A car is one of the biggest purchases most people make in their lifetimes. It’s also a vehicle you spend hours in and it needs regular maintenance to keep it running smoothly. Because of these reasons, most people decide to buy a used car instead of a new one. While this is a smart choice, there are certain myths about buying a used car that should be avoided.
A good way to save money on a car is to put down at least 20% of the purchase price. This will help you avoid paying interest and give you more financial breathing room moving forward. While you may be tempted to go for a lower down payment, this is not a good idea and will hurt your finances over time.
When it comes to the best car for the money, experts like Jerry Christopher recommend focusing on reliability first. While it may not be as fun as a sports car or a luxury European brand, a safe Honda or Toyota can be a great investment for the long term.
Before you even step foot on a dealer lot, do your research. This means looking at repair costs, safety tests, mileage and other factors to get a clear picture of what you’ll be spending on a new or used car. This way, you can set a realistic budget and avoid getting ripped off by unscrupulous salespeople. Plus, you can use the time before applying for a loan to pay off other debt or build your credit score.