1. Not doing Enough Research
For Gen Z and Millennials buying used cars, it could be valuable to understand not only the current state of the car market, but also know what cars are reliable when bought used.
Another important thing is to look for information on reliable apps or websites. Car buying apps or websites like AutoTRADER.ca and CarGurus tend to offer extensive inventories and helpful tools.
2. Overlooking Financing Options
Car loans are popular for used cars, indicating that many buyers are seeking financing. However, some buyers overlook one crucial step. Before starting shopping for a used car, it could be useful to get pre-approved for a loan to have a sense of the spending limits for the car.
3. Ignoring Maintenance Costs
While cheap used cars might seem like a bargain initially, they can come with high maintenance costs.
It can be useful to use car maintenance apps like MyRide901 to look up potential expenses for the car’s mileage and ensure the car fits the budget of a financially conscious millennial or Gen Z in the long run.
4. Not Considering Resale Value
Some used car buyers fail to consider the resale value of their vehicle. Some models like the Toyota Camry and Honda Accord are known for their durability and hold their value well. It’s important to find out the potential resale value when buying a used car.
5. Skipping the Test Drive
Finally, it’s essential to take a car for a test drive.
Even in the digital age, nothing can replace the experience of driving the car yourself – even for digital natives like Gen Z and Millennials buying used cars!
There’s nothing more valuable when deciding on whether to buy a car than hearing how it sounds, looks, and feels. A car may look great on paper but make weird noises while being driven. Maintenance costs worth thousands of dollars could be hiding behind that. A test drive is the best way to ensure the car being bought meets expectations and is worth the investment.
Gen Z and millennial used car buyers have unique needs and preferences. Whether being interested in eco-friendly cars or fuel-efficient cars, doing research, considering financing options, accounting for maintenance costs, thinking about resale value, and always doing a test drive is essential. By avoiding these common mistakes Gen Zs and millennials should be well on their way to successful used car ownership. Happy car hunting!
