyway, where the manager swoops in as the “good guy,” and your salesperson feigns disappointment as he agrees to “take a loss,” but only to “make you happy.” Since they may have planned this game anyway, there’s no harm in initiating it for them. In the end, you’re going to get a better deal.
If the dealership can't or won't meet your terms (whether it be interest rate, total purchase price, or something else), don't be afraid to really go home and think about it before purchasing. We know that FOMO is real, but taking some time before you sign on the dotted line will allow you to do more research and will probably get you an even better deal in the long run. After all, it's better to have the salesperson chasing after you than the other way around.
The most important thing is to overload yourself with knowledge. You may want to make a spreadsheet to help keep all of the information organized if that system works for you. The more answers you get to these important questions, the better off you will be.