Reduce Your Car Expenses With a Buy Here Pay Here Car

Does it feel like every paycheck you get goes toward your car? It can be expensive being a car owner. With gas prices consistently rising, the cost of maintenance going up, and the prices of vehicles, themselves also constantly straining the pockets of Americans, it can seem almost worthless to own a car at all. Car payments are the worst, for many of us. A vast majority of Americans who make monthly car payments pay almost $500 twelve times a year. That’s close to $6,000 per year to own a car in 15 years. These payments include interest, so those who own new cars end up paying much more than they initially set out to pay.

All these high prices aside, it’s undeniable that a car is a necessity in modern America. Less than 10% of Americans use alternative forms of transportation to get to work, but it’s impossible to skirt around working.

There’s good news for those of you feeling the sting of new car payments, however. You can reduce the number of expenses you pay on your car by switching to a used car, preferably a reputable one from a place like Auto Now Wichita. Here’s a little more about how you can save with a buy here pay here car, and how you can work on getting your new vehicle off your hands.

Selling a Car You Technically Don’t Own

If you’re looking to get rid of a new car, you’ve got to understand that the process is going to be a lot tougher than getting rid of a vehicle you own outright. If you’re thinking about trading the car in or giving it back to the dealer, the first thing to note is that it does not absolve you of the debt you owe on that vehicle. When you signed the papers to get that vehicle, you took out a loan for the worth of that car, and that worth is still owed to the dealership regardless of whether or not you ended up owning the vehicle. The reason why you still owe this amount? It is likely that the dealership will not be able to sell that car for its asking price, which means that the risk they took in lending to you as a buyer ultimately cost them money.

If you made a substantial down payment on your new car when you first got it, and you’ve been making consistent payments for quite a while, chances are good you don’t owe a whole lot on your car, and your payoff amount won’t be that much. From here, you have a few options. You can return it to the dealership and pay the remaining balance of the loan, have another potential owner take over the lien payments by transferring ownership, or work out an agreement with your potential buyer where they pay for the car, you pay the dealership the payoff amount, and then you sign over the title once you own the vehicle. The last scenario involves a lot of paperwork to ensure everyone gets what they paid for legally, but it has the most significant potential for profit. If you can work it so that you make a profit from the sale of your car while also paying off the rest of your debt to the new car dealership, you’ll be able to use the profit to put a down payment on a reliable used car.

Why Buy Used?

Used cars can be just as reliable provided that they are purchased from a reputable seller. Here are some of the best reasons why you should buy your next used car from a buy here pay here lot like Auto Now of Wichita.

• Credit Doesn’t Matter. Unlike new car dealerships, credit scores don’t matter when it comes to obtaining financing. However, if you have a high credit score, you could save more than you did on interest over the length of your car loan. Not only is the payoff time and amount smaller, but interest rates are usually competitive.
• Down Payments Help You Save. Down payments on used cars are much more reasonable than they are on new vehicles. If you have enough leftover from the sale of your last car to make a hefty down payment on a reliable used car, you’ll end up paying less over time.
• Buy Here Pay Here Lots Are Accredited. Look for the NIADA certification on a dealership’s business windows or website. This acronym (National Independent Automobile Dealership Association) shows that the cars in the NIADA-certified dealership are inspected and held to high standards before being sold to customers. Even as secondhand cars, it is possible to ensure quality and reliability if the vehicles are well-maintained. Getting a quality car means you pay less on the maintenance of your used car.
• Spend Less on Gas. New doesn’t always mean ecologically friendly. Many of the newest SUVs and Trucks available get terrible gas mileage. If you’re regretting the purchase of your gas-guzzler, consider trading in for a used sedan or mid-size SUV with better gas mileage. That way, you’ll save on monthly car purchases and gas.
• Buy Here Pay Here Dealerships Help You Budget. New car dealerships pay special attention to your credit, and that’s not always a good thing. Often, that means they neglect to consult with you on your other monthly expenses – something which can make or break a financing deal. Buy here pay here dealerships like Auto Now focus our financing offers on your monthly purchases and income, helping you understand precisely how much you can afford to pay each month on a car.

Still not convinced a used car is right for you? Let one of the reputable associates at Auto Now in Wichita sway your mind. We’ll help you figure out the best way to deal with your current car payments and will get you set up with financing for a used car if you are looking to save on monthly car payments. Find out more today by stopping into our Wichita location at 1660 South Seneca Street, or calling us at (316) 262-3000.