What to Know When Buying a Used Car: 10 Things to Know When Buying a Used Honda
When it comes to cars, buyer’s remorse is a real problem. According to AutoTrader, almost 70 percent of car shoppers regret their purchase.
Unfortunately, unlike smaller retail items that you can return and get a full refund, you cannot get a full refund. Once you drive a newly purchased used car off the lot, it’s value automatically depreciates by 30 percent.
This means if you paid $7,000 for a new vehicle, and return it the next day, chances are you’ll only get a refund of $6,000 or less. You’ll always lose money on returns -which is probably why many buyers decide to live with the car’s problems.
Buying a used car has its many benefits. But you have to be smart about your purchase. This article is meant to provide you with good tips for buying a used car. We’ll show you what to know when buying a used car. This way, you can get a good deal and enjoy your car.
Pay Attention to the Car’s Title
Whenever you need to buy a car, the title should be available. You need the title to ascertain the car’s state and ownership. This will usually include details such as the chain of ownership, year of manufacture, and make.
A title is like an ID card. It tells you if the Honda you’re about to buy truly belongs to the seller.
If the car was bought with a loan or there’s a lien on it, the title would be with the entity financing the loan -usually the bank or lender. But, if it has none of this, the title should be available with the seller or the dealership.
If they don’t have this and are promising that it’s in transit or something similar, that’s a red flag. Walk away from that deal.
You don’t want to fall into the trap of buying a stolen vehicle. If you really like the Honda and the car financing firm has the title, your best bet would be to pay them directly.
This way, they can send the title to the seller who will then give it to you. As a rule, though, make sure the title is available first.
Run a VIN Check
How can you tell that a car isn’t flooded, salvaged or been in an accident? How can you tell if the mileage on the odometer hasn’t been rolled back?
A VIN check will provide you with all these insights. The good thing is you can always obtain this from the car’s title. It’s also etched on the side of one of the doors and engine blocks.
The VIN check will show the car’s state. You’ll be able to determine its chain of ownership, its previous and present state, and if it’s been in any accidents.
Inspect the Car
Once you’re satisfied with the first two, it’s time to inspect the car. Hire a reputable mechanic to give the car a thorough inspection.
A VIN check is not enough. If the dealer or seller is reluctant about having a mechanic check out the car, you should keep looking.
A mechanic will be able to tell if the Honda vehicle has had an unreported accident, carry out an oil inspection, check for leakages and damages under the vehicle, and determine the overall state of the car.
While you can have the mechanic do a mobile assessment, where they’ll check the car on the lot, it’s better to get the car into a shop, where it can be thoroughly examined.
While you can skip this step -and many do- the truth is it will save you a lot of heartaches in the future.
You’ll Have to Negotiate to Get Better Deals
The fourth step in this what to know when buying a used car article is the need for negotiation. If you’ve already decided on the best Honda vehicle for you, it’s time to compare prices from different dealers or sellers.
Visit any classified website to check and compare prices. Look up the car price on Edmunds, Kelly Blue Book, eBay, OfferUp, LetGo, Craigslist and many more.
These websites will give you an idea of what the going rates are. This way, you’ll be able to tell how much wiggle room you’ll have when negotiating.
Every seller will offer a price, with the knowledge that it’ll be negotiated. Don’t be afraid to quote a far lower price until you reach a compromise.
See If There’ll Be a Warranty
This is usually limited to certified pre-owned Hondas. These are usually sold by dealerships and will come with warranties. The only downside is these tend to be more expensive used vehicles because they often have lower mileage and are in great shape.
Just make sure that the warranty is from the manufacturer; not some third party limited warranty. Many dealerships do this. You also want to check the “as is” sign. This basically says the dealer is selling the car in its current state, without any additional form of help or repair coverage.
So, if you buy the Honda “as is”, you’ll need to pay for the repairs and other things out of pocket.
Test Drive the Vehicle
By this, we mean test driving for an extended period. Many buyers tend to drive the car for just 10-20 minutes -enough time to drive around and back to the shop. About 20 percent of used car buyers don’t test drive their vehicles. Yet, it’s important for getting a good deal.
Pay attention to visibility, legroom, unusual sounds, smells, and your driving situation. You want to simulate your daily driving habits to ensure you’ll enjoy the Honda under those conditions.
While doing this, pay attention to critical parts and lookout for key issues. These include the state of the tires, radio, AC, compressor, cracks on windows, jacks, and other parts.
What to Know When Buying a Used Car -Is That All?
Pretty much. Of course, there are a few other tips, but these should serve as a decent checklist to work with.
Now that you have a solid idea of what to know when buying a used car, you should be able to get a great problem-free vehicle at a good price. If you’d like to buy used warranty covered Honda sedans, CR-Vs and SUVs, visit Wilde Honda Sarasota Site.