Important advice to help you make a smart used car purchase.
There are plenty of benefits to buying a used car, from saving thousands of dollars
on nearly new makes and models to avoiding a significant depreciation hit the minute
you drive off the lot. But if you don't know what you're doing, buying a used car
can wreak havoc on your patience and your pocket.
The following tips are designed to help you make a smart used car purchase while
avoiding common pre-owned pitfalls in the process.
Determine the used car that's right for you.
First, determine the type of used car that's right for you -- one that fits your
lifestyle, your needs and your budget. Consider factors such as the number of people
you need to accommodate, the type of driving you'll do, the distance of your work commute, whether you'll
be towing or hauling and your overall budget, including a down payment or trade-in
allowance, monthly payments and ownership costs for gas, insurance and repairs.
If you need a loan, research used car financing programs to determine the loan terms
and rates for which you qualify.
Expand to Read More
Check used car listings.
Once you've determined the used car that's right for you, it's time to locate it.
Search used car listings for pre-owned vehicles offered by new car dealers, used
car dealers and private parties in your area or around the country. If you're struggling
to decide from whom you should buy, keep in mind that today's used cars are more
reliable than ever before, with many still under factory warranty and others offered
as Certified Pre-Owned (CPO) backed by stringent inspections and guarantees.
Check used car prices.
Unlike new car pricing that remains relatively constant, used car prices vary widely
depending on a variety of factors. Mileage, condition, market demand, model year
-- even the seller's mindset -- all can have a significant impact on the cost of
a pre-owned vehicle. Be sure to check used car prices to determine if the seller's
asking price is fair and don't forget to factor in options such as alloy wheels,
navigation systems and power controls which can increase a vehicle's resale value.
Get a used car inspection.
It's always a good idea to have your used car inspected by an independent, certified
mechanic prior to purchase, even if it's covered under a warranty. A trained technician
will be able to pinpoint mechanical problems that could be unsafe or costly to fix.
And don't forget to ask for the car's maintenance records, a valuable piece of information
documenting the care the vehicle has received during its ownership life-cycle. Finally,
check the validity of the used car's title and mileage, in addition to its accident
and damage history, by getting a vehicle history report based on the car's Vehicle
Identification Number (VIN).
Read More Used Car Articles Close