Buying a used car in Ontario in easy 9 steps!
Buying a used car can be a great way to get on the road and save money. While the COVID-19 pandemic affected vehicle production worldwide, which lead to a global shortage in semiconductor chips, we now have much fewer new vehicles available on dealer lots. That means more car shoppers now are eyeing the used car market, and the used car prices are surging due to the strong demands.
Carnex Blog: 9 Important Steps for Buying A Used Car in Ontario
If you are shopping for a used car, figuring out which is the right car for you can be challenging. Especially in today’s difficult marketplace, you may need some good guidance to help you spot a good deal. That’s why we list some important steps here to help you buy a great used car in Ontario.
1. What’s your budget?
Budgeting for your investment in a car is the first thing on your plan in order to buy the right car that you dream of. Once you have a budget for the vehicle, you are also making a decision on paying the vehicle in cash or taking out an auto loan.
In Canada, many people would take on a car loan in order to afford a more expensive model while not using their savings to pay down the cost. In the option of taking an auto loan, you can also decide if you want to lease or finance the vehicle. Leasing a car for a fixed term means you need to return it back to the dealership. While finance the vehicle allows you to purchase the vehicle at the end of the finance term. A used car can be leased or financed in some dealerships in Ontario, this is especially popular when leasing used luxury cars.
2. What’s the right used car for you?
It’s important to figure out what type of vehicle is right for you’re looking for ahead of time. You should not only consider your current needs and personal preferences but also think ahead of your future plans. For example, if you get a new job that needs to travel a lot so need it to be fuel-efficient, or a growing family that will need more ample cargo space. By doing so, you can narrow down the type of vehicle you’re looking for, and work out the one that fits your budget then decide whether you want to buy out or lease your vehicle.
3. Make a list for your target used cars
Once you set your budget and know what type of vehicle you are looking for, making a target list will help do further research and make your comparison. Start with the cars that fall within your budget and meet your needs, search reviews and collect information that can guide your make your decision.
4. Locate used cars for sale in your area
To find the right used car, you can check out resources like online listings, consumer reports, public auctions, or your local newspaper’s classified section. public auctions. Some local dealerships are also where you can check out for used car inventory. You can filter your search by factors like the price, the make and model, the mileage, and the seller’s distance from you.
5. Check the vehicle history report
A vehicle history report gives you insights into the vehicle that you are purchasing, and it’s especially helpful when comes to price negotiation. If the vehicle has been in any accidents or has been repaired, the negotiation will stay in your favor. A VIN check will tell you all details about a specific car like year, model, and manufacturer. A VIN check also gives you the history of the vehicle like accident claims, any outstanding liens, and even major repairs or maintenances were done.
6. Do a test drive
A test drive is the best way to find out if the car is reliable, and it can allow you to assess the condition of the car. As you want to ensure that the vehicle you pick for your daily drive is in good condition. Check if the vehicle is smooth while traveling down the road, easy to control, quiet and comfortable. After the test drive, ask the car owner or dealer if you can see the service records. These records will show you if the car has had proper maintenances performed on time.
7. Have a pre-purchase car inspection
If you like the car, consider ordering a PPI (Pre-purchase car inspection) before you buy it. A PPI is a vehicle inspection is a thorough inspection performed by a licensed mechanic or technician. The inspection is used to evaluate the condition of the car and determine its mechanical and safety condition. The mechanic will also investigate any previous damages and repairs, and find out any existing issues or potential issues that could arise in the future. The cost is usually ranging from $100 to $200, but the cost is also depending on the level of detail with which the inspection is conducted.
8. Negotiate the price
Make sure you do your homework before the negotiation. There are some factors that will impact a vehicle’s value, such as:
- Mileage
- Age
- Mechanical Issues
- Accidents and repairs are done in the past
- Wear and Tear
- Accessories and added features
- Upgrades
- As long as you considered these factors and the vehicle history report, you should make a confident offer based on your research and budget.
9. Get the paperwork done
You will sign the contract if you are buying the used car from a dealership, remember to review the dealership sales contract thoroughly. If you are buying a car from a private seller, make sure the seller transfers the title and registration to you properly.
Then make sure you have insurance for the car before you drive it away. That’s also a great chance to explore or reassess your insurance needs and make sure you’re getting the right coverage. It’s good to shop around and see the policy price and what the premiums will cover.
Whether you are looking to buy a new vehicle or a used one, it’s easy to find a nice car at your budget online with Carnex – including luxury sedans, SUVs, EVs, hybrid models, sports cars, trucks in all makes including Audi, BMW, Mercedes, Toyota, Honda, Subaru, Jeep, RAM, Volkswagen, Nissan, Kia, Ford, Chevy and much more. Shop with Carnex – an online dealership in Ontario! Visit our website today and be sure not to overpay for your dream car.
Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at Carnex.ca, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.