The shortage of semiconductor chips across the globe led to the prices of new cars skyrocketing. It also led to people migrating toward the used cars market. The used cars sales created new records with sales of 40.9 million units, a 10% jump in the YoY numbers. According to an article on NASDAQ’s website, the momentum is likely to continue, at least for the first half of 2022.
The city of Orlando sees a huge influx of people moving to study and work. The average commute time of 26.2 minutes requires most of these people to buy a car. No wonder the average ownership of automobiles is around two cars per household in Orlando, which is at par with the national average.
Cars are an essential part of the city’s landscape as it helps commuters get to work or college. Due to the high cost of new cars, people opt to purchase a used car for sale in Orlando. If you are contemplating a used car, follow these ten steps to buy one.
1. Set Up a Budget
A budget to purchase a car is more than affordable monthly payments. It is the total cost of vehicle ownership, which includes insurance payments, maintenance costs, parking, registration, and fuel consumption.
Therefore, setting a budget should be more than your monthly payments. You need to figure out the total price you will incur in a year and divide that into twelve months. That should be your actual budget.
2. Know Your Car Needs
The used car market in Orlando offers various options, from sedans to SUVs and everything in between. It can be challenging to decide which one is right for you. You will have to figure out the purpose of your vehicle before you get into picking a model and making it.
3. Certified or Not
For first-time buyers of used cars, you have the option of manufacturer-certified pre-owned vehicles. It gives you the economy of a used car and the backing of the manufacturer’s warranty. Certified cars save you the trouble of having your mechanic check out the vehicle as the manufacturer would have taken care of all the wear and tear.
4. Pre-Approved Is the Way to Go
Getting a pre-approved car loan gives you an upper hand in negotiations. It tells the dealers that you are serious and already have offers. Since dealers have their financing options, you can negotiate for a better rate.
5. Compare Prices
Usually, people start looking for a car once their old car gives in. It gives you little time to compare prices from various dealerships, and you purchase the first good that comes along. Instead, taking time to compare rates can help you save up to a thousand dollars on a car purchase.
6. Find A Dealership
Once you have nailed the price, the model, and the financing, you should start looking at dealerships. You can get recommendations from friends and family or check online for used car dealers with excellent ratings. Once you find a reliable dealer, check out their inventory to ensure that they have what you need.
7. Review Vehicle History
A vehicle’s history gives you vital information about the car’s previous owners, accidents, title status, insurance write-offs, etc. If you notice too many red flags, it is best to skip that vehicle and look at another.
8. Test Drive
It would be criminal to purchase a used car without test-driving it first, whether certified or not. A trustworthy dealer should have no qualms about allowing you to test drive the vehicle, and if they do not, you should start looking for another dealer.
You should check the front and back seats’ legroom, headroom, and hip room. Also, ensure that getting in and out is comfortable. Check the rearview mirrors, the brakes, and any noises that you should not be hearing.
Once you have finalized the car, it is time to negotiate the price. Dealers will have some room for bargaining, and you should give it a shot. You may end up saving a few months’ worth of payments.
10. Complete the Paperwork
Ensure that all the paperwork is in order before you drive away. It means getting the vehicle registered in your name, completing the insurance paperwork, finalizing the monthly payments, and getting the warranty papers from the dealer.
Finding a used car for sale in Orlando is easy due to this massive market facing an unprecedented shortage of new cars. Using these ten steps, you can purchase a used car in Orlando and be sure that you got the right deal.