There’s nothing better than getting a new vehicle. Even when you’re buying a used car, it’s new to you. And most likely, it’s an upgrade from your other vehicle.
Furthermore, buying used vehicles is a great way to save a substantial amount of money, on the car itself and on your insurance and registration fees. However, there are a few things you should consider before buying a used vehicle, even one as amazing and dependable as a Chevy Silverado.
We want to help. Keep reading for five key factors you should consider when shopping for a used Chevrolet Silverado.
Your Budget and Loan Eligibility
First, you need to take a step back and assess your finances. You don’t want to put yourself under financial hardship. How much money can you afford to spend on a new truck?
Monthly and Yearly Costs
Start by looking at your monthly cash flow. How much room do you have in your budget for monthly car payments? Ideally, you should limit yourself to an amount you can easily afford.
Studies show that over half of Americans are living paycheck to paycheck. If you fall under this category, maxing out your monthly budget could spell trouble. Any unexpected financial emergency could make it impossible to cover all of your bills.
Furthermore, there are other expenses associated with buying a vehicle, even if you get an amazing price for your used Chevrolet Silverado.
For example, you’ll have monthly insurance costs and yearly registration fees. There are also maintenance and repairs fees, as well as fuel costs.
Getting Preapproved for Your Loan
Once you identify your budget, you can approach the bank to get preapproved for a used car loan. Getting preapproved is essential because it will tell you exactly how much money you’re working with.
If you don’t know your loan eligibility, you could be shopping in a price range far above your means. When you go to make an offer on the vehicle or sit down with the salesman to buy it, you could be denied the loan. This can be both disheartening and embarrassing.
However, it’s also important to note that some dealerships have in-house financing teams that are much more lenient than most banks. If you can’t get approved through your bank, the dealership might be able to help you get financed. Although, this most likely means settling for a higher interest rate.
Vehicle History Reports
Before buying a used Chevrolet Silverado, it’s important to learn everything you can about the vehicle. Used cars have had other owners who may or may not have cared for them well. They might also have experienced major accidents you need to know about.
Talk to the dealer and ensure you can get a copy of the vehicle history report. This document tracks a vehicle from the moment it leaves the manufacturing line. You can see all of the important details of its past, such as:
- Number of past owners
- States of registration
- Factory recall history
- Maintenance history
- Accidents and repairs
The vehicle history report will also note if the used Chevrolet Silverado was ever used as a commercial vehicle. This includes rentals, fleet vehicles, and leased vehicles.
If the dealership or private seller won’t get you a vehicle history report, it might be a good idea to walk away. In this case, there might be something about the truck they’re trying to hide, like a salvaged title.
Interior and Exterior Features
When people look at buying new vs used chevy trucks, it’s often because they’re looking for the latest and greatest technology. However, fully-loaded brand-new vehicles are extremely expensive. They also drop in value quite rapidly, losing as much as 30% of their value in the first year alone.
Why not buy a used Chevrolet Silverado that’s just a year or two older? They have the same basic technology. Yet, because they have already gone through a few years of depreciation, they’re much more affordable.
This means you can save money and be able to find a fully loaded truck with all the bells and whistles. This includes high-quality seats, entertainment features, and driver-assistance features.
If you wanted the same thing from a brand new pickup, you would easily spend $50K or more.
The best used Chevy Silverado for you will be the one that can accommodate your lifestyle. For this reason, you need to take a look at the performance stats of a used Chevrolet Silverado before making your decision.
For example, if you enjoy the great outdoors, your hobbies probably include hunting, fishing, camping, and hiking. As such, you need a vehicle that can get you into remote areas with ease.
Additionally, if you plan to haul a camper, boat, and/or ATVs, you need to find a truck that can handle that payload. Be sure to verify the towing capacity of the truck before signing the contract.
Finally, consider the daily uses of your truck. If you’re mainly using it for driving you back and forth to work, find a used Chevrolet Silverado that has superior gas mileage.
And, of course, you need to take the truck on a test drive. Take this time to ensure all the components of the vehicle work properly.
Just as importantly, make sure you enjoy driving the truck. Otherwise, what’s the point? Check out Gatesauto.com to find a list of used Chevy Silverados you can test drive today.
Year and Mileage
Finally, before investing in your new pickup, take a look at the year and mileage of the vehicle. No matter how professionally they’re maid, engines break down over time, as do other major components.
If the vehicle is old or has an excessive amount of mileage, there’s a good chance that it will need major repairs in the near future. While you can save money buying an old truck with a lot of mileage, it could cost you in the long run.
Are You Looking for a Used Chevrolet Silverado?
As you can see, there are countless benefits of buying a used Chevrolet Silverado. To make the right choice for you, consider your budget, your lifestyle, and what you’re looking for in a truck. We hope our guide helps you come to the right decision.
And if you’re looking for more auto advice, consumer tips, or financial guidance, you’re in the right place. Take a look through some of our other articles to find the information you need to make your life better. Our blog was created for readers like you.