How to get a good deal on your next used car
Finding your next used car doesn’t have to be stressful! There are so many benefits to getting a used car as your next vehicle. Not only can they be much cheaper to purchase than new cars, but they also depreciate slower which can bag you a better deal! If you’re in the market for a used car, you don’t have to scroll the internet for hours anymore. Our guide below has been designed with you in mind. We give you the best recommendations for getting your next used and how to make sure you’re getting the best deal possible.
Stick to your budget
When it comes to getting a good deal on a used car, you should always stick to your budget. The prospect of getting a car can be exciting but it’s important that you don’t go over your budget. If you’re saving up to buy a car with cash or want to put down a deposit for car finance, it’s important to know how much you need to save. Once you have your goal in mind, have a look at your income and expenditure and work out how long it’ll take to save for your next used car.
Work on your credit score
The UK car finance industry has been buzzing in recent years and more people than ever are choosing to finance their next vehicle. If you want to get a good deal on a used car on finance, you could consider increasing your credit score before you start shopping around. Many car finance lenders will want to take a look at your credit history to see what type of borrower you are. Missed or late repayments can negatively impact your score and affect your chances of getting approved in the future. Lenders usually reserve their lowest car finance rates for people with good credit scores as they are seen as less of a risk.
Ok, you’ve got your budget in mind and your credit score is in a good place, what’s next? Now, it’s time to shop! If you’re buying with cash, you can buy from a private seller or car dealership. Private sellers can have the best offers available as its easier to haggle but you don’t have the added layer of protection that you get when using a car dealership. If you’re looking to get a used car on finance, you could consider dealer financing or sorting your deal through a car finance broker. A car finance broker act as the middleman between you and the lender but have numerous lenders on their panel who can get you the best deal.
Explore different makes and models
If your budget allows it, you may be able to get a good deal if you cast your net wide. Everyone has their dream car in mind but exploring similar models can help to save you money. For example, if your budget won’t stretch to a brand-new Audi A1, you could consider something cheaper and with better fuel economy such as the Volkswagen Polo or BMW 1 Series.
Keep your part exchange in good condition
If you currently have a car that you would like to part exchange, it can be a good idea to look after it. A part exchange is when you trade in your current car and use the value to offset the price of your next car. You can use this to reduce the purchase price or use as a deposit for car finance. To get the most out of your part exchange, it’s a good idea to keep your car in good condition whilst you own it and try to stay away from causing any damage to it.
Negotiate with the seller
If haggling or negotiation isn’t your strong point, you may be worried here. But you don’t need to be, and you don’t need to drive a hard bargain either. If you’re buying from a private seller or car dealership, you may have some negotiation power. It can be as simple as checking the price of the same car at other local dealers and trying to knock the price down if advertised cheaper elsewhere. Alternatively, you could negotiate the price of your part exchange and see if you can get more money for it.
Test drive to your hearts content
When it comes to getting a used car, a test drive is really important. Before you commit to purchasing your next car, we recommend test driving as many cars as you like and take them out for a good 30 minutes. It’s important that you enjoy the look and feel of the car and how it performs on different terrains. You can also give the car a closer inspection when you take it for a test drive and make sure everything g is up to standard. If you spot any faults or any issues, it’s important that you let the dealer or seller aware at the earliest convenience.