Buying a used car doesn’t have to be a stressful experience. You can successfully purchase a vehicle that will last for years if you just have a good plan and ask the right questions, eliminating as many unknown variables as possible.
If you find a car that you’re interested in buying, only to discover that it isn’t actually owned by the seller, you may want to think twice about proceeding with the purchase. Buying a car with a lien can be a lengthy and complicated process.
Who knew? It seems that Millenials are showing noticeable favoritism towards used cars over new cars, and they’re especially interested in certified pre-owned vehicles.
What’s so great about a certified pre-owned car? In many ways, you get the best of both worlds with a CPO vehicle. They’re generally “like new,” but much less expensive than brand new cars. They also come with warranties.
When is a bargain car not really a bargain car? When there is no certainty that the vehicle you’re purchasing will actually be reliable and problem-free. And while no used car purchase is completely risk free, buying from a dealer is a lot safer than getting a car from a private seller.
It is very difficult getting approved for a car loan on a 10-year-old vehicle with more than 100,000 miles, especially if the buyer has bad credit. Although an older car with higher miles might seem affordable, subprime lenders perceive these vehicles as high risks for breaking down (a real issue especially for a high-performance car like a WRX STI).
According to the latest market report from Edmunds.com, used subcompact, compact and midsize cars, many of which are ideal vehicles for credit-challenged borrowers, should be even more affordable this year. With this in mind, consumers who know their credit scores and reports and have a decent down payment might want to seriously consider pulling the trigger on a “nearly new” car.