KEY POINTS:
Shop the car, not the deal. I learned this the hard way, many times.
The cheapest car will almost always be the more expensive car
Shopping the deal = cheap shopper. Shopping the car = smart shopper.
When shopping for a used car, it’s tempting to be attracted to the lowest prices. The low prices might make you compromise on the red flags.
“It’s just two accidents in the history. That’s inevitable, right?”
“It’s just high mileage. Maintenance has probably been good.”
“It’s got some damage on it but that’ll buff out.”
I have heard it all.
I’ve also made many of these same mistakes before. Please learn from them.
SHOP THE CAR, NOT THE DEAL.
You win at used car shopping when you buy the right car for the right price. But say you find the right car, but you can’t get an awesome deal on it. It might make you feel a certain way but if it’s the right car, why should a seller give it away? And depending on the price of the car, that extra $1-5k might be worth it as you spread that cost out over the next number of years.
When you buy the cheapest car, you end up running into issues that a cheap car has. Poor bodywork from prior accidents, paint job issues, mechanical failures, tire/brake problems, ride quality suffers, etc.
When you prioritize finding the right car, even if you pay fair value for it, you buy yourself a better overall experience. The higher quality car is worth the money. There will be less issues, less problems, and stronger resale.
NOT ACTUALLY THE CHEAPEST
You might think you got a car for a steal of a price, but when the car is cheap, there’s usually a reason why. You most likely will end up paying more money for it during your ownership.
Cheap shopping -> money saved up front. More money spent after. Your mechanic more.
Quality shopping -> money spent up front. Less money spent after. Better overall experience.
SMART > CHEAP
You may think that shopping the cheap car is smart. It’s actually the opposite. Shopping for the premium-quality car is smart.
Shop for the best car that you can afford. Then negotiate to the best of your ability. If you can get an amazing deal, even better! But even if it’s a fair deal, then you’ve done well.
The quality car will reward you in more ways than you thought versus finding the cheapest car. Heed our warning.
