How to Buy A Used Car As A Gift
If you’re thinking of gifting something as grand as a car to a loved one or a friend, searching for used car deals is the best way to do it without breaking the bank.
Despite common misconceptions, there are several benefits to buying used cars aside from saving money. For example, used car deals have less depreciation than new units, which decreases by 20% in value once you roll them out of the dealership.
Vehicle depreciation is one of the unavoidable downsides of purchasing cars. But unlike brand-new cars, pre-owned vehicles depreciate slower and guarantee drivers a stable loan-to-value. Additionally, used units come with lower insurance costs and dealership fees than new ones.
With the right used car dealership, your loved one can enjoy these benefits and be able to make the most out of your gift. But admittedly, shopping for pre-owned vehicles can be difficult and overwhelming.
If you’re unsure where to start, we’re here to help. We’ll discuss five essential steps you need to follow when searching for used cars for sale.
How to Buy Used Cars
Buyers have an undeniably higher financial stake when purchasing used cars. But with the right preparation and research, you’ll be able to find a quality unit to give to your loved ones.
Set Your Budget
Before you start looking into used cars for sale in your area, you should first set your budget. This will narrow down your search and give you an idea of how much the maintenance and insurance costs will be after you gift the car.
It’s vital you find a balance between the cost of buying used cars and the cost of owning one. While buying a pre-owned unit means saving more money from its original cost, an older unit may also mean costly repairs in the long run.
Find The Right Car
Considering the cost of repairs, finding the right pre-owned unit is important. You need to evaluate the overall condition of the vehicle, from its appearance to its current mileage and maintenance.
Aside from this, you also need to consider the needs of the person you’ll be giving this to. Know about their schedule, driving habits or behavior, and how they’ll be using the car, whether for transporting goods or as a family vehicle or everyday driver.
We also recommend looking into a manufacturer-certified pre-owned (CPO) vehicle. These units are typically low-mileage, have no history of accidents and have legitimate and comprehensive service records. Unlike other used car deals, these vehicles are thoroughly inspected at the dealership.
They undergo a refurbishment process to ensure that they meet the strict specifications of their original manufacturer. Once these vehicles pass their test, they are given warranties that exceed the original coverage of their initial guarantee.
Explore Your Financing Options
Financing is another important factor you need to consider when gifting a used car for sale. You need to make sure that you’ll be able to fully pay for the unit before transferring it to a loved one.
For example, if you plan on taking on a loan, you must clear any outstanding balance. Once you’ve paid this off, you can transfer the title to your gift receiver by going to your local DMV.
You’ll also need to pay different fees, like a gift tax, and other expenses, depending on where you live. The state will typically refer to the current and fair market value of the used car when calculating the tax. Take note that these requirements can change every year, so it’s best to consult your local DMV office to go through the process effectively.
Decide Where to Buy
Now that you know the kind of used car deal you want, the next thing you want to look for is the right dealership to get the car. These dealerships offer different perks, depending on what you’re looking for.
For example, some dealerships have their own financing solutions or have connections to local financial institutions. Meanwhile, some retailers offer comprehensive service contracts to help drivers maintain their used cars' excellent condition. You’ll also want to check out their current catalog and see if they can get the model you want.
The right used car dealership for you depends on what your needs are. If you want your gift to include other add-on products like vehicle protection, gap insurance and extended warranties, you need to find a dealer who can provide them.
Give It A Test Drive
Once you’ve found the right used car dealership and unit for your needs, all that’s left for you to do is to give the car a test drive.
It’s difficult to thoroughly check the condition of a used car for sale just by visually inspecting it. You need to take it for a spin and have a feel of its engine, brakes, and overall driving feel. You’ll also need to inquire about the condition of its different safety features and make sure they are working properly.
Take it on an all-encompassing route with hills, rough pavement and curves to test the unit. Check if the used car has enough power and determine how the steering feels. We also recommend checking its mechanical condition by keeping an ear out for unusual noises or vibrations. You’ll want to simulate how the gift receiver would drive on a daily basis. Also, check if the suspension is stiff enough for better handling.
If you like driving the vehicle and it seems in excellent condition, you can then move on to negotiating the right price and purchase the car.
Buy Pristine Used Cars Under 15000 Dollars or More
Finding the right vehicle for a loved one is a fulfilling experience. And with the help of a great used car dealership, buying used cars doesn’t have to be complicated or tiresome.
If you’re still searching for the perfect gift for your loved one, VIP Automotive Group is here to extend a helping hand. We offer tools to elevate your shopping experience from a comprehensive finance center to vehicle protection services.
For more information on used cars for sale in Long Island, NY, you can visit our website here.