Essential tips to follow when shopping for a used car

​Collaborative Post​ | If you’re going to be spending thousands, or even tens of thousands (or more) on a single asset, then doing your research is vital. This applies especially to the used car market. Buying second-hand will allow you to avoid the depreciation that comes with buying new. What’s more, it’ll provide you with many, many more options.
​
But for all of its advantages, the used market also offers some challenges. Let’s take a look at how we might contend with them.

Photo by Erik Mclean on Unsplash

Price comparison: where's the better deal?

To begin with, you’ll want a full understanding of exactly how much you’re going to be spending, and how much you’re going to be saving. This means considering not just the asking price, but also ongoing costs like fuel, tax, and maintenance. It’s also worth shopping around, and seeing what the market is like, before you leap into a given decision.

Vehicle history and transparency

When you buy second-hand, you’re investing in an asset with a history. If the car has been scraped, pranged, and otherwise neglected, then this might make it more likely to fail in the future. For this reason, it’s worth performing an MOT history check, and asking for other essential paperwork, like the V5C log book.

Warranty and post-sale support

​If you’re buying your used car from an approved dealer, then you’ll benefit from additional post-sale support. This might take the form of a warranty, complementary services, or simply the legal protections that are offered to all shoppers. If you buy directly from the previous owner, then you might be able to save money, but you won’t enjoy quite the same convenience.

Financing options and flexibility

If you lack the money to buy the vehicle outright, then you might seek to pay for it over a period of months and years. You might even elect to lease the car, instead of buying it. Car finance takes many forms, and the interest you’re charged will depend on your credit history, among other factors.

Legal protection and buyer risks

It’s worth being specific about the legal protections offered to buyers, and the potential risks you might assume by buying a used car in the wrong way.
​
In the UK, the legal protection mostly takes the form of the Consumer Rights Act 2015, which will afford you the right to ask for a refund within thirty days if the product develops a fault. The vehicle should suit the purpose for which it was supplied. If you’ve told the dealer that you’d like to tow a trailer, but the vehicle isn’t capable of doing it, then you’ll be entitled to ask for your money back.


Disclaimer: this is a collaborative post.