A must know guide to when buying a car

According to Standard Bank, buying a used car can be an excellent choice for those looking to save money while still acquiring a reliable mode of transportation.

However, the landscape of secondhand vehicles can be fraught with challenges and potential issues, and being well-informed is the key to navigating this market successfully.

Read more: Motorists are urged to balance their car wheels every six to eight months

Here are eight essential tips, inspired by insights from Standard Bank, to help you find the best deal on a used car.

1. Establish your budget

Before diving into the used car market, it’s crucial to set a clear financial limit. Calculate how much you can afford, factoring in not just the purchase price but also future maintenance, service costs, and insurance. Utilizing an online calculator can help you determine realistic monthly payments if you opt for vehicle finance.

2. Choosing between private sales and dealerships

When deciding where to purchase, consider both private sellers and dealerships. Private sales often offer lower prices and the chance to find premium features within your budget, while dealerships may provide added security and warranties. Do research, and choose the option that best aligns with your comfort level and financial constraints.

3. Research dealerships

If opting for a dealership, selecting a reputable one is vital. Check if they are members of recognized associations like the Retail Motor Industry of South Africa (RMI), and look for customer reviews on social media to gauge their credibility.

4. Determine the vehicle’s value

Utilize resources like TransUnion’s Car Value Report to find the trade-in and retail value of the used vehicle you’re considering. This will help you negotiate effectively and avoid overpaying for a car, especially since desirable models may sometimes command prices above their book value.

5. Understand running costs

Investigate the ongoing costs associated with different makes and models. Check odometer readings, service records, and inquire about any accident history. Use Kinsey reports to analyse the running, servicing, and repair costs specific to the car you’re interested in.

6. Verify vehicle authenticity

Regardless of whether you’re buying from a private seller or a dealership, confirm that the car is not stolen. A simple vehicle verification, using the Vehicle Identification Number (VIN), can help you ensure that the car has a clean history.

7. Conduct a thorough inspection

Before making a purchase, have a trusted mechanic perform an independent inspection to assess the vehicle’s condition and mechanical history. This can save you from unexpected repair costs down the line. You might also request a DEKRA test certificate for added assurance.

8. Master the art of negotiation

Once you’ve done your homework and feel confident about a particular vehicle, it’s time to negotiate. Be patient and prepared to share your research to justify your price offer. Remember, it’s always acceptable to walk away if you feel pressured or uncertain. When you agree on a price, ensure to finalize the deal with a written offer to purchase and, if necessary, a deposit.

By following these essential tips, you’ll position yourself to make an informed purchase and secure a used car that meets your needs and budget effectively. Happy car hunting!

Motorhappy also shared some tips on what to avoid when buying a new car.

Also read: Safe and affordable ways to travel in Johannesburg without a car

1. Not taking the car for a test drive

This is the most important way to find out if you like the car, and if anything appears wrong with it. Take a drive on the highway and on quiet suburban roads, so you can get a feel for both. Remember to sit in the back seat to see what it’s like being a passenger. If you have children or an outdoor lifestyle, you should check that your car will fit all your gear such as prams, child car seats, bikes, and more. Ask yourself if the car ticks all the boxes when it comes to comfort, safety, as well as drivability.

2. Neglecting to do your research

Make sure you do your research and see what the car’s strengths and weaknesses are. Check out all the online reviews of the make and model, not only in your country but also around the world. While a car may look good on the outside, it doesn’t mean that all is fine under the hood. Do some online research to find out about how the car performs and do some investigations into the after-sales service.

3. Choosing the first car you test drive

Don’t let the rush and excitement of that first test drive influence you. Make sure you try other cars in your price range so that you can compare. This helps give you a good sense of what else is out there. There might be something better around the corner!

4. Forgetting your budget

A car can cost more than what you pay for it; so you need to consider maintenance and insurance, as well as fuel. You may want to find a low-priced car to be able to afford the insurance, or you may choose to buy a newer car with a maintenance plan so that you don’t have to go out for repairs. Do your research, which consists of seeing if you could get the car financed (and also what your monthly expenses will be), evaluate what your fuel costs can be per month, and getting insurance quotes.

5. Getting advice from your mom/aunt/brother

Everyone has an opinion, but not everyone is a professional. Chat to someone who knows a lot about cars, or a mechanic not affiliated to the dealership, to find out any additional insights about the vehicle. Try to chat to someone who owns a similar car to the one you’re looking at. They can probably shed light on the car’s pros and cons.

6. Ignoring the car’s depreciation rate

There are a lot of online calculators where you could check your car’s depreciation rate. This can be helpful when deciding between two similarly priced cars, as you may want to choose the car with a lower rate of depreciation.

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