IF YOU need advice about buying a used car, Faisal Mkhize, managing executive of Absa Vehicle and Asset Finance, said: “When looking for a used vehicle, first examine your financial and personal limits. Introspection is good for the soul and the wallet.”
What to think about
- You do not want to regret your decision so create a budget that includes the most money you can afford to spend before you start your search. This includes price and extra costs.
- Ask yourself if the car you like is worth the price? Keep in mind there will always be hidden costs after you buy the car.
The rise in interest affects your loan repayments. The drop in the rand means imported parts cost more to replace. Also, insurance premiums increase the older the car gets.
- If you have savings, a down payment can reduce the cost if you have to use financing. Can you trade in your current vehicle?
- Is the car still under warranty? This reduces maintenance and repair costs.
Out of warranty cars mean all the maintenance and repair costs need to be paid by the owner.
- Look at the condition of the car. Did the owner take care of it? Is it full of scratches, dents and replacement parts? Are there paint ripples? Are parts filled with body putty? Is the paint mismatched? These are signs of accidents, body repairs or poor maintenance.
A good seller always has the car’s service book with a full service history available.
- Take the car out for a test drive. When driving, check the vehicle’s mileage on the clock. An older car with a lower mileage is likely to be in a better condition than a newer car with high mileage.
- If you can, choose to buy from a reputable dealer who can provide you with assurance that the cars have been inspected.
- You may get a better deal from a private dealer but you have to do most of the paperwork yourself and the risks of being cheated are greater.
