10 Things You Should Know Before Buying A Used Sports Car in 2023
Whether it’s their flashiness, or the ability to satisfy your need for speed and fun, the love for sports cars won’t wane anytime soon. While there are tons of options to choose from in the form of a coupe, roadster, or hatchback, the prices of used sports cars have been experiencing an upward trend.
Most people would rather not invest in a sports car and experience buyer’s remorse, like nearly 40% of car buyers in 2022, according to a survey by LendingTree. So, before you spend a cent on a used sports car, ensure you put these factors into consideration.
10 Budget
It’s not uncommon for used car shoppers to experience buyer’s remorse. So, ensure you have a budget in mind and stick to it when you head to the dealership. Carry out research on the kind of sports car you want and know the price range, so you don’t overspend.
You can find a number of used sports cars that offer an exhilarating experience without a hefty price tag. Sports cars like the Ford Mustang, Dodge Challenger, Chevrolet Camaro, and Toyota 86 are fast and powerful, and won’t hurt your pocket. But you should be ready to spend a bit more if you want a healthy dose of luxury alongside brawny performance.
9 Fuel Economy And Fuel Type
Big performance cars tend to be gas guzzlers and with the surge in gas prices, it’s important you get a used sports car with great fuel economy. Generally, sports cars with dual-clutch transmissions are typically faster and more fuel efficient than their manual counterparts.
In your search for a sports car, don’t forget to consider the fuel type, whether it’s regular or premium. Diesel-powered sports cars tend to be faster and more powerful, but also more expensive. The Mazda MX-5 Miata, BMW M2, Audi TT, and Subaru BRZ are some of the most fuel-efficient sports cars you can get in the used-car market.
8 Reliability
When you think of getting a used sports car, don’t be swayed by just the sleek styling, vibrant engines, and speed of these low-slung two-door cars. And while sports cars are generally kept around because of indulgence, you might be wasting your hard-earned cash getting one that is unreliable.
If you want a reliable sports car from the second-hand car market, you can’t go wrong with the Ford Mustang, Audi TT, Mazda MX-5 Miata, and BMW Z4. Automotive websites like Consumer Reports, Kelley Blue Book, and RepairPal provide useful information about a used car’s reliability, recalls, and owner’s reviews.
7 Lifestyle
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Whether you are getting a new or used sports car, you have to factor in your lifestyle before settling for one. Sports cars typically accommodate just one passenger, so your group of friends can’t tag along if you have this type of car.
Sports cars tend to rev up pretty loudly and while the exhaust notes might be music to your ears, your neighbors may consider them noisy. So, a quiet suburban neighborhood might not exactly be the most welcoming for a sports car.
6 Insurance Rate
As auto insurance premiums continue to soar, you should factor that into your buying decision for a sports car. To arrive at the actual insurance rate for a used sports car, you have to factor in the mileage, age, credit rating, and location.
The insurance rates for sports cars tend to be higher because auto insurers believe they possess higher risks of collision damage, theft, and parts replacement. It’s also worth noting that luxury sports cars are typically more expensive to insure.
5 Depreciation Rate
Before you settle for a particular sports car, it’s essential to know how fast it depreciates. According to a study by iSeeCars, the average five-year-old car lost roughly 33% of its original value in 2022. Furthermore, before you splash money on luxury sports cars, bear in mind that they tend to depreciate faster than regular ones.
Again, the Ford Mustang, Chevrolet Camaro, Subaru BRZ, and Mazda MX-5 Miata, are great choices as they are some of the cheap sports cars for sale with the lowest depreciation rates in five years.
4 Handling
Besides the power delivery and sonorous exhaust notes, handling is another factor that determines how fun a sports car is. According to Your Mechanic, if your car’s suspension is sturdy, and all parts are working properly, it will turn on a dime. However, the suspension may fall out of alignment and reduce ride quality after overcoming road imperfections for a while.
Going for a sports car with superb handling characteristics will help you save money, as the frequency of replacing the suspension, tires, and steering components is reduced.
3 The Vehicle History Report
Looks can be deceiving, especially when it comes to automobiles. So, even after inspecting the interior and exterior of the vehicle, take the next precautionary step by requesting a vehicle history report. This report is even more important for a used sports car because it might have been driven hard by the previous owner(s).
The comprehensive vehicle history report should give you a good insight into a used car’s odometer reading, maintenance history, accident history, and title information. Websites like Autocheck and CARFAX are there to give you a vehicle’s history report.
2 Warranty
Car warranties usually go with the car when it is sold, and this will help the new owner reduce out-of-pocket expenses for some repairs. Sports cars with a “Certified Pre-Owned Car” label are usually still under the manufacturer’s warranty, so getting such a sports car will allow you to save money for an extended warranty purchase.
According to Kelley Blue Book, Hyundai, and Kia offer some of the longest warranties for new vehicles, so if you buy any of their sports cars before the warranties expire, the warranty cover can be transferred to you. However, bear in mind that warranties don’t usually cover racing your sports car on- or off-track or for any other non-standard use.
1 Test Drive
You might love everything about a particular car on paper and when you get behind the wheel, you realize it’s just not the right car for you. This is why test drives are important, particularly for sports cars, which are all about the driving experience. But unfortunately, many new and used car buyers forego test drives.
According to a study by DMEautomotive,18% of used car shoppers make a purchase without test-driving the vehicle. This is one of the reasons for the high rate of buyer’s remorse many car owners experience today.
Sources: Consumer Reports, CarEdge, iSeeCars.com, DMEautomotive, and Kelley Blue Book,
