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Many residents also plan to buy a used car this year. According to a survey conducted by the Norstat research company late last year at the initiative of Citadele Bank, nearly a fifth of the nation’s population intends to buy a new car in the next 12 months. However, buying a good used vehicle is not that easy. So what is worth knowing when planning to do this?
Usually up to 10,000. cars worth euros
According to the survey data, most of the Lithuanian population (42%) intends to spend up to 7 thousand people to buy a car. euros. A fourth target 7-10 thousand. cars worth euros. Roughly 6-10 year old cars cost roughly the same amount last year. Acquisitions of such vehicles last year accounted for about 15 percent. all entered into car purchase agreements. 60 percent. the cars purchased were more than 10 years old.
“Lithuanians still prefer used cars 10-15 years old or slightly newer, mostly imported from Western Europe. However, the proportion of the population choosing newer and more expensive cars is also increasing.
The survey data commissioned by us shows that 20 percent. residents intend to allocate from 10 to 30 thousand. euros. Also, used cars are increasingly being bought with a lease or a consumer loan, ”says Darius Burdaitis, director of commercial and retail banking at Citadele Bank.
Whether the value of a used car is a few or a few tens of thousands of euros, in any case it is a major purchase that should receive sufficient attention. Therefore, when buying a used car, emphasizes a banker, it is important to take into account several significant aspects.
Do not be guided only by emotions
The car is a hefty purchase, so don’t be guided by your emotions when buying it. However, it is they who often take the initiative and all practical matters are put aside. This often happens when buying the first car.
However, before making a decision, a banker advises to first assess the technical condition of the used car and try to calculate its maintenance costs: fuel costs, possible maintenance and repair costs. Doing so will reduce the likelihood that you will regret your purchase in the future.
Evaluate your real needs
Before buying a car, it would also be helpful to answer questions about how often and where you will use it. If you plan to drive alone in the city, to and from work, it may not be worth choosing an oversized, powerful vehicle. In this case, a compact and maneuverable car may suffice. If the whole family needs it, then it makes sense to choose a more spacious vehicle to accommodate both family members and all luggage.
All acquisition options are worth considering.
When buying a car with your own funds, choose a seller who accepts payment by bank transfer or card. Said payment will be simpler and more secure, and you will have reliable proof that the payment was actually made.
If you are thinking of buying a car through bank financing or from another creditor, it is worth analyzing what financing solutions are offered in the market. A popular option is to lease with or without residual value. In the first case, at the end of the lease term, the buyer has the option to exchange the car for its residual value or return it to the seller; the second: after paying all the installments, the car remains with the buyer.
When buying a cheaper car or borrowing a smaller amount for a purchase because the rest will be covered by your own funds, it may be worth considering taking out a consumer loan to buy a car.
In any case, before deciding, it is necessary to know what additional interest and commissions are foreseen in the loan or lease agreement. Also, keep in mind that the lease is only available for cars up to 15 years old.
Try it before buying a car
Buying a used car only after turning it on and lifting the hood is, of course, too risky. As a result, it is always advisable to sit behind the wheel and drive a few wheels to see how the gears, brakes and steering work.
It’s true that buying a used car is currently somewhat hampered by the COVID-19 pandemic, but subject to all applicable safety restrictions and precautions, the car still needs to be tested before purchasing.
Also, if possible, it is worth bringing a person with a good knowledge of the field to the car inspection, who can advise on what to look for, or allocate funds and time for a professional vehicle technical inspection.
How not to get caught on a scam hook?
The joke about “little used” cars, which in Germany were only driven “to church” by owners, has been going on for decades. However, buyers are often caught on the hook of sellers falsifying car mileage.
The best way to avoid this is to check the car’s history on dedicated online platforms. While such a service comes at a cost, it can help avoid much higher costs down the road when various defects start to emerge in a counterfeit mileage car.
Failure of the car dealer to tell the whole truth can be evidenced by the “little used” car seat or excessively worn interior trim and other defects. When in doubt, carry out a technical inspection of the car. This can help you avoid unpleasant and inexpensive surprises in the future.
