If you are like many people; you start to fantasize about your dream car anytime you see a garage with cars for sale. There is a certain joy that comes with owning a vehicle you bought with your hard-earned money, be it a used car or a new one. Many people have plans to buy cars sometime in the future.
However, not everyone has the budget to buy an out of the factory car. This has created a large market in Ghana and other countries for used cars which you often find in car garages.
Auctions are uncommon in our country Ghana. That doesn’t mean there is no market for used cars; You can buy a very good used car in Ghana without much stress and also get a good deal on the transaction.
Buying a well-functioning used car is more about knowing what to do and when. You also need to know what to look out for when buying a used car in Ghana.
This short guide will take you through the advantages and disadvantages of buying used cars and also give you a step-by-step process you can follow when buying your car.
Advantages of Buying a Used Car
1. Save Costs
Used cars come at far lower costs compared to their off-the-shelf counterparts that dealerships have in their showrooms. As much as the prices are considerably cheaper doesn’t mean all used cars are faulty or have problems. Car owners occasionally want a new experience and have to sell their current car to be able to buy their new preference.
Therefore you can get some used cars at great prices and at the same time, these cars are great companions giving you no special problems. The purpose of this guide is to help you achieve this ultimate buyer’s desire of getting a used car at a reasonable price, a problem-free vehicle, and a car that won’t leave you at the roadside at the peak of the morning on your way to that important meeting.
2. Lower Rate of Depreciation
As nice and attractive as showroom cars might look, they start to depreciate, and at a fast rate, immediately they are driven out of the dealership after purchase.
A day-old car is far less valuable than it was just a day earlier! That means buying a new car will leave you with a low price when you want to sell.
On the other hand, used cars come in at low prices and do not lose much value after you have bought them as used cars (problem-free of course) relatively sell at averagely the same price.
Buying a used car allows you to beat such drastic depreciation related to new cars. It allows you to be able to sell off the car when you want to without having to lose a lot of money in doing so.
3. Buy Older Models
When it comes to cars, we all have our preferences and their corresponding reasons. Some people may prefer a certain old make of a certain model. Unfortunately, certain makes get discontinued.
When this happens, the only way to buy that same car you desire is to go for a used one.
All hope isn’t lost if your dream car has been discontinued. A quick search on our car classifieds may be the only thing between you and your dream car.
4. Lower Insurance Cost
Most insurance companies determine insurance premiums based on the purchasing cost of the vehicle. The good news is that used cars are generally low-priced. This gives you a lower premium on your insurance.
This is general and may not reflect the specific policies of your insurance company. Seek professional counsel from them before making any serious decisions. This is for informational purposes only.
Disadvantages of Buying a Used Car
1. Potential Repair and Maintenance Costs
When you are buying a used car, you might end of with huge repair or constant maintenance bills. This is highly possible if you do not do your due diligence before getting into a deal. You do not want to start buying new car parts immediately after you have a car to call your own.
There are good vehicles or cars out there so do not feel like you are losing out when dealerships make their pitch to you.
Buy only what you are certain about and do not compromise as you may end up spending more than if you had gone for a new car.
2. No Warranty Attached
Most used cars do not have warranty coverage. This means all repairs and maintenance costs are on you the new owner. You need to be sure of the terms and conditions of the purchase. Few used cars come with a warranty so be sure of the car before entering the deal.
3. Possible Safety Issues
There are always possible hidden problems when it comes to used cars. And no dealer is about to tell you the horrible reasons why you must not buy their car. So having issues after purchase is always a possibility.
Take Away from Disadvantages of Buying a Used Car
There are good used cars out there. Doing proper due diligence and following our present guide will lead you in the right direction. The goal is to eliminate the possibility of buying a car with the disadvantages stated above without a shred of doubt. Look out for possible problems in the associated disadvantage column and let a professional mechanic you know personally do a thorough check on your behalf.
A good and professional mechanic would be able to know the common problems and how to spot them when it comes to used cars.
This is important because some vehicles may be salvaged from accidents with numerous problems, refurbished to look new. Then reintroduced to the market as a used car.
This isn’t to say all accident and related cars are bad to buy. But make certain that they have no safety and mechanical problems that you would have to bear.
Steps to Buying a Used Car in Ghana Like a Pro
1. Choose Your Preferred Car Brand and Model
The first step to buying a used car in Ghana is to decide the type of car, brand, and model that you would like to buy. For example, my go-to car is Toyota Rav4.
2. Determine your Budget (High and Low)
The next is to browse for the car in our car classifieds for the price, best offers, and nearby dealerships or garages. If your budget is too tight, you might want to set it before you decide on the car to buy.
3. Consider Your Options; Used or New?
While going through the cars, you may spot some new cars which fall within your budget. In this case, it would make sense to buy the new one. Unless your preference is an old model with no new cars available. However, be wary of scams and only make any form of financial commitment only when you are sure you want to buy the car.
4. Do Some Research
It helps to know what exactly the specifications of your car are. This will help you in spotting when the car has issues. It is also important to reinforce your desire to buy that very car. It will be disappointing to buy a car you consider a dream only to get home to realize it doesn’t have certain features you expected. Do your own research!
5. Find a Car; Test Drive and Inspection
Once you have your research, with some great options from our platform, proceed to call the respective dealers.
Having contact with 3 or more dealers is a great way to benchmark the experiences.
Speaking to multiple dealers and testing their cars is an excellent way to spot inconsistencies with some dealerships or garages.
6. Compare Offers, Bargain, Pay, and Paperwork
Once you have contacted the dealers, you have to decide. If the car is good, you might want to quickly bargain and pay before others jump on the deal.
However, never let any agent make you feel pressured to decide and pay. That is often a sign of a problem hence the rush you get to make financial commitments which would lock you to their deal. Do not forget the paperwork when you have finalized payments.
Visit the DVLA to change ownership so you can finally call your very self a proud car owner – bought with your hard-earned money! If you don’t have a driving license, this is the time to start applying for a driving license from the DVLA.
7. Consider Subscribing to Insurance
Having motor insurance is a legal requirement hence the police and law enforcement will occasionally ask for your insurance documents and if they are up to date. Quickly sign up for one to save yourself time, embarrassment, and having to face the law.
The secret to buying a used car is being equipped with the right tools and knowledge. You now have the knowledge and tools. Make sure to follow our guidelines when making transactions through our platform. Once you follow them, you would be cruising in your car with an air of pride and joy after your purchase. Happy shopping!