Courtesy Metro Creative Connection

Buying a pre-owned vehicle can be a cost-effective way to get a reliable , affordable car or truck . The moment a new car leaves a lot , it starts do depreciate in value , according to U . S . News & World Report . After the first few years of ownership , the vehicle has lost a significant amount of its value . By buying used , consumers avoid that steep depreciation .

Pre-owned vehicle ownership is popular , as Americans buy 50 million used cars a year , according to Paul Taylor , the chief economist for the National Automobile Dealers Association . Buying a pre-owned vehicle takes a little more research and work than buying new , but that time spent can be worth it . Here ’ s how to navigate purchasing a used car or truck .

Check vehicle value .

Utilize a car pricing tool such as Kelley Blue Book or Edmunds to gauge the value of a used vehicle . This way you ’ ll have an understanding of the range of prices that are acceptable for a vehicle of a certain age , make and condition .

Consider “ certified ” preowned vehicles .

Many dealerships stand behind vehicles of a certain age and condition . Often called certified pre-owned vehicles , these tend to be lease turn-ins that are between three and four years of age and may still be under full or partial warranties . Certified pre-owned vehicles remove some of the worry associated with buying used since warranties will cover the repair costs of certain parts , such as the engine and drivetrain . Plus , the dealerships ’ mechanics have given the vehicles

health checks before listing them for sale , certifying their condition and mileage .

Confirm financing rates .

Many manufacturers are offering financing for certified pre-owned vehicles that are as competitive as those for new cars . Shopping around for rates , both at dealerships and other lenders , can make pre-owned vehicles even more affordable .

Buying a pre-owned vehicle can be a cost-effective way to get a reliable car or truck , especially when supply shortage are making new vehicles more expensive .

Exercise caution with private sellers .

Buying from a private seller is a bit riskier than utilizing a dealership . That ’ s because the due diligence falls on you as the buyer . Ask for a vehicle history report ( commonly known as the CARFAX ®) for any vehicle you ’ re considering , even if it means paying for the report . The report will list any accidents and other red flags . If a seller refuses to offer the report

, pass on the deal .

Bring a mechanic .

Another safeguard is to have your own mechanic look over the vehicle before purchase . A professional will know what to look for in terms of unusual wear and tear

on a vehicle that may not be evident to drivers .

Budget for all costs .

Before making any decisions , develop a used car budget that takes into consideration the total cost of owning the vehicle . This can include

the monthly payment , interest , insurance , maintenance costs , and fuel costs .

Pre-owned vehicles can be great bargains , especially in an era when supply shortages are making new vehicles even more costly .