Vital reminders for all used cars buyers
1. Never fail a to check the vehicle’s repair record
Of course, purchasing used cars is always a lot more economical than a new car, but, at the same time, more dangerous. Still, there is no reason to panic. There are always ways to reduce the chances of getting a problematic vehicle.
The first and probably most significant is checking carefully the repair records of the cars you are interested in. Thus, you will have the opportunity to confirm not only the vehicles condition, but also the owner’s diligence in tending the car’s needs.
2. Get an experienced mechanic to thoroughly check the car’s engine and systems
That is an extremely prudent move. Most “secondhand” vehicles are being sold in their present condition either by a private seller or by an agency – save the seller provides a printed warranty. What is even worse, the seller is not legally obliged to tell the whole truth about the car’s condition. In fact, every single piece of information about the car they are trying to sell could be mere fiction. So, what can we do?
Follow this simple and proven advice: always get an experienced and trustworthy mechanic to check the car’s engine and various systems. Consider a prerequisite for your purchase. If you fear another might get the car before you, leave a deposit but get a signed agreement that you will get your money back if the car fails the mechanic’s inspection. Just by taking that precaution, you reduce by 90% the risk of buying a rattletrap.
3. Make sure in advance you will get the car loan you need
We all devote hours and hours of researching all our car options, seeing photos and learning all we can about the model that caught our eye but is there a chance we forgot something? For example do we have all the money necessary to get it? And if we don’t, have we done everything need to make sure we get a car loan? That is one of the grossest and most common blunders car buyers make when purchasing a car. Not getting everything ready before finding the “chosen one” could easily turn your enthusiasm into bitter disappointment.
By getting pre-qualifying in your auto loan venture you will have the cards needed to bargain a good deal. Sellers and dealers that see you have the cash available could easily lower the price a bit.
4. By no means trade in a vehicle you have not fully paid yet
Just form this mental picture in your mind: you enjoy the services of a vehicle for which you are still paying. You suddenly choose to trade it in for a faster model, for which you also need and finally get a new loan. Sometime later, your lender calls you and complains about some missed payments. Why? Obviously, the dealership failed to pay off your loan when you traded in your previous car. And the problem is you do not owe this car any more.
Regrettably, you are still under the obligation to pay for the vehicle you no longer have in your possession and, subsequently, your credit is got dinged due to the missed payments and you run the danger of having your new vehicle taken back in case you are unable to pay back both loans.
This is actually a rather common occurrence in economies that suffer a period of recession. Car dealers that accepted took trade-ins and did this seldom were trying to harm their customers on purpose. But every time they were in dire straits and hade cash issues, paying off your notes just was not among their top priorities.
Try your best to always make sure the car you are purchasing is actually owned by the one selling it to you. In most cases you won’t have any trouble regarding ownership, but remember the old saying: fast bind, fast find!
Hence, if I had to share a takeaway tip, it would have to be this: under no circumstances trade in a vehicle you haven’t fully paid off yet. After paying all notes, then you can do it whatever you want, without any fear and anxiety.
Useful documents templates to buy or sell car in Cyprus: