Buying a Used Car: Insurance Coverage and Repairs
Many people are attracted to used cars not just for their cheaper prices but also because of the value they bring. Cars are materials of utility, in that they are bought for their function, although many car buyers also purchase their vehicles for the prestige. But is buying a used car really worth it or is it just another over-hyped marketing ploy to encourage new buyers to spend more money than they ought to on a secondhand vehicle? Here are important considerations that will help you determine if buying that used car is indeed worth the time, effort and money:
You get all the information you need about the vehicle
When you buy a used car, you become the second, third, fourth or even fifth owner of the vehicle. Before you is at least one other user/owner/driver who used the car. Your concern here is: how well did the last owner/s take care of the car, how often and where did they use it? Did the car often carry heavy loads? Was it used primarily to drive on city roads? Did the last owner/s take good care of its interior? Did the car undergo regular checkups? Was it involved in an accident, traffic violation or even crime?
Buying a used car is only worth it if you have access to its history and if you can verify the information you obtain. If you can't, you run the risk of buying a used car that may cost more to use in the long run.
You don't have to perform expensive repairs on the car
Most used cars out of a lot are sold on an 'as is where is' basis. That is, you basically get what you see. A used car is only worth your money when and if you can purchase it without having to spend more money on repairs. Of course, you cannot expect a used car to perform as well as a brand new car but you should also aim to get your money's worth. Otherwise, the purchase is just not worth it.
If the expense for repairs on the used car is over 50% of its total cost, it may not be worth the price. Unless of course, you don't mind the extra expense.
You get sufficient insurance coverage for the vehicle
Consider yourself lucky if you can find a late model car that's still covered by the usual two- or three-year manufacturer's warranty. That should give you enough coverage, at least temporarily.
If the manufacturer's warranty has already expired, you will have to purchase an extended warranty on the vehicle to ensure its coverage. Otherwise, you could be slapped by unnecessary expense in case of a mishap or accident.
You fully understand the financial aspects of your purchase
When you buy a used car, you should have complete understanding of what you're getting into, especially if the purchase is financed. A loan, for example, means you'll have to pay for interest, which in the end means you will pay more than the asking price for the car. Carefully consider your ability to pay and whether or not the car is worth the total amount you will eventually spend.
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