Your plan is solid: Purchase an automobile that won’t cost you an arm and a leg. However, there is a catch: Even some of the most affordable, low-cost vehicles can come with some hidden costs attached that you need to budget for.
It goes well beyond the initial purchase price into the life of the car, so you’ll want to be prepared at every turn for an unexpected bill you’ll need to pay to stay on the road.
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“When buying a used, especially inexpensive vehicle, there are some important things to look for besides a shiny, detailed, new tires type of thing,” Glen Hayward of Good Works Auto Repair shared. “Underneath that shiny coat and good looks may lie a potential plethora of issues that could cost you more than the vehicle is worth!”
With that in mind, if you are thinking of buying a cheap car, here are the three hidden costs you need to be prepared for.
Service and Maintenance
Hayward advised that there are some important questions you need to ask the seller before purchasing, such as if they are the original owner, do they have any service records to show the history of the car or do those records belong to those of the previous owner?
“As an owner of a repair shop, I’ve seen hundreds of vehicles purchased, even from dealers that I would never consider buying!” recalled Hayward. “The smart option is to go to a reputable auto repair shop with the vehicle, and the current owner thereof, and have the vehicle inspected on a deep level.”
This includes wheels, brakes, suspension parts, and conditions of fluids such as transmission and power steering.
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Interior Repairs
Furthermore, Hayward noted that if you do not inspect the operation of the air conditioner, power windows, sun roof, wipers, and door locks on the vehicle, you could be looking at quite the repair bill to get just the basic comforts you need to drive.
“If you start adding up some of the aforementioned, you could be spending thousands of dollars above and beyond the asking price!” Hayward said. “Drive the vehicle and listen for noises, poor shifting of the transmission, noises going over bumps or changing lanes, vibrations, etc. These could be signs of needed repairs that could be very pricey!”
Pre-Inspection Fees
Above all, Hayward advised potential buyers to be patient, as well as to spend the money on getting the car in question inspected by a mechanic or auto expert you trust.
“If you’re not sure where to go for a pre-purchase inspection, there are numerous shops like mine that will perform it for about $150,” explained Hayward, calling it money well spent, even if you did not account for it in your initial budget.
“Failure to do so at all will definitely be in the thousands,” Hayward continued. “I’m not giving you this advice to scare you — it’s to save you from making a costly decision. If the seller pressures you by telling you that there’s other people wanting to see or buy the vehicle, and he or she won’t let you get it inspected, put on your track shoes and run!”
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This article originally appeared on GOBankingRates.com: Thinking of Buying a Cheap Car? Hidden Costs You Need To Be Prepared for
