You’ve had that Hot Wheels Porsche Boxster since you were a kid. Sometimes, you zone out on Zoom meetings, rolling it around your desk, dreaming of driving a real one someday. Buying used can make your dream of driving a luxury car come true.
Before you hand over your hard-earned cash, here are 5 things you should keep in mind when you’re ready to buy a used luxury car.
1. Know Your Numbers
Whether you have been setting aside money for a vehicle purchase or you get pre-approved for an auto loan, you should know your numbers before you start shopping. As you research models and years, you’ll need to figure out how much you’ll spend per month on insurance and maintenance.
2. Double-Check the Paperwork
We’re lucky to live in a time when you can get a history report on nearly any used car. They can be useful in ensuring the vehicle has a clear title. Other information, including whether the car was in an accident or has had its engine replaced, may be included in the report.
The more paperwork you can get on the car you’re interested in, the better. Ideally, the previous owner(s) have kept everything from sales invoices to registration and emissions certificates.
3. Consider Buying from a Dealer
It may seem like you’ll get a better deal if you purchase your used luxury car from a private seller. But, in the long run, buying privately may cost you thousands more than buying from an authorized dealer.
A dealer may be more amenable to correcting problems than a private seller. Dealerships also have access to OEM and factory-approved parts and accessories for your used luxury car.
And if you need auto financing, many dealerships offer flexible options, which is helpful if you need to rebuild your credit.
4. Have a Pro Inspect It
A test drive and history report are important, but nothing takes the place of a pre-purchase inspection. Find a factory-certified technician with the knowledge and tools to scrutinize the car inside and out. For around $100, a tech can inspect every element of the automobile—including the body—for any issues. That information can save you thousands, either by haggling for a lower price or walking away from the deal.
5. Know the Power of No
No matter how excited you are to drive home in your dream car, know what your deal makers and deal breakers are and stick to them. Understanding your own bottom line allows you to negotiate from a place of confidence. If the seller is unwilling to meet your conditions be ready to thank them for their time and move on to the next seller.
Make Your Dream Car Come True
Buying used cars used to be a gamble. But with today’s technology—and knowing what you’re willing to accept—it’s easier to buy a pre-owned luxury vehicle with confidence.
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