How to determine the price of a used car is fair or not?

10/15/2018

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Deciding which price is good to close a used car deal is always tricky as there is no fixed rule to know it. However, below are some tips from buyers that get decent used cars for a steal. Check it out!

Nigerians have always favored used cars as, of course, they are much cheaper. Imagine you can get a used luxury brand with the money that only buys you a less prestigious but brand new vehicle! However, unlike brand new cars which have quite narrow price ranges, second-hand cars might have greatly varied price tags from one to another.

Understanding the fact, Naijauto has gathered here a checklist you can do yourself so that you know what to look for and also what's the red flag in the process of choosing a used vehicle for yourself. These factors also contribute greatly to decide whether the given price by seller is fair or not.

1. The car history

This is crucial when buying a used car. You need to check out its manufacturing date, its maintenance records or its odometer to see what might possibly happen before. You can ask the dealer and also look online to see if this particular brand has a specific defect or fault that you can't accept.

You will then refer to the current price of the car on the market and also the price when it's first sold, then negotiate down some amount on the total bill, depending on the number of defects you could find.

a used car market

A thorough research on the vehicle background will save you from unwanted repair cost

2. The recall list

Once in a while, there is a line of cars that possess more faults than others and therefore need to be recalled back. The automaker will then make a list of recalled vehicles for the purpose of public transparency. You could look up this record online to see if your supposed dream car is on the list. If it is, drop the deal immediately. If you really like it, you could make a call to the manufacturer and ask if the fault has been fixed or not.

3. Condition analysis

First off, look for tears and wears on the bodywork. Generally, the sellers would cover those faulty up so that their cars appear more shiny and tempting. Try to look more closely in person and take extra notice when you see something strange.

The next step would be a test drive. You could test the engine, the brake, the transmission...and see if their condition is in line with the number on the odor and/or the wonderful things the sellers boast about their cars.

a person testing a car

A test drive is a must in checking used cars

4. Put down the money

Now if everything above is checked and you're ready to take it home, the final step would be to determine its price. You can do this by referring to your friends, your mechanic, or you can do it online.

There are many sources to consult for a car's resale value as well as determine a fair price for a used car. You can also join auto forums online and browse around a little bit, ask occasional questions and see what is the suitable price for the model.

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