According to Edmund’s most recent Used Vehicle Market Report, there were 38.3 million transactions involving used vehicles during 2015 – not surprising considering the benefits of buying a pre-owned car. Compared to purchasing a new one, the price tag is lower and you can take advantage of reduced insurance rates. Plus, a used vehicle can last for many miles, and several years, with proper care and maintenance.
However, while buying a used car makes financial sense, you can actually lose in the long run if you act on impulse in making the purchase. Whether you’re looking at private sellers or working with a dealership, it’s necessary to do your homework before taking the leap. You need to arm yourself with knowledge about the vehicle and the process, including executing the proper paperwork to transfer ownership. Here are ten factors to consider before you buy a used car.