Do's and Don'ts of Buying a Used Car
Do's & Don'ts of Buying a Used Car in Edmond, OK
If upgrading your current ride to a quality used one is on your to-do list this year, we know just the place where you can find a variety of pre-owned models that still hold tremendous value! It's us — Joe Cooper Ford of Edmond! Our selection of used cars, trucks, SUVs and hybrids has been thoroughly inspected by our handy technicians so you can rest assured of each model's quality and longevity. But before you begin scrolling through our listings or scheduling a test drive with a member of our team, here are a few do's and don'ts of buying a used car.
The first thing you should do before you start car shopping is to sit down and write a list of your needs. For example, if you have a long work commute, fuel efficiency would be a must. Or if you have a large family, securing an SUV with a third-row seat could be helpful. Include those must-have features on your list to narrow your search and increase your chances of purchasing a model that fits your lifestyle.
Once you have a body style and desired features on your list, research how much others are selling your preferred make and model on third-party sites like Edmunds or Kelley Blue Book®. Gaining an understanding of the current market will help you in recognizing a good price when you're shopping around and negotiating once you're in our finance office.
Anchoring yourself with a sensible budget is a good idea for those who don't want to curate negative equity or be stuck in a long term for your auto loan. Our finance experts recommend only purchasing a vehicle that's less than 20% of your income. Include the monthly payment, insurance costs, taxes, dealer and registration fees, maintenance costs and more in that 20%. It's also wise to come with a large down payment to lessen your monthly payments or shorten your overall term.
Owing more than what your car is worth is called negative equity, and while you technically can still trade in your model for one of ours with negative equity, we would advise against it. What you owe on your old car will still follow you to your new loan, which can drain your wallet with either two car payments or one giant, consolidated loan. Pay off your current ride before you purchase or trade it in for another!
Now this one is easy! Let's say you found the perfect family-size, fuel-efficient SUV that you've been searching for. The last thing you want to do is rush the test drive and regret your purchase later. We want you to be happy with your pre-owned model, which is why we recommend taking your time when you're on the open road with a member of our team. We can't wait to answer any questions you may have about the model!
If you have any questions about what you need to do before buying a used car or would like to test-drive any of our quality used cars, please feel free to contact us or stop by Joe Cooper Ford of Edmond at 600 W. Memorial Rd. Oklahoma City, OK 73114. We look forward to serving our customers from Oklahoma City, Moore and Midwest City.