Badass vs Dumbass
Master your Financial Kung Fu to be one and not the other.
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👉Go to Sifu’s Notebook for The Ultimate Checklist: 5 Vital Questions to Ask Before Buying a Used Car!
Primer: Who are Sifu & Ronin
Episode 60: Ronin All in on Red!
Ronin: Sifu! Check this superbad whip I found on Auto Trader. I listened to you and gave up looking at new cars. Gold star for Moi, eh boss?
Sifu: Slow down, Fast ‘n Foolish. I’m glad you took my advice and started at looking at the used market, but before you leap into the abyss, do you have all the info you need to make a smart decision.
Ronin: Yup! It’s candy apple red, it’s fast, and I have the cash in my bank account. Bingo bango, boss. Ready to rock ‘n roll!
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Sifu: Holy dumbass. You call that a check list?
Ronin: Uh-oh… What now, Master?
Sifu: Ronin, buying a used car is no joke. Before you leap, you’ve got to get the right answers to some crucial questions beyond color and price.
Ronin: Oh boy, here we go. Why does everything have to be so damned complex, bro?
Sifu: Not complex at all. Just not “no-brainer” simple as you might want it to be. I’ll step you through it, and you’ll see.
Ronin: Ok boss. But if you kibosh this, I’m driving your tricked out yellow Bimmer the minute my rust bucket dies.
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Sifu: No problem, Ronin. In your dreams, absofuckinglutely!
Ronin: C’mon man – it was worth a shot! Hee-hee.
1. What’s My Budget?
Sifu: First question: What’s your budget? Know exactly what you can afford, and don’t just look at the sticker price. Factor in insurance, taxes, fuel, and any future repairs.
Ronin: Budget, insurance, taxes, fuel… Honestly, Sifu, it’s almost like you don’t trust my ‘wing it’ approach!
Sifu: Remember “Trust but confirm”? Well, I just confirmed you’re still a dumbass. With the wrong car, you’ll end up paying for the mistake for a long time. Doesn’t that sound like fun, big boy?
Ronin: Faaaack. Ok boss. So the cash I have didn’t account for anything other than the purchase price. Noted. Baaaad Ronin.
Sifu: Yes sir. You need to budget properly for this new beast: enough for the car and all that comes with it. Your topped up emergency fund is paramount also. Saving all that money from buying used versus new is a brilliant thing, but only if you account for repairs and a little more maintenance.
Ronin: Roger Dodger, bossman.
2. What’s the Vehicle’s History?
Sifu: Next up: the car’s history. You need to know its past—accidents, service records, all of it. Use Carfax, or whatever’s popular these days.
Ronin: You mean my car’s had a life before me? Like a soap opera backstory? “Previously on this used car’s life…”
Sifu: Exactly. You don’t want surprises, #1. Imagine buying a car that’s had more accidents than you’ve had dinners this week.
Ronin: Sheeeit. So, what you’re saying is, if this car’s seen more action than me, it’s a pass?
Sifu: Ha! Probably.
Sifu: Question three: Has the car been inspected by a mechanic – preferably your personal mechanic? This is critical. You want to find any hidden issues. Think of it as paying for a second opinion—one that could save you thousands in repairs.
Ronin: Mechanic inspection: where I pay my dude to ruin my optimism about this sweet car. Sounds totally worth it.
Sifu: Buddy, if you want that dream car, you’d better wake up, take it to your guy before you buy it. You want to be confident about this purchase, and not go on a hope and prayer. Don’t be a dumbass … please.
Ronin: Right, right.
Sifu: Now, take it for a spin. This isn’t just a test drive; it’s your chance to see how the car actually feels. Notice any weird sounds, handling quirks, or dashboard warnings.
Ronin: Oh, believe me, Sifu, I’ll notice. I have supersonic hearing when it comes to strange noises. If it so much as purrs wrong, I’m out.
Sifu: It’s more than just the sounds. Acceleration, braking, handling—try it in different conditions. Picture yourself driving it every day.
Ronin: Ok ok. Done and done.
Sifu: And finally, what are the ownership costs? Different cars have different long-term expenses. Do the research—some models are more reliable and cheaper to maintain.
Ronin: Right, so I should ask ChatGPT “How poor will I be if I buy this specific car?”
Sifu: Ha! Pretty much. Look at fuel efficiency, insurance rates, maintenance. Sites like Kelley Blue Book or Edmunds can also give you a breakdown. Get as much information as possible. Forearmed is forewarned, #1.
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Ronin: Forewarned, forearmed… foregone conclusion I’ll just keep my broke-ass-bitch car. FML bro.
Sifu: Maybe, #1. You’re thinking about spending a lot of money, so do the right thing.
Ronin: I get what you’re saying now, boss. It’s not complex, but it ain’t easy either, is it?
Sifu: A+ for that. Just like life. You get what you put in.
Ronin: The only thing I’m putting in right now is my DoorDash order for lunch. You in, my man?
Sifu: Wow! Does anything ever change with you?
Ronin: E-nope. I hear being consistent is a good thing.
Sifu: Riiiiight.
Sifu’s Notebook
The Ultimate Checklist: 5 Vital Questions to Ask Before Buying a Used Car!
Before purchasing a used car, asking the right questions can help ensure you make a well-informed decision. Here are the five most important questions to consider:
1. What is My Budget?
Why It Matters: Determine how much you can afford, including the purchase price, insurance, registration, taxes, and ongoing maintenance costs. Having a clear budget will help you avoid overspending and ensure you’re financially comfortable with your choice.
Considerations: Look beyond just the sticker price; factor in fuel efficiency and potential repair costs for specific makes and models.
2. What is the Vehicle’s History?
Why It Matters: Understanding the car’s history can reveal critical information about its past, including accidents, title status, service records, and previous ownership. This knowledge can help you gauge the car’s reliability and potential future issues.
Considerations: Use services like Carfax or AutoCheck to get a comprehensive vehicle history report. Ask the seller for maintenance records and how the car was used (e.g., personal use, rental, commercial).
3. Has the Car Been Inspected?
Why It Matters: A pre-purchase inspection by a trusted mechanic can uncover hidden problems that may not be apparent during a casual inspection or test drive. This step is crucial in avoiding costly repairs down the road.
Considerations: Insist on an inspection, especially for older cars or those with high mileage. A mechanic can provide insights into the car’s condition and any imminent repairs needed.
4. How Does It Drive?
Why It Matters: A test drive can reveal how well the car performs and whether it meets your needs in terms of comfort, handling, and features. It’s your opportunity to identify any unusual sounds, vibrations, or handling issues.
Considerations: Pay attention to acceleration, braking, steering, and any warning lights on the dashboard. Test it in various conditions (highway, city streets) to assess its overall performance.
5. What Are the Ownership Costs?
Why It Matters: Different makes and models can have varying costs associated with insurance, maintenance, and fuel efficiency. Understanding these ongoing expenses can help you determine if a particular car fits into your overall financial plan.
Considerations: Research the car’s average maintenance costs, common issues, and insurance rates. Websites like Kelley Blue Book or Edmunds can provide estimates on ownership costs.
Conclusion
By asking these critical questions before buying a used car, you can make a more informed decision that aligns with your budget, needs, and long-term financial goals. Taking the time to do your homework and thoroughly evaluate your options can save you from future headaches and ensure you find a reliable vehicle that suits your lifestyle.
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This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.
