Are you looking for a cheap car to purchase? Here are a few different approaches you might want to consider before undertaking the task of buying a good cheap new or used car.
Most new car dealerships today offer affordable leases on new cars that feature very low monthly payments. In many cases a lease will almost cut your payments in half compared to purchasing the same new car outright with a standard loan. Now you can drive a new car for less money than perhaps purchasing a used one. Not all leases are the same however, and it is important to remember to read all the terms and conditions of a lease agreement before you sign on the dotted line.
Another option is to lease a used car. Leasing a used car usually costs even less than leasing a new car. You can find used car leases at factory dealerships, used car lots or in some cases, from individual sellers.
Occasionally you can find online car companies offering bargain prices for short term lease takeovers, also known as lease transfer companies. Lease transfer cars are almost always near new, low mileage cars, and the sellers are usually desperate to get out of their leases. Compared to a new or used car loan, lease transfer payments are very low and there are fewer credit requirements for the buyer. Lease transfer sellers sometimes also offer deals like “cash back” offers as incentive to take over a lease immediately.
It is a good idea to perform a vehicle identification number (VIN) search on any used car to make sure your target is not a “lemon” or a rebuilt wreck and does not have a hidden salvage title. There are many reliable online title search companies who charge very small fees and can fax you a car’s title history and major repair information right away.
Another money-saver could be “Get Paid to Drive” advertising programs that offer to pay people to drive a car with signage on it. These programs are not the easiest to qualify for and you will have to put vinyl display ads on your car, but you will get paid a small amount based on your mileage in most instances.
Damaged cars, abandoned cars, unclaimed car auctions, government and police car auctions and repossessed cars, are viable options for finding cheap cars, but present more risk than the average used car purchase.
Many rental car companies also sell their inventory of last year’s model cars every year. Cheap used rental cars with relatively low mileage can sometimes be a good purchase, although they have been handled by a bunch of different drivers and you will have to pay close attention to mechanical condition.
If you are unsure of the mechanical condition of a vehicle you can get the car inspected at most local car repair shops for a small fee, usually under $75. Regardless of where you purchase a car, a vehicle inspection can help you avoid any unpleasant surprises after the sale.
