At the core of virtually any decision to buy a used vehicle as opposed to a brand new one is the cost factor involved. I mean let’s make no bones about it – if you could afford to buy a brand new BMW or Mercedes Benz, etc, that’s exactly what you’d do right? By affordability I mean that in the true sense and not by measure of what the bank says you can afford, based on your ability to pay back the auto finance they want to give you as well as the interest, which is how they make their money. No.
The most honest of financial advisors will tell you that in order for anything to be legitimately put under the “affordable” bracket of your personal financial segmentation, you should be able to pay cash for it, or you should be able to comfortably pay it off in reasonable instalments in the case of it being a significant investment or expense. So what good is the latest model of the shiniest upper consumer class car if all it does is drain your income?
In buying a used car though, which I’ll emphasise again to be a much more financially sensible purchase than buying brand new, you have to be careful not to fall into the trap of that car causing you more harm than good. It has to be sensible in that it doesn’t fall too far down the maintenance line that it ends up costing you more than what you would have paid for the maintenance and running costs of a new car.
So for example, as good as a 1992 “Dolphin” model BMW might still look on the outside, what good does it do if virtually every single spare part has to be replaced? The likelihood is that a major part will need to be completely overhauled or replaced as well, such as the engine, the gearbox, or the entire clutch-kit…
There are some specific consideration pointers you’d be well-advised to look at if you wanted to make sure the used car you eventually settle on over a brand new model falls within that sweet spot of actually saving you money in ways that a newer model or an even older one would rather be causing money to unnecessarily flow out of your pocket.
Taking a leaf out of the books of a short term car insurer, 10 tips for buying a used car come into view and what better source to get such tips than a short term auto insurer, right? If anybody knows all about the elements that come together to make up the running value of a vehicle, it’s the likes of Dayinsure!
One of these tips is actually a combination of two tips explored in greater detail on their list, which is going for a smaller car (a smaller engine consumes less fuel) which is at least a year old. That alone knocks out many of the would-be factors which can serve to negate the otherwise positive cost-saving intentions associated with buying a used vehicle.