The coronavirus pandemic has devastated economies worldwide not just through the implementation of lockdowns, but the curtailing of demand for products and services. The used car market has been similarly affected. As the demand for used cars goes down, prices have fallen drastically and are expected to fall even more, making it a buyer’s market. In this article, we share with you how used cars can help you save money.
Go for Older Models
Chances are, used car buyers are not looking for the latest functions and state-of-the-art technology. Functionality and durability are the two main concerns. To this end, many used car buyers go for older models that do not boast the latest style but that nevertheless get the job done.
If you do a bit of research, you will find that many older models already incorporate pretty advanced technologies, and you can get all that for a lower price. If you have always wanted to drive a luxury vehicle but cannot afford the huge price tag, going for a used older model can allow you to have your heart’s desire.
Consider Base Models
If you are someone who does not need all the additional features newer models come with, such as Bluetooth, go for a base model. These used cars do not have the “smart” or “modern” features of newer models but are more than capable of getting you from place to place.
Consider the Total Cost After Repairs and Replacements
A used car may have caught your eye because of its “too good to be believed” price tag. Often, the reason for such a low purchase price is because the car requires additional work repairing and replacing certain parts. After factoring in the cost of these services, you may even end up paying more than if you had simply purchased a functioning car going for a higher purchase price. Always do the math before purchasing a used car by getting quotes for repair work and replacements.
Put Down A Higher Lump Sum
The lump sum refers to the initial payment you put down on your used car, with the remainder to be paid in installments over a fixed period of time. If you can afford it, you may want to consider putting down a larger lump sum to save some money on interest rates.
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