You finally decided that a used car is just what you need. You're confident of your decision: by buying a cheaper car that has more or less the same quality as a new one, you have spared yourself the agony of a huge initial down payment. While this may be true, all this can change if you happen to overlook some considerations during the buying process.
Whether you're an experienced or first time car buyer, it pays not to rush things. Most buying mistakes stem either from an incorrect presumption or impatience. For instance, many tend to focus on the monthly payment. You will hear offers of a measly $50 a month for more engine power. However, adding them up can amount to several hundred dollars by year end.
In buying a used car, it's important to consider the interest rates on loans. With new cars, loans typically hold a lower interest rate. According to Bankrate.com, the rate in a 36-month new-car loan was about 6.7 percent in March 2010, while for a 36-month used car loan, it was 7.1 percent.
Because the interest rate in the used-car loan appears somewhat higher, buyers assume that they will be spending so much more for interest rates in the course of the 36-month repayment scheme. However, a closer look reveals a difference of not even one percent. At most, the additional interest you pay on a used car will only amount to $7 to $15 per month.
Another concern that affects car buyers' decisions is safety. Some customers literally turn on their heels the moment they hear the used Nissan Ottawa model they are looking at does not have the latest safety feature.
The presence of a Lower Anchors and Tethers for Children (LATCH) child-seat is also a prime consideration for buyers. LATCH is a system of the Federal government to simplify the use of child restraints. This 2002 mandated law is applicable for used cars as well. That is why when looking for the brand Subaru Ottawa residents always check for the presence of LATCH child-seats.
Used cars have inherent risks, but by doing research and taking precaution, and by dispelling old misconceptions about them, they can still prove to be a worthy purchase. So if you plan to scout for a used car that is still in good quality, consider the Toyota Ottawa used car dealers have in their garage. You can learn more about used cars on carbuyingtips.com.