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Buying a used car can be tricky business and many consumers consider a range of factors before even taking the vehicle for a test drive. Although used cars offer many drivers the benefit of affordability, it turns out that this may not be the leading factor most Americans prioritize when shopping for a used vehicle. A new study released by CarMax.com shows 45 percent of all drivers look at quality as the most important factor in their decision, over price and auto safety.
Men and women were somewhat split on the issue of quality, with 53 percent of men prioritizing it vs. 37 percent of women, according to the study. Overall, 22 percent of shoppers said price was the most important factor when shopping for a vehicle, and safety concerns came in third, with 15 percent prioritizing this factor. Seven percent of car shoppers listed resale value as their prime concern and six percent reported fuel-efficient vehicles and environmental consciousness as the most significant influence.
“Choosing a vehicle that balances high quality with a fair price provides the value that consumers are looking for,” said Carmax.coms Tracy Hanson, Nashville region vice president of service operations.
What to look for when shopping for a used vehicle
Determining whether a used car is of good quality can be tricky, but there are a number of components you can examine to help you decide if its the right car for you. A recent Consumer Reports article highlighted that recent makes and models are sturdier and more reliable than they used to be, noting that five-year-old vehicles they examined in recent surveys had one-third fewer problems than five-year-old cars they examined in the 2005 survey. This means that more current models may pose fewer auto safety concerns and afford drivers with more reliability and longevity.
In addition, looking at the vehicles repair history can shed some light on how much money a used car buyer can expect to shell out in repairs and fixes down the road, according to Consumer Reports. This is largely because a used car may no longer fall under the comprehensive warranty coverage its typically granted within the first few years after being purchased, meaning it will be up to the new owner to cover the costs of repairs. Its also important to understand whether the car may need special-order parts in the future for common repairs and how expensive these parts are likely to be. Although common brake jobs or new tires may not be expensive, the costs of recurrent engine or mechanical problems may outweigh the low price of the vehicle itself.
Lastly, find out how much it may cost to insure the used vehicle as well as which type of auto insurance policy you may need to purchase it.
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