Buying A Used Vehicle: Assessing The Risks

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Many young professionals are under the impression the only solution to be able to travel to work and back is to purchase an affordable used vehicle. However, this option hosts a list of concerning risks as you may not be able to afford a reliable car. Unfortunately, purchasing a used vehicle often means buying a problematic engine that may ultimately end up costing you a lot in the long run. While a used vehicle may boast a lower price tag, it would be wise to consider affordable solutions to drive a new car, such as vehicle leasing. You can find a list of new and reliable vehicles from reputable lenders such as Intelligent Car Leasing. Before purchasing a used vehicle, here are a few risk factors that you should consider.

High Mileage

Drivers who are not entirely aware of how vehicle engines work may not be too fussed about purchasing a used car with high mileage. However, this detail should be a red flag as it means the car is likely due for major repairs, which may make the low asking price relevant and essentially diminish any possible savings you may have incorrectly calculated.

Accident History

Before purchasing a vehicle, you should ensure it has not been involved in an accident as any repairs done to the vehicle may merely be cosmetic touches to hide severe ongoing problems. Vehicles that have been in serious accidents are widely considered unreliable and owners attempt to sell them off at a lower price without disclosing such information. For this reason, you should conduct a thorough history check on the registration of the car to determine whether or not it has been involved in a collision in the past.

Potential Repair Costs

Even though the initial cost of a used vehicle may seem appropriate for your financial situation, it would be wise to calculate the potential costs of ongoing repairs that may be necessary. Older vehicles are often considered less reliable and significantly less safe, which means they are generally not the best solution for families. Saving on the purchase price will not be a logical solution if your vehicle ends up spending regular time at the mechanic.

The Solution Of Leasing A New Car

You may not have considered leasing as an option as brand new cars may feel unattainable for your budget. However, the rapid increase in popularity of leased vehicles suggests that more drivers are becoming aware of the ultimate cost-efficient solution to driving a new car. Leasing deals will allow you to drive the car you want on a rental basis for a pleasingly pocket-friendly monthly fee. You won’t have to worry about high repair costs and pricey maintenance services as the car will be under factory warranty. What’s more, you will ultimately be able to drive the car you want for a small price. Rather than settling for a used vehicle that could be a risky purchase, you should consider how leasing would benefit your transport needs.

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