Video: How to buy a used car
Here are the questions to ask when buying a used car, what to look out for on your test drive and more.
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Here are the questions to ask when buying a used car, what to look out for on your test drive and more.
Imagine only having 20 minutes look at something before making a (relatively) big purchase? That’s usually the case when you buy a used car, when you often have less than a half-hour to make a financial commitment that could last for a few years. And if you decide to buy a car online, you don’t get to do a test drive at all. Watch this video before you start shopping for your next car, so that you don’t put yourself on the spot to buy.
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I think you covered most everything but I’d like to add a few comments from my last experience.
I purchased a used car (2017 model) back last January. I decided to go the CPO route through a dealer, preferably an off lease car. After looking both privately and through dealers I determined that there were many advantages to perhaps paying a bit more by buying certified pre-owned. I was able to monitor the manufacturers site for all pre-owned in a 100 KM radius. I was able to compare the price for the 2017 and 2018 CPO models and consider the impact mileage and features had on the model I wanted. With the CPO I was confident that the car was getting a full inspection and things were being addressed prior to being put up for sale. The CPO models also had remaining manufacturers warranty depending on when they went into service. For example, you can get as much as an extra year warranty by buying a 2017 that was first sold in Feb 2018 as opposed to Feb 2017. As part of the negotiating I did, was to buy the prepaid maintenance and use this initial outlay to the dealer to bargain for $1000 of the cost of an extra year full manufacturers extended warranty. With purchasing a CPO car I was also able to take advantage of the manufacturers loan offers; I got a 2 year full price loan for .99% interest. I found purchasing in the winter when they were trying to move stock advantageous. I knew, from searching the CPO inventory available for the model I wanted, that there was lots of stock. I determined that I could probably expect anywhere from 10 to 20% discount on asking price. I looked at the same model at a number of dealers. After actual visits everything else was done by email or phone. I had made an offer at the last dealer and they countered. I emailed back with a counter offer of $850 less including my rationale for my offer price, which they accepted. I made a courtesy call to the other dealer to say I was going with another car and they immediately made me an offer I couldn’t refuse. Apart from the price they fixed every minor item I pointed out (e.g nicks on the hood). When I picked up the car it was in the show run with a huge ribbon on it and looked brand new. I couldn’t be more happier with my 2017 model with 16km. It had been a former lease at that dealer and I saw all the service records and the history.
I should add, it was a lower end model of a luxury brand, but cost me a few thousand more than the VW Jetta I bought in 2012.
I hope this helps someone in their decision making.
Hi
I thought the video on How to Buy a Used Car was very good with one exception, which is if I were giving advice on how to buy a used car my advice would include advising the the buyer to take the used car to a mechanic for an inspection before purchase!
If there is something seriously wrong with the car you want to find out before not after you purchase the car. And if there are only minor things wrong you could use those things as a bargaining chip to lower the price and if there is nothing wrong revealed by the inspection –
that should make you feel pretty good.