Tips For Saving Money When Shopping For A Used Car

Mar 24, 2022
Money Saving Tips


Owning a car gives us access to independence when it comes to travel. But not everyone can afford to purchase a brand new one. When it comes to car shopping, buying a used car is one of the best options for saving money. Used car shopping also comes with its own set of challenges. So, if you're looking to purchase a used car but don't want to spend a lot of money, then this is the article for you. When it comes to shopping for a used car, the options can be a bit overwhelming.

We know the tricks of the trade when it comes to saving money when shopping for a used car. We've put together our top tips to help you learn the best ways of saving money when shopping for a used car.

 

Skip the Popular Brands

 

One of the best ways of saving money on cars is to go for the less popular options.

Many well-known car brands come with a higher price tag simply for the name. Because these popular brands are more in demand, you can expect to pay more for them.

For example, if you're looking at purchasing an SUV like the Audi Q3 or Honda CR-V, do some research on what other brands offer something similar, for less. When looking at SUV options, Ford and Kia come in at a lot cheaper but offer the same look and feel.

 

Go For an Older Year Model

 

A great tip for saving money on a used car is to choose an older year model.

Every year, brands come out with a new model of the same cars. Most of the time, these cars offer the exact same look and feel but with more bells and whistles. If you're looking at saving money on the price tag, you don't need the model with the latest technology.

 

Choose a Base Model Car

 

A base model refers to a car with less add-on features - like leather seats or a sunroof. At the end of the day, your car's main purpose is to get you from A to B, safely. So, if you're looking to save money then you don't need to choose the model with every extra feature.

 

Consider the Overall Cost of Ownership

 

When shopping for a used car, it's important to take into consideration what the overall running costs of the car will be, not just the upfront price.

For example, the more expensive the car is upfront, the higher your insurance premiums will be. Some brands also come with higher insurance premiums. Other running costs to consider are fuel consumption, servicing, repair, and maintenance.

 

Consider Purchasing a Service Plan

 

Servicing your car every year is important to making sure your car is safe to drive but it can also cost a fair bit. So, although adding a service plan might come at an additional cost upfront, it could save you money on repairs in the long run.

 

Go For an Electric or Hybrid Car

 

The cost of fuel has been going up more and more recently. So not only is an electric or hybrid car better for the environment, but it can also save you money in the long run. In recent years, more car brands are coming out with affordable electric vehicle options.

For example, the 2016 Nissan Leaf, is an electric car that covers more than 100 miles on a fully charged battery.

 

Wait For the Next Model Year

 

A great tip for saving money when shopping for a used car is to wait for the next model year on a type of car you want. When a car brand comes out with a new model year, it can trigger dealerships to want to sell the older year cars quickly to make room for the new ones. This results in great deals on offer for car buyers.

 

Know What You Want and Do Your Research

 

When shopping for used cars it's important to know what you're looking for. And if you don't do your research beforehand it can be easy for someone to try and rip you off. Know what your deal breakers are, and what you can live without. Set yourself a budget and you should be good to go.

 

Buy Your Next Car with Rapid Auto Loans

 

If you've read our tips above and are ready to purchase a used car, then look no further than Rapid Auto Loans to help make your purchase. If you need money fast and have a car you can put up as collateral, you can apply for a car title loan with us today to help you make a down payment on your 'newsed' one.

Even if you have bad credit, all we need is the title to your car, proof of insurance and a valid driver's license. Apply for a car title loan online today and you could be buying your new car tomorrow. Contact us at 954-960-7097 to learn more about our car title loans today.

 

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Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.