Buying a car is always a stressful situation even when you're buying a brand new vehicle, but buying pre-owned adds a little extra uncertainty. It seems like you can never be sure if that particular car will be reliable or a lemon. The best you can do is put in as much research as possible to make sure the make and model you're purchasing is historically reliable. If you're inexperienced, you can also find experts who can help point you in the right direction, like a pre-owned car dealership with a good track record. There are a lot of benefits to buying certified pre-owned vehicle, but there are also a lot of myths out there about the process. Here are a few of the most common.
MYTH: You can't get a warranty on a used car.
One of the most prevalent myths about pre-owned cars is that you can't buy one with a warranty. The truth is that many pre-owned vehicles are still eligible for their original warranties because they haven't reached the mileage that excludes them yet. If you buy a pre-owned vehicle and it has low miles, there's still a good chance that the vehicle is still under its original manufacturer warranty. The manufacturer will have the details of what that warranty includes. Additionally, even if the original warranty has expired, many pre-owned vehicle dealerships offer their own warranties on certified pre-owned vehicles.
MYTH: Sell your old pre-owned vehicle privately to get the best deal.
You can typically only get a better deal for your old car if it's running perfectly and needs zero repairs, but how often is that the case? There are many benefits to trading in you car. For example, if your car needs repairs or upgrades, there's no way a private buyer is going to give you market value unless you make the repairs or drastically reduce the price. A dealership, on the other hand, will give you a decent price for it without requiring you to have anything fixed, and you can reduce the amount you need to finance for your next car. Additionally, the dealership will handle the title transfer and paperwork so you don't have to worry about it, saving you time and money.
MYTH: Cash is king.
Paying for a pre-owned car in cash doesn't necessarily mean that you'll get a better price for it. In fact, most dealerships are incentivized to get you to finance the vehicle because they will receive a cut of your interest rate. If you think offering cash is a good negotiating tactic, it's not. In fact, it may have the opposite affect.