Many financial experts will tell you that buying an inexpensive used car and keeping it for years is one of the savviest things you can do to minimize the cost of car ownership. But if you pick the wrong vehicle or place to buy, that “cheap” car could cost you thousands in repairs or finance costs.
Remember that you may find used cars for sale that are under recall and not yet repaired: It’s not illegal for sellers to offer such cars. Check the vehicle identification number (VIN) at the National Highway Traffic Safety Administration’s recall site so you’ll know whether you want to buy a car that you’ll then need to take in for the free recall repair. If looking forward getting an used electric car, you might want to read here ev charger installers.
Buying a certified pre-owned (CPO) car is a convenient way to find a used car in excellent condition. CPO vehicles, which are sold from dealerships of the same brand, go through extensive inspections and are reconditioned with factory parts. They also come with the best warranties. General Motors, for example, offers a one-year/12,000-mile bumper-to-bumper warranty and a five-year/100,000-mile powertrain warranty on all of its CPO cars. Our certified program comparison tool can help you see the differences in coverage. But just because they come with warranties doesn’t mean they are exactly like new cars. Read “Certified Pre-Owned Cars: A Reality Check” to see what expectations you should have for a CPO car.