9 Things All Used Car Buyers Should Know
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Car buying can be a difficult task no matter your level of experience, and trying to find the best deal can be an additionally daunting and frustrating process. New and used car buyers alike have to balance researching dealerships and private sellers, values and promos, and getting financial information prepared.
Luckily there are plenty of things you can do that can help you be more efficient and save some money in the process if you know where to look.
The auto industry continues to innovate and customers have plenty of different ways to find good prices and the car of their dreams. It just takes a little bit of time and getting creative to find the best deal.
Using local online marketplaces and posting sites are a great place to start for used car buyers, and searching manufacture websites for sales and promotions will give you up to date promotions that may not be posted on the local level.
Some may value the newest features for their next car, routine maintenance through leasing, or getting the best deal possible by going with a used car. If you’re looking to save as much money as possible, used cars are typically the best way to go, but you can weigh the pros and cons during your research process.
It’s a good general rule to take your time and not jump on the first deal you find, ask lots of questions, don’t be afraid to negotiate, and keep an open mind! Car dealerships can be notorious for additional hidden fees, sales tactics, and creating stressful environments for customers. There’s a few well known tricks to the trade that are often overlooked by customers when searching, so here are 9 things all car buyers should know before taking the next step.
Research
This is a fairly straightforward idea, but the reality is that research is the most important and initial step of your buying process. If you’re looking for additional value and want to get the most bang for your buck there is never too much research you can do. Knowing your budget, ideal vehicle style (make and model are even better!), and timeline for purchase are all essential places to start.
Dealers will update their costs on a fairly frequent basis and follow the supply and demand like any other business. It’s also a great idea to look at dealerships outside of your immediate area, since supply, demand, cost, shipping costs and more are all factors that go into a vehicle’s listing price.
OTHER CAR SHOPPING APPS ARE OUTDATED
You won’t realize how outdated other car searching apps are until you try the CoPilot car shopping app. CoPilot does the hard work for you by searching all of the listings in your area and intelligently creating a personalized list of the best buys in the area that match what you’re looking for.
Be Direct
Dealerships and sales people will try to lead you to specific cars for specific reasons, but asking honest and upfront questions about cars they’ve struggled to sell can be a great way to save money, especially for used car buyers who are generally more open to multiple makes and models. It helps to be upfront and outline what you’re looking for so the dealership can offer multiple options that make sense.
Know the Value of Your Potential New Car
This should go without saying, but knowing the current value is huge for used car buyers. CoPilot is a great way to get the up to date value based on specific zip code and help save as much as possible when negotiating. It will also give you an area average to leverage for your negotiating. Remember, the price is always negotiable!
Price Matching
Once you find the car you want it’s important to start looking for the best value. The great thing about the car industry is that most makes and models are within the same price ballpark. If you’re a used car buyer and can find similar model years, mileage, etc. it’s important to leverage a lower price from a direct or indirect competitor. You probably won’t get that exact price, but if you can show a similar vehicle with a lower price you can certainly use it to your advantage.
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Buy a “New” Used Car
Usually, buying a used car is the best bet to save money. You can even buy “used” cars that have under 10,000 miles, which for all practical purposes is as good as a new car. Some good things to look for are the end of model years, end of model lifecycle or remodel, and discontinuations.
These are a few common reasons while you’ll see recent model years as used cars up for sale at dealerships. Prioritizing a used car is a good financial and psychological way to buy a car. It puts your main focus around saving money and can ultimately increase your negotiating capability and could even lower the asking price on a new car.
Buy on a Specific Day
Did you know that buying on specific days can help lower the cost of buying? It’s similar to buying a plane ticket or getting a hotel room. Most dealerships are slower on the front end of the week and are more willing to negotiate to help get cars off the lot.
Holidays are a great but often hectic time to buy a car for flash deals and quick savings. Labor Day, Memorial Day, Fourth of July, Black Friday, President’s Day, and Winter savings events are very common across the country and typically offer the best values for both new and used car buyers.
THE BEST USED LUXURY CARS ON THE MARKET
Buying a used or CPO luxury car is one of the smartest buys you can make - you can get a lot of car for not much money. You can pick up a three-year-old luxury car for about half of what you’d pay new. Check out this list of the best used luxury cars on the market to find the best deals.
Work on Your Credit Ahead of Time
This may not be possible if you’re buying a car this week or even this month, but if you’re generally looking for savings and have a flexible purchasing window, improving your credit score can help lower the interest and the money down required. There’s a few ways you can raise your credit score and you can research a bit more here.
Pay in Cash
Another option that may not be a realistic possibility, but more likely to be possible if you are going to be buying a used car, is by paying in cash. This is a quick and easy way to lower the overall cost of your purchase since most dealerships offer some cash discounts. This helps save on the total cost without the interest of financing through the bank, dealership, or loan provider.
Know Your Trade in Value
Unless you’re a first-time car buyer or your previous vehicle was damaged beyond repair, most people will be upgrading from their current car and can use the value to bring the new vehicle price down.
It’s good to get the value of your trade in car from multiple perspectives since the dealership isn’t always the best offer you’ll get. Someone might offer more as an individual buyer, other dealers could have more trade incentives, andeven auctions could drive the price up.
You might not use all of these tactics when buying your next car, but the more you can utilize the more prepared you’ll be. As a customer and buyer the more information you can arm yourself with the more likely you are to get exactly what you want! Especially in the car industry, being creative and persistence makes for a winning combination.
Get a Curated List of the Best Used Cars Near You
The CoPilot car shopping app is the easiest way to buy a car. Tell us what you’re looking for and we’ll search the inventories of every dealership in your area to make you a personalized list of the best car listings in your area.
Only looking for newer models? CoPilot Compare is the search engine for nearly-new cars. Only see cars five years or newer with low mileage — CoPilot Compare is the best way to find off-lease, early trade-in, and CPO cars.
The best part? CoPilot is built using the same technology that dealerships use to buy and sell their inventories, so we have more info on each vehicle than competitors. CoPilot doesn’t work with dealerships, so there are no sponsored posts or other shady practices — just the most info on the best cars. Check out our About Us page to see how CoPilot works.
