How to Buy Used Cars: 7 Steps to Buying a Used Car with Confidence
If you are looking for the best way to buy used cars, look no further.
This seven-step checklist will help you buy a used car without being
taken for a ride. Whether you are looking for a late model sedan for
the family or a sporty first car for a teenager, these tips can help
you get the most for your money while keeping your loved ones safe.
The secret weapon you can bring to the table when buying used cars
is information. Read on and become a smarter car buyer.
- Begin your search. Start your search in the local paper,
online or with your contacts. If you aren’t sure what car you
want, searching online comparisons will give you an idea of the
models that can best fit your needs. Websites like
Carsdirect.com and Usedcars.com can help you get a feel for the
prices on different models. Also, as simple as it may sound,
spread the word to people you know that you are in the market
for a used car. It’s always surprising how many options (and
gems of advice) you can get.
How to Find
Actual Used-Car Prices
- Narrow your choices. Once you have decided on a few cars,
research their pros and cons on a website such as Edmunds.com.
Ask people you know about their experience with these cars. Even
if they didn’t drive them, they may have friends who did.
- Gather information. When you have found the perfect car, do
your homework. Has it been in an accident or suffered other
damage? The Experion AutoCheck Vehicle History Report will check
the vehicle identification number (VIN) and give you this
history. Get unlimited 60-day access to the site, which will let
you check several different cars.
- Test the information. Don’t make a deal without taking a
test drive. If you are buying from a private seller, take him or
her with you in the car to answer questions as they arise. If
you are buying from a dealer, check for a “Buyers Guide” sticker
on the car – every reputable dealer will have one. The best-case
scenario is to have the car inspected by a mechanic before the
sale. If you can’t take the car to a mechanic, see if you can
bring a mobile inspector to the car.
- Negotiate your deal. Depending on your personality, this
part is either fun or agonizing. The dealer probably paid at
least $2,000 less than the listed price for a used car and will
expect a negotiation. The average mileage is 12,000 per year, so
anything over that will bring the car’s value down. Know what
that particular car is worth before you make an offer.
5 Signs of a
Reputable Used-Car Dealer
- Get the money. Don’t use cash as your down payment – use a
credit card if possible. Many banks won’t loan money for cars
over five years old, but you can often find lenders online.
Capital One will finance person-to-person loans on their
website.
Is it Time to Refinance Your Car?
Should You Buy or Lease Your Next Car?
- Complete the sale. If you are buying from a private party,
the sale is always “as-is.” Several websites have sales
contracts that you can print to make the sale more formal. If
you are buying from a dealer, get at least a 30-day warranty or
you will have no recourse. In any sale, be sure to get the
title! If you don’t get the title, you don’t own the car, no
matter how much money you have given the seller.
Many people cringe when they buy used cars, but with the right
information, you can be the lucky one who gets a good deal.
Knowledge is power, so arm yourself by learning as much about the
particular car as you can. New cars lose much of their value the
minute you drive them away, so buying used cars is a more
financially savvy decision. Do your research, and your next used-car
buying adventure can be fun and exciting.
Cheap Used Cars -
Yes, They Do Exist!
Internet
Shopping: Used Cars for Sale Online
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