August 10, 2022

With so much demand and sellers being able to charge higher prices for used cars, it is more important than ever that buyers do their research and take some basic steps to make sure they are getting a good deal. Is.

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With that in mind, we spoke to Mike Todd, CEO of Volkswagen Financial Services, about his key tips for making the most of your money when buying a second-hand car.

Compare sellers.

Prices may vary between large franchises, independent retailers, and private sellers, so it is important to consider the seller’s reputation to determine if he or she is a trusted party. Always spend time in your research.

Compare prices and check financial transactions.

Do your research and think about comparing prices before meeting a retailer or private seller. Current prices can be obtained through online retailers’ portals and other websites. Also use the online finance calculator, and once you know the rough data, you’ll be in a better position to make a good deal.

Before deciding to buy from a dealer, it is important to research its reputation.

A picture colors a thousand words.

When searching for a car online, the quality of the images, and the quantity, can tell a lot about the car and the seller without looking at the body. Very few pictures can suggest that the seller is trying to hide something.

History check

Take precautions instead of assuming a car is in top condition. Make sure to carefully review the vehicle’s history report and feel good about its overall condition. The key indicators of the top model are low mileage, complete service history, low number of previous owners and passing all HPI checks. Always check to see if the car has had an accident in the past or if the car parts have been modified.

Find wear and damage.

Don’t tell the seller that the car is not damaged or has never been repaired. Attention to detail is paramount and should be in front of the buyer’s mind when examining the hidden signs of repair. Signs can come in all shapes and sizes, from doors that are difficult to open and close, to defects or similar paintwork.

Tire test

Before you test drive, take a closer look at the tires. Asymmetrical tire movement may indicate that the tracking is not straight and needs to be corrected. You will also be able to feel it while driving as the vehicle may move left or right. Other signs of neglect or wear may include cracked, bald or dry rubber on the tires. Cheap unfamiliar brand tires may also indicate that the previous owner has reduced other areas of care.

Wearing uneven tires can be a sign of more serious mechanical problems.

Get a second opinion.

Checking the other pair of eyes before buying a car can never hurt. If you have a friend or family member who is a mechanic, you may want to consult them or consider a professional inspection. It’s always wise to pick up the bonnet and look at someone, even if you’re not sure what you’re looking at.

Road preparation

How easily the vehicle is available for inspection or testing may also be a reason for further investigation. A car that is not immediately available for inspection can cause suspicion if no explanation is given.

Extended warranty

Some used vehicles come with an extended warranty, which can help save on future repairs. If not here’s a new product just for you!

Check your credit score.

Your credit score is an estimate by a particular lender or credit reference company of how good a credit risk you are, based on its own criteria. However, a good score does not guarantee that you will be able to borrow money, as different lenders have different criteria for customer selection.

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