Buyer's remorse is a phrase people often use to describe regret after buying something. And it can be perilous when you buy a car because there are so many things that could go wrong with it once you take possession of the vehicle. So here are some mistakes to avoid if you're thinking about buying a used car at a dealership.
- Not knowing your credit score
This information is critical to determine if you can qualify for a loan and how much interest you will be charged. Your credit score is a numerical representation of your financial responsibility, and it can determine a used car's interest rate. If you have poor credit, the dealer may give you a higher APR on the loan or deny you altogether.
Your credit score can range from 300 to 850. The higher your score, the better it is for you. A good credit score will start at 670 and above.
- Ignoring the mileage of your prospective used car
The recommended number of miles a year for vehicles is 10,000. It's essential to know how many miles are on a car you are looking at buying because it could be unreliable or difficult to sell later on down the road. If you find out your potential vehicle has more than 100,000 miles on it and you don't want to spend more money on a car with high mileage, then the car may not be the right one for you.
The higher the mileage, the less you can get when reselling it. This is because newly-made cars retain much more value than used ones, and a vehicle with high mileage is usually a better buy in a private sale than from a dealer.
- Not researching the used vehicle
Check out what other people are saying about their experiences with the car you're looking at buying. You can go to a dealer or a website like the NADA Guides to look up your vehicle's value and determine if it's reasonable for what you are paying.
You should also know the car's service history to ensure it has had frequent oil changes or other necessary maintenance.
- Being too hasty
If you are looking at used cars in sacramento, don't instantly take it for a test drive. You can check out the exterior and interior of the vehicle from your perspective before going inside to sit in the driver's seat. If you have any concerns about how it looks or feels, let the dealer know so they can address them.
Take your time when looking for a used car. You should review everything about it that you can before making the purchase.
Don't make the mistake of rushing through the process and overlooking something you should have looked at. Once you drive it off the lot, you can't go back and change your decision.
Always do your research and look over all aspects of a vehicle before buying it. A little preparation can go a long way. You'll make a better purchase, and you'll walk away feeling like you came out ahead.