Buy Like a Pro.
That time has come and you need to buy a car. "Ugh!" is the first thought for most people. Where do I start!? I know nothing about cars! This purchase should be fun and exciting and if you prepare well, it should will be a smart decision that will bring you happiness and comfort for years to come.
The StatsAuto team has bought 500+ cars over the past decade. Here 10 important tips when buying a car that have saved our wallets time and time again!
Tip #1. Determine what kind of vehicle you want and why?
Do you want a coupe for sportiness, a sedan for convenience, an SUV for your family, or a sub compact for fuel efficiency? Be true to yourself and don't act on impulse but, think long term with practicality in mind.
Tip#2. Set your price range.
This is one of the most important rule as it will keep you disciplined. Once you set that max price do not change it. "but this car is white and I want black" No! Walk away and keep looking.
Patience is a virtue and if you are a savvy car buyer you will be patient and have all your needs met within your maximum price. Assuming of course your needs are realistic and your price was set correctly.
Tip #3. Consult Autotrader, Kijiji and all of the Internet.
The Internet should be the reference guide when car shopping. Why? Because it provides you with a unbiased snapshot of the current market.
By looking at others who are selling the particular vehicle you want it, it will provide you with a realistic price point. Be aware however that the history of these cars is not disclosed so if you see something that too good to be true it most likely is !
Tip #4. Buy High, Demand Low Supply vehicles.
This tip is for seasoned buyers meaning it isn't easy to execute. However once mastered, it will provide a strong resale value for your investment. By consulting sites such as Autotrader and Kijiji you get a glimpse of inventory supplies in your area.
If there are over 100 exact year,make, and model cars for sale within 100 km of your house best be sure that the supply of these vehicles is high.
Is this a bad thing? Not always, but a savvy buyer does enough research to find the cars where there are less than 20 on the market. These vehicles are in low supply because they have something that people want. Once bought, these cars rarely get put up for sale. Therefore, the price stays strong and doesn't plummet year over year.
Tip# 5. Be aware of first year models.
This is a classic rule followed by the pros. Do not buy a car the first year it was introduced. Why? These models have the most recalls, issues, and complaints that are later fixed in progressive years.
Want proof? Consult with your friend Autotrader or Kijji and see how high the supply is for a particular model introduced in the first year and compare that number to the following years. Its most likely half or even less. Verdict- people sell the first year models more often due to the issues noted above.
Tip #6. Silence is golden.
One of the most important rules that are often broken. The time has come and you are about to test drive the car you have chosen. Remember silence is golden. From the moment you step into the car-drive it-turn it off.
Stay Silent during test drives!
Why? The car will be telling you vital signs throughout this ordeal that you need to listen too. If you are talking to the person next to you or listening to the radio you will miss these messages and may end up making the wrong purchase. Most important is to keep silent during the initial start up. From the moment the cylinders fire up you can tell if the engine is healthy or not.
Tip #7. Research The VIN.
The Vehicle Identification Number is a unique code for all vehicles. It is found throughout the vehicle on all original parts. Most commonly on the bottom right side of the windshield and on the side panel once you open up the driver side door. Run this code on VIN decoding websites to get a full list of option and information about the car. Furthermore, use this vin when buying car packages that report history such as Carproof. Also, run a quick VIN check on google - you might find website's that tried to sell a car before or a forum where that VIN was being researched.
Tip #8. Car History.
A very important rule to follow is always research the cars history. Over 30% of used cars in North America have had an accident so be sure you are not buying a car with previous structural damage, flood damage, or a stolen record.
Carproof or Carfax are great references that have gained a solid reputation for reporting Car history. A car that was in a severe accident or frame damage will be 20%+ cheaper than a clean title car. Be Aware!
Tip#9. Don't buy the first car you see.
Unless you are an experienced buyer, take a look of at least 3 of the same make and models you want to buy in order to have a reference point and make comparisons. However, sometimes this can be the same case when buying a perfume or cologne where by the more you try the harder it becomes to chose.
Tip #10. Don't be a Yes Man but, Negotiate.
This is the funnest part for the professionals. Being patient and disciplined allows the pros to walk away when the price isn't right.
Do not expect a drastic decrease but something along the lines of 5-10%. You may come across a car that is priced so well that you do want to negotiate - however, it doesn't hurt to try.
“Risk comes from not knowing what you are doing.”- Warren Buffett
