Buying a used car with 150,000+KM what you need to know
Buying a used car with 150,000+KM what you need to know
Posted on October 4, 2022
If you are thinking about buying a used car with over 150,000KM on the vehicle, there are some important things you should bear in mind.
We are going to show you the steps that should be taken to ensure you are making an informed decision.
The quality of used cars has increased dramatically over the last decade
A generation ago, you could buy a used car in high school and drive it around until you went to college or trade school.
The days of finding a “cheap” used car to drive around are gone. Most of the used cars being sold on the road today are very reliable.
This reliability means you can easily get 300,000KM out of a car, if not more, depending on the make, model, and, most importantly, the overall condition of the vehicle.
Avoid buying a used car from a private individual
The biggest question you need to be answered is how the used car was driven and maintained.
You don’t want something that was driven hard and not properly maintained, and you could be buying something that will need constant repair.
You have no way of knowing whether the private seller properly maintained the car, especially if they are not the original owner.
The best option is to go through a dealership that will have the service record of the vehicle or, at the very least, be able to provide you with a CarFax report.
Since the dealership is running a business and relies on word-of-mouth advertising to stay in business, they have a vested interest in making sure you have a great overall experience by providing full transparency.
Selecting the right brand of used car
Do some research on the brand to find out if there are any active recalls or if the vehicle is prone to certain maintenance issues.
After 150,000KM of driving, if there are any design flaws, it will become abundantly clear what those issues are, and you can avoid cars that aren’t reliable.
Financing a high-mileage vehicle can be challenging
Something that you will encounter when trying to finance the purchase of a used car with high mileage is finding a lender that is willing to offer a loan.
The reason these lenders are reluctant to issue loans is the value of a car is tied to the mileage; if the vehicle has high mileage, the resale value drops like a rock.
You may be required to pay a higher interest rate or come up with a small down payment in order to secure a loan for the high-mileage vehicle.
Buying a car with 150,000KM or more can be a smart move, provided you buy it from a reputable dealership and make sure to properly service the vehicle at regular intervals.
Contact Unique Chrysler for help, advice and competitive car finance and leasing.