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Experts Reveal Top Tips for Buying a Pre-Owned Car for Your Family

Inflation rose to nearly 4% again last month. Rising costs on everything from homes to groceries have people looking for ways to save.

Buying a pre-owned car for family use is an easy way to save money over investing in a brand-new model.

Buyers should remember the following tips before purchasing a used car. 

Do your homework. Learn the difference between the dealer cost and the MSRP, and locate two or three vehicles by searching on the manufacturer’s website or on websites like TrueCar or Cars.com, for example.

Set a Budget by Evaluating the Total Cost of Ownership

Once you have a budget in place, figure out which used car best suits your needs. Radio show host and financial expert Dave Ramsey says that finding a good used car is all about the research. 

Devote Time To Researching Options

“In any negotiation or purchase, we tell people that the more expensive the purchase, the more time you should spend researching. So if you’re buying a pack of gum at the counter, don’t stand there 20 minutes and have a decision problem. Buy the gum,” Ramsey continues.

If you’re unable to buy a car outright, you’ll need to shop for different financing options. Buying a pre-owned car for your family may not be the most budget-friendly option if you secure a preapproved loan at a higher interest rate.

Secure a Car Loan

Decide Where To Buy From

Once you know which type of vehicle you wish to buy, you’ll need to find a seller. Visit several local dealerships offering the make and model you prefer to learn more about their options and prices.

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