There are plenty of used cars in Indianapolis from which to choose, but some people are reluctant to buy used. There are some pretty convincing reasons to consider a used vehicle when you get ready to make your next car purchase. They all have to do with saving you money.
A new car typically loses 20% of its value the moment it is driven off the lot and another 10% over the first year. On a $30,000 car, that’s a loss of $9,000 over the first 12 months. You can avoid taking that financial hit by buying a 1, 2, or 3 year old car. In some cases, if you buy a used car, drive it for a couple of years and keep it in good condition, it is possible to sell it without any significant loss in equity.
Lower Insurance Rates
Insurance rates are based on the value of the car. The older it is, the lower its value and your insurance rates. If the car is very old, you can drop collision and theft insurance to save even more.
Reducing Registration Costs
The fee a state charges for registering a car is based on purchase price. Older cars sell for less, so the registration fee will automatically be lower, too.
More Car for Your Money
While many of us would like a brand new luxury car, the price often puts them out of reach. The variety of used cars in Indianapolis means you can find a later model luxury car with all the bells and whistles you want, but for considerably less.
Used Car Warranties
Years ago, used cars were a bigger risk than today. Now, many dealerships offer limited warranties so you can buy with confidence.
How to Buy the Right Used Car
There is no shortage of used cars for sale in Indianapolis, and, for the careful shopper, that is a good thing. But how do you know if you are buying the best used car for you? There are some easy steps you can follow that will put your mind at ease when shopping the used car lots.
First, determine how much you want to spend, and, if necessary, arrange financing. By knowing what you can afford and having the financing lined up, you will save time on the negotiations at the dealership. It also gives you the chance to shop competitively before you buy and gives other options besides what the dealership might offer. Planning in advance can keep you from going over your budget, as well.
Next, you will want to select the target makes and models you are interested in that fit within your budget range. Whether you are looking for used cars for sale in Indianapolis, or trucks, or SUVs, if you don’t know what you want, you could spend hours on the lot looking at all sorts of vehicles that don’t meet your needs. Have at least three models in mind before you go shopping. The average used car accumulates about 12,000 to 15,000 miles a year. More than this should bring down the value and cost of the car.
Once you have found the vehicle you want, be sure to test drive it. Check the vehicle’s history and have a mechanic take a look at it. If you and your mechanic are satisfied, all that is left now is to make the purchase and sign the financing paperwork.