Sometimes you do not have a choice but to buy a new car quickly. You may get in a car accident, or the motor or transmission in your car goes out. The repair cost may not be worth the car’s value.
Before you are in a tight situation like this, it is important to try and plan ahead when choosing your next vehicle. Below are a few ideas for how to get the most out of your time-restricted buying experience.
1. Sell Your Old Car
You may believe that your car is worthless because it does not run. But before jumping to any conclusions, do some research and list it online at the very least.
Be honest and list the issues. Perhaps a mechanically-inclined person will be willing to buy it from you. If no one is interested, then move on to other methods. At the very least, try to sell it yourself as you will likely get the most value out of your vehicle.
Avoid trading your car in unless you truly need the new car immediately. Trading in your old, beat up vehicle will give you a very low return, especially if your car no longer runs. At the same time, it does not hurt to ask a few different car dealerships what you could expect in return for trading in a vehicle.
2. Scrap Your Old Car
If you have exhausted your other options, you can always scrap your car. The difficulty with this is if your car does not run or drive safely anymore, you may need to pay a tow truck to bring it to the scrap yard.
For this reason, there are convenient companies available for picking up old vehicles for free and paying you the cash on the spot to buy your old car. Most major cities have several of these services, so do a local search to find a scrapper near you. For example, if you live in Perth, check out the Perth best old car removal service.
You will need to remove the old vehicle promptly before investing in a new vehicle. Some residential areas will fine you for having an inoperable vehicle on your property. It also lowers your property value to have old vehicles sitting out and rusting away anyways.
3. Consider the Resale Value for New Vehicle
Before you rush into purchasing something from a dealership that looks attractive, do your research from multiple sources on the best vehicles in the class. Consider your budget and then look at what you can afford.
Then think about the resale value of this make and model of vehicle in the same year or older years. If you are going to invest in a car, will it pay off in a few years when it begins to have issues? Are you willing to dump money into a vehicle just because of the advertising or the popularity of the name brand?
It may make the resale easier to have a popular car. But if you have to resell it with significant problems, the price will be much lower than what you originally paid.
4. Consider the Lifetime of New Vehicle
What are the common issues with a vehicle? Even though the sedan you are looking at is only five years old, it could have significant issues such as transmission.
There are very popular cars that have major issues, but the consumers are not willing to do their research beforehand. They see the name and how many others have the same vehicle and trust it. What are the recalls and what does the warranty cover?
You should never rush into buying a vehicle, but when you do not have the luxury of time, always do a little research to stay ahead and be prepared. This simple practice can save you from stress, regret, headaches and a considerable amount in lost cash.