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8 tips to consider when buying a used car
Buying a used car is an exciting process. It can help one save money on insurance, registration, taxes, and depreciation. However, it is still an expensive purchase, with buyers spending around $28,000 on used cars on average. Moreover, buying the wrong car may also add to one’s expenses with repairs and maintenance charges. To save money and avoid any pitfalls during this process, here are some used-car-buying tips that one must consider. Set a budget Buying a used car can be a large purchase. Before beginning this process, it is important to set a realistic budget. To calculate the total cost of ownership of the car, one needs to consider factors such as monthly loan repayments, cost of interest on the car loan, insurance, parking, and maintenance costs. While one may receive a lower buying rate with older models, they may come with additional repair costs or reliability issues. Be sure to contemplate these issues before making a decision. Make a list of required features When buying any car, it is important to know what one wants. Begin by making two lists of features – requirements and desires. This will help narrow down options during research. For instance, those with a family may be interested in looking for cars that can seat everyone comfortably and offer enough cargo space and safety features.
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