New cars lose much of their value by the time you drive them off the lot. Add in the costs of full coverage insurance, taxes and fees, and suddenly the new vehicle you just bought has cost you a lot before you even have a chance to fill your first tank. Conversely, used cars can provide cost savings and reliability, if handled correctly. When shopping for used cars, it helps to remember a few things. First, do your research. The Internet and consumer reviews can help you identify the right option for your budget and needs. Second, buy from a reputable reseller. Only buy from companies that stand behind their vehicles; the random guy on the street isn’t always a safe bet. Finally, budget for repairs.
Good planning can eliminate much of the need for a large repair budget. Use your research to locate a model that is likely to last. Several models have proven themselves over time, and there is likely to be at least one that suits your needs. Talk to friends, your repairmen, and a few sellers to get an idea of what to expect from the car you plan to buy. Before making a purchase, perform a thorough inspection of the vehicle. Even if you don’t know much about engines or transmissions, this will make it easier to spot problems in the future. Be sure to check for rust, tire damage, engine corrosion, exhaust dents, foreign stains, etc. If everything looks good, try it out and listen very carefully. Most used cars will run just fine, but be aware of any strange sounds and make a mental note to listen often for new ones.
Now for the fun part: cars eventually break down. Generally, it happens during the most inconvenient times. Chances are your heater blows out in a blizzard, a tire blows out on the highway, or your fuel pump draws its last breath on an abandoned country road. These things happen. Lucky for you, you have read this article and you are prepared. He has roadside service on speed dial and a few extra supplies, he’s seen videos on the internet about how to change a tire, and most importantly, he has a vehicle repair fund. Okay, so it’s not as fun as it initially sounded.
Depending on your skill level, you may be able to do minor repairs on your own. If he did a lot of research in the beginning, he may have come up with a model that is easy to work on. Good for you. That will save you money in the long run, since parts and labor costs will be lower. These are also good for beginners if you’re interested in learning how to do basic repairs on your own. Larger repairs will cost more, over $600 but under $1000, if you’re lucky. While this may seem like a lot of change, remember that you saved initially by buying used. One of the advantages of buying used cars is that you have a bit of financial leeway. If you can save $80 a month for repairs, you should be prepared if disaster strikes. Build this up for a year or two before you plan to buy again, and you should have enough to buy your next used car.
