If you live in Toronto or a large metropolitan city and are thinking of getting your hands on a used luxury automobile but don’t know where to begin, this article should help you get prepared. Read on to find out all you need to know about buying a used car from the preparation stage to the actual purchase phase.
Determine Your Budget
How much are you willing to spend on the car? As you probably already know, you can either finance the purchase from your own savings or take out a loan to pay for it. Whichever the case, it should be understood that used cars will demand a fair amount of attention from time to time. Think of the costs of replacing the tires and other maintenance needs, not forgetting insurance. These maintenance requirements are even higher if you want to buy a more luxurious car such as a Mercedes-Benz or BMW.
Build A Target List
When investing your money on a used car, you need to settle for something that will offer good value for the money. Build a target list of more than a single brand and then narrow down your choice based on various parameters such as fuel consumption, availability of spare parts, etc. Above all, always insist on certified pre-owned vehicles since these come with longer warranties that are backed by the manufacturers.
Compare Used Car Prices
Owning a car, used or otherwise, is akin to walking to the drugstore; no matter how experienced and exposed you are, you are likely to be ripped off if you do not have an idea of what the costs are. Before making your way to a used car dealership, do some homework and try to determine the average price of the car you wish to buy. Of course, the price will be invariantly determined by the location in where the car is bought, the model, year of release among other variables. But generally, CPO cars will cost you higher due to the warranty factor.
Find a Dealer
There are very many ways to locate Toronto used car dealers. Aside from the traditional method of seeking recommendations from family and friends, you could also check local directories on used car dealerships. However, what we recommend is doing a simple online search on related keywords such as used car dealerships in Toronto and proceed from there. You can also narrow down your search by incorporating long-tail keywords based on the specific features you’re looking for. A search of the phrase used BMW cars might help you filter out other car models, thus saving you time.
The next step is to organize a test-drive. This is a routine measure that ensures you spot any possible faults with the car even before buying it. As a general rule always organize the test drive during daylight hours and ensure you tame your excitement and instead focus on what could possibly be wrong with the car. Check how easy it is to get in and out of the car, how comfortable the driving position and the seats are and the rear-view as well as the side mirrors for potential blind-spots. Other things to check include how the brakes work, the condition of the tires, whether there’s anything burning as you drive and the state of the air conditioner, headlights, turn indicators and brake lights.
This is where you now ask for the vehicle’s service records. Through this, you will be able to know whether all the scheduled maintenance procedures were honoured or not. This is also the point where you would have to schedule a pre-purchase inspection by a qualified mechanic to ensure the vehicle does not have any serious hidden problems.
Lastly, negotiate a good deal and then sign all the relevant papers. Once you have arrived at a number, ensure you sign all the relevant documents stating the new ownership changes. A dealership will make this a smooth transition for you as they will handle everything. Just be sure you read the fine print and go over all the documents carefully.
Buying a used car from a dealership in Toronto or any other major city is no walk in the park. It requires due diligence on your part. At the very least, always ensure you find a reputable car dealer by checking online reviews, recommendations from friends, etc. Buying from a dealer with a bad reputation could hurt you in the long run, no matter how much you love the car.