If you need a vehicle but don’t have the funds to sink into a brand-new ride, there are other options available. Simply opting for a car that is a few years old and has a few miles on it can potentially mean thousands of dollars off the purchase price. However, when you buy a used BMW 5 series, or any other make and model of car, you are also buying a car that is already broken in by a different owner. And, not every owner treats their vehicles the same or expects a fair price. Here are seven things to consider before making an offer on a used car.
1. What you need in a used car
Consider your personal needs in terms of a vehicle. Check out some of the best automobile magazines, and do some research. Is there a specific make, model, or body style you prefer? Think about how the vehicle will need to be used and which models will fit your needs the best. Also, what kind of buying budget are you working with? Do you have access to financing, or are you using personal funds? Once you understand your needs and your budget, you are better equipped to move forward in your search.
2. Fair purchase price
Kelley Blue Book (KBB) is an excellent resource for finding the fair market value for a used car. KBB offers price quotes for pretty much every automobile based on industry-standard factors that affect value, such as make/model, mileage, and condition. You can also get valuations depending on whether you are buying a car from a private seller or a car lot and trade-in values for your own vehicle.
3. The car’s history
Like a house, buying a vehicle should involve looking at a car’s history. Obtaining a CARFAX report that uses the vehicle’s VIN will tell you things like accident history, registered service history, and ownership history. This information can be exceptionally valuable as you decide on a vehicle.
For example, if the car has been in a few accidents and passed through several owners, this could indicate a mechanical issue. Likewise, a lack of registered service history for a relatively new vehicle may mean the current owner has not been vigilant about maintenance.
4. The car’s mileage
Today’s vehicles travel many more miles before being considered ready for the junkyard. However, mileage is a critical factor in determining a vehicle’s value. The lower the mileage, the better, but this is not a hard-and-fast rule. For example, if you come across a car with less than 50,000 miles, consider its age. An older car with low mileage may not have been driven or serviced, and cars can degrade as they sit idle and unused.
Also, consider the vehicle’s mileage compared to the average mileage life of cars for the same make and model. For example, say you’re researching a particular make and model in auto magazines and related websites and find that most owners start having significant issues beyond the 150,000-mile mark. A car of that make/model with that amount of miles should be a hard pass.
5. Overall exterior/interior condition
Do a visual inspection of the interior and exterior of the vehicle. Inside, examine for signs of moisture or severe wear and tear, and pay attention to odd odors or musty smells that could indicate water damage. Outside, pay attention to dents, variations in the paint, and parts that don’t appear to line up correctly. All of these could mean the car has been in a collision in the past. Don’t hesitate to ask questions if you spot something out of place.
While a used car that has been in a collision may not automatically be a bad purchase, this is information you should know as a prospective buyer. A prior crash could affect important aspects of structural soundness and operability, such as the frame or drive train and chassis.
6. The car’s service history
Ask the current owner for service history records. You will want to know that the car has received service on time for things like oil changes, tire rotations, and transmission fluid and filter changes. The best car owners will keep these records; some will even give you the name of their usual service garage or mechanic for reference.
7. Mechanical soundness
Never buy a car without taking it for a test drive. It’s also not a bad idea to have the vehicle assessed by a mechanic if you can. During the test drive, go at different speeds, shift the gears, use the brakes, and even try driving on different types of terrain. Listen for odd noises, such as clicking, squealing, or grinding.
Make sure the transmission is shifting smoothly. Watch your instrument panel for things like oil pressure, operating temperature, and engine or service warning lights. If possible, once the test drive is complete, check the fluids. For example, if you find milkiness under the oil cap, this could signify a blown head gasket.
Ready to start your search for a used car? Start exploring your options in automobile magazine subscriptions today!
