How to Find Used cars That are Reliable and Won’t Break the Bank

Next to purchasing a house, buying a vehicle is probably the largest financial commitment you are likely to make. Because vehicles are so expensive, most people need financing. However, high-interest rates and a shaky economy could end up costing you more than you anticipated. Current trends indicate that purchasing an almost-new second-hand vehicle is your best bet if you are opting for finance, mainly because it is cheaper.

But where and how do you find used cars that are reliable, and will suit your lifestyle and your budget? Here are some tips from the experts:

·        Do your homework. The more you know about the market you are buying into, the better. Research prices online for the types of vehicles you are interested in. Many websites provide valuable insights into the vehicle market, and you can find used cars of any type and description on the web. Pay particular attention to the resale value of the vehicles, so that you can find used cars that will hold onto their value better for when you decide to resell again.

·        Apply for finance first. Most dealers of new and used cars will offer finance. These are sometimes more expensive than pre-financing because they might charge higher interest rates. Contact financial-services providers or banks first before you go out to find used cars and do some research on your best finance options. This gives you more buying power when you go looking for your ideal pre-owned vehicle.

·        Shop around. Take your time to find used cars that suit you well. Check out the prices for specific ages, add-ons, and other factors that may influence the price of the vehicle. The last thing you need is to purchase a vehicle on impulse without knowing how your deal compares with others.

·        Look at the total cost, not just monthly instalments. It is easy to get misled by the low monthly instalments but there might be a catch. Yes, you may pay a low monthly instalment, but you may also end up with a massive balloon payment to settle the rest of the debt at the end of the finance period. This usually means that you have to refinance to settle the balloon payment – possibly at a higher interest rate.

If you want to find reliable used cars at reasonable prices, give our team at Atterbury Motors a call. We have a great range of second-hand cars at very competitive prices. In addition, we can arrange finance for you.