You can almost taste it. The freedom of your own set of wheels. Say goodbye to the days of begging friends, and family members for lifts to the shop. Be prepared to be able to go anywhere, whenever…
Continue Reading Below
As long as you have the cash for gas of course!
The best part about getting ready to invest in a used car is your not just looking at any car. You are looking to invest in a luxury brand – BMW. Oh boy, how awesome is that!
As with all brands, or really any vehicle you are looking at investing into – if it’s second-hand, there are a few things you want to make sure you keep your eyes out. These things will save you a fortune, and help you get the best experience possible for your money.
Through this article, we will go through our top five priorities that we think you should be on the lookout for. As well as some tips for BMW investments specifically.
Start With Determining Your Budget
This may seem like common knowledge. However, you can’t build a mansion without a stable foundation, right?
The first thing you want to do is figure out exactly how much you can afford to drop on your brand-new used car. And yes, this budget should have funds allocated for hidden costs as well.
Some important things to think about when determining your budget include:
How Is The Vehicle Being Paid?
If you are financing your purchase, are you going to drop down a small percentage of cash to alleviate the monthly cost? If so, how much will you be able to budget for this?
The reason why this is important is due to the fact that the more money you put down as a downpayment, the less interest you will pay in the long-run. Ultimately, saving you money.
What Are Potential Hidden Expenses
Trying to deduce all the hidden-costs of second-hand cars is close to impossible. However, there are fees that you should account for. A prime example would be are you hiring an inspector to double check that the car is in a “driveable” condition?
Do Your Research On The Model You Are Looking Into
Here is an interesting fact…
Did you know that different models of BMW can actually impact the risk of investing in the car? Mainly because each vehicle has it’s own life expectancy and unique problems that will come about thanks to wear and tear.
For example, over-time, some BMWs can develop some mechanical problems.
In order to figure out this particular set of elements, it’s a good idea to request the service manual of the vehicle. This will give you an idea of any problems the vehicle currently has, as well as recent maintenance records so you know what has been sorted out.
This is extremely important as the last thing you want to do is drop all your hard-earned cash on a car, which turns out to be a Lemon.
You Really Need To Test Drive The Vehicle
Have you ever wondered why you are in love with the latest BMW model, while your best friend thinks it’s garbage?
It’s human nature to have your own unique feel for things in life. Which is why it is so important to make sure you get to test drive the vehicle you are interested in, before putting your money where your mouth is.
Doing this will help you make sure you are comfortable with the vehicle, and how it responds. You can also bring along a car-savvy friend who can pick up on any problems by listening out for rattling sounds as you drive the car (and that’s completely free!)
No Price Is The Final Price – Negotiation Is Key
A crazy thing about investing in a used car is often 30-seconds of talking can knock off a couple of thousand dollars off the cost of your car. (depending on the conditions of course.)
Oftentimes, dealers are willing to negotiate…
At least until a point. So, don’t be scared to bargain your way down as low as you can. However, remember the old saying, “If it sounds too good to be true, it’s often because it is”. If the dealer knocks off thousands of dollars without batting an eye, that should be a huge red flag.
Validate The Ownership Of The Vehicle
The last thing you want is the cops showing up on your front-door, claiming you stole the vehicle you just dropped some hard-earned cash into, right?
To prevent this from happening to you (and trust me it happens!), it’s darn important to make sure you verify that the owner selling the vehicle, is, in fact, the legal owner.
Also, remember – buying a car is not a handshake deal. There are going to be legalities that need to be handled.
It’s important to make sure all important documentation is given over when buying the vehicle. This list includes documentation such as Title Information, Warranties, really anything related to the purchasing of the vehicle.
That’s all there is to it really. Buying a used BMW is really just like buying any other used car. The important thing is to just know what to look out for depending on the model you are looking into. Which these tips should help with. Well, good luck!