Advantages of a second hand family car
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Now you may have probably considered purchasing a second hand family car (in Danish the term is familiebiler) but there are so many people telling you that it can end up costing you a lot. The problem with the majority of people who come up with advice like this is that they are not mechanics and neither do they know how the second hand car market works. People who are careful and take the time to fully understand which car they are purchasing and what problems it could potentially have, end up purchasing a cheap family car which costs around 25% to 40% less than its new counterpart. If you do the math, you could be saving up to around 4K to 10K on interest and other expenses when you go for a second hand family car.
As good as new
The category of a second hand family car you should consider is the ‘as good as new’ category which means that the car was purchased and probably used for around a year prior to the owner selling it for a newer model. Many times these types of cars have not been treated very badly and so they look, feel and drive like a new car with the only exception being that the car was previously driven. The amazing thing is that these types of cars are not difficult to come across and as a matter of fact if you do some searching around you’ll find that many second hand car dealers have these cars with them. You can also visit car dealerships that sell both new and used cars.
A bargain basement price
The good thing about these family cars is that they are cheap which means that you’ll have enough money to spend on other things such as better seats, added safety features, some entertainment features etc. However, used car dealerships need to be taken very seriously since the sales people there are experts at selling people junk at gold rates. Your job should be to first take the car for a test drive then show it to a mechanic. The next step should be to bargain until the price is around 15% less than what it was. If the dealer does not agree to the price you have in mind it is time to move on to the next dealer until you are able to find what you want at the price you want it for.
Loans for used cars
While it is possible to get used car loans (in Danish the term is leasingbil) the problem is that they are very expensive. Lenders see used cars as being labiality and so in order to compensate for their risk they raise the interest rates. However, if you are able to make a big down payment on the car you purchase you’ll probably have no problem with the interest rate, plus it will convince lenders to lower their interest rates slightly if they see that you are purchasing a car which is in good condition.
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