Are you looking to spend a little? money on a used car? You’ve probably heard that a new car starts losing value as soon as it’s been driven off the lot. In most cases, a used car can be one much better deal than a new one. You can get most of the same value at a lower cost.

Before making the purchase, look for the following things like savvy consumers consider when buying a used car.

Try this: 5 used cars with the best gas mileage to buy in 2025

Read more: 9 things you must do to increase your wealth in 2025

Trendy now: Suze Orman’s Secret to a Rich Retirement – Have You Done This Money Move?

Do your research before going to the dealer

Being prepared is key when buying a used car. Learn more about the models you are interested in, their features and what they usually go for. Also, review the issues their users typically face and the type of maintenance they need to maintain their value.

This way you can determine if a model at a dealer is more expensive due to additional features or lower wear or if the dealer is trying to take advantage of you.

By knowing what you want in your next vehicle and what each car offers, you can avoid being swayed by shady sales tactics.

Find out: Mechanic explains why you should never buy these 6 popular car brands

Act at the right time

While the wait can be frustrating, sometimes it’s important to choose your timing carefully to save a lot of money on your next used car. Salespeople at retailers may have quotas they must meet at the end of month, quarter and yearaccording to Community First Credit Union, so picking up this time to buy your car can help you get the best deal possible.

Determine your budget

By knowing your budget and financing options (cash, loan, trade-in or a mix of these) you can negotiate effectively. Having a specific figure in mind prevents you from getting rid of a siding attractive financing deals which can cost you more over time.

If you want to save money, the best way to buy a car is with cash. While this option may not be available to everyone, especially those who don’t have the right amount of savings to do this, paying cash can save you thousands to tens of thousands in interest payments.

If you can’t afford to pay for the car with cash, you buy one older, more affordable and reliable model might be worth it. The money you can save over time can go to things that actually improve your quality of life instead of directly to your bank’s pocket.

Select the cars you want to inspect

Once you know the features you want and your budget, choose the cars you want to look at. You can usually check a retailer’s website to see their available inventory. Choose the cars that meet your criteria. If you know what you want, it’s less likely that the dealer will be able to convince you to consider something more expensive that doesn’t fit your actual needs.

When buying a used car privately, carefully check the details and pictures in the ad. Identify the areas you want to inspect in person and create a checklist of potential issues to ask about.

You may be able to check a car’s history online to determine if the seller is truthful in the listing. Find out if they don’t tell you about past accidents or other problems.

Check the car in person

When you find a used vehicle you like, check if the car meets your needs for space, comfort and other personal preferences. Look for issues like rust or cosmetic damage that could reduce the car’s value.

You will probably want to make one more detailed technical inspection before you buy. Pay particular attention to signs of wear and check functionality. You can do this yourself or hire a professional to do it for you – this can save you from expensive repairs down the road.

Negotiate the car deal remotely

Whenever possible, negotiate the terms of the deal via phone, SMS or e-mail. This way, you can avoid the pressure to make decisions in a high-stakes dealership environment. Focus on the price of the car without discussing financing options.

Get a pre-approval from your bank

A pre-approved loan can give you leverage in financing negotiations with the dealer. Use the rate your bank is offering as a baseline to see if the dealer can give you a better deal.

Negotiate your current car’s value

If you have a trade-in, check its value on multiple sources like Carvana and CarMax to get a good idea of ​​its value. Use the best offer as a bargaining chip when discussing trade-in values ​​with the dealer.

More from GOBankingRates

This article was originally published on GOBankingRates.com: 8 Ways Smart People Save Money When Buying a Used Car