Sales of new cars have hit a record high, passing the two-million mark. However, plenty of consumers are still buying second-hand cars, with the forecast from the DesRosiers Automotive Consultants stating that 59 percent of buyers in Canada will go for a used ride by the end of this year, MoneySense reports.
Here are a few things you’ll want to know before you go ahead and buy one.
Buy within the first four years
New cars lose up to about 50 percent of their value during the first four years of ownership. If you want to save on costs, then let someone else take the depreciation hit and scout around for second-hand cars. Buy one that’s been in the market within two to four years of its release. That’s the sweet spot.
Check its condition
Before you add to the rising number of used car sales in Toronto ON, check out the vehicle’s condition. Do a thorough inspection of the car. Are there any signs of damage or wear? If the car’s paint job is new, that may conceal structural dust—in which case, the car is a dead loss. Pay attention to these signs so you won’t end up buying a lemon.
Don’t buy the cheapest one
Your buying decision may be dictated by your budget. That doesn’t mean choosing the cheapest car you can find. That’s a surefire way to end up with a bad bet. With rising counts of used car sales in Toronto ON, you’re sure to have a ton of better options. Look elsewhere.
Pick a dealer
Go to an honest car dealer. Look up its reputation. How long has it been around? Does it have a lot of happy and satisfied clients? What kind of reviews and feedback does it have? Check these things before you buy a second-hand car.
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