How To Buy A Used Car
How To Buy A Used Car and Not Get a Lemon
Ah yes....how to buy a used car and not get a lemon. Is it possible?
Buying a used car can be a wonderful experience because of all the money you potentially can save. However, it can also be a nightmare if you don't know the proper way to go about it.
Is it possible to get a used car that isn't a lemon or that you've paid way too much for?
How do you know you're not getting ripped off?
How can you buy a used car with confidence and not regret it every day you have the car?
Let's examine some great ways to know what to consider when buying a used car and then some ways to avoid getting a "lemon".
TIPS ON HOW TO BUY A USED CAR AND NOT GET RIPPED OFF
Put Your Thinking Cap On. Think it through all the way. Have a car in mind but make sure that the car you have in mind to buy is actually reasonable....for your lifestyle, insurance costs, maintenance, and that you can actually afford it. There are many car loan calculators out there, like Edmunds.com. Make sure you run the numbers with money down, no money down, etc. before you ever go near a "real" car. Check on line and figure out what the bottom price that you should pay for the car is. Check blue books and other sources for the actual "value" of the car you want. You should never have to pay more than what the car is actually going to be worth!
Get Your Act Together. Now that you know that you can afford the car, you know what you should pay for the car, and you have the qualifications to purchase a car (such as having a job for more than 6 months, having not moved in the last 6 months, and making over $1600 monthly for starters), start shopping for loans. Be careful not to apply for too many loans in more than a 2-week period or it can lower your credit score. Know ahead of time what the rock bottom priced loan is that will let you drive away with your car.
Finders Keepers. Now start trying to find your car. Go by the year that you want, the model, even the color. Make a list of things you want on the car and then make a list of things you have to have on the car. If you can be flexible in what you need versus what you want, you have a better chance at finding your dream car. Look on-line, look at dealerships, and look on CraigsList and ebay. I know a couple of people who bought cars on CraigsList and got fabulous deals.
Take Any Potential Car For A Test Drive. Once you find your dream car or cars, go take them for a spin. See if you really like the car after all and if it's really for you. If you're buying a used car, it's recommended that if you are serious about buying the car, you have a licensed trustworthy mechanic check it out. Usually they will charge a nominal fee but that fee can end up saving you many headaches later on.....that "lemon" factor. Also ask to see maintenance receipts and check out the history of the car at isitalemon.com and check the VIN number of the car and read all about its prior history.
So You're In Love...Love is Blind. Okay, so you've done all the above and you know to the tips of your toes that this is the car that you want. Now walk away. Seriously......don't argue.....walk away. At least for a while unless there's a chance that someone else is looking at the car and you are 1000% sure.....not 100% sure but 1000% sure. Having a cooling off period even for an hour or two and thinking about the price, what repairs (if any) the car needs, etc. can save you from making a costly mistake. It always pays to not impulse buy although sometimes it can pay off and you get a sweet deal.
Talking turkey. Once you do decide this is the plunge you want to take, make an offer that's lower than the asking price. Don't make it ridiculously low but lower than what you REALLY want to pay for the car or lower than what its value is. You can always work up by increments but if you give too high an offer, you can't take it back! If you're working with a dealership and they don't want to budge, walk away. I know.......that's twice now! Walk away......you'll be glad you did! You'd be amazed at how "creative" they can become when they think they're losing a customer, especially at the end of the month at a dealership!
Don't Pay More Than You Need To Pay - Ever! If you read about the blue book pricing on this car and you did your homework like we discussed, you know the answer to how much should you pay for the car. It's that simple! You should be able to walk away with a car that's the lowest possible price you can get for the car, and you should be able to pay for it with a low interest loan. DO NOT and I repeat DO NOT go over your budget "just because you love the car." Buying a car that you budgeted for that is outside your budget limits is just bad business. You don't need the car that badly!
What to Look for in a Used Car by Consumer Reporting
How To Buy A Used Car and Not Get a Lemon
If you do all the things suggested above, you'll be able to walk away with confidence and you'll also be pretty near 100% guaranteed you won't have gotten a lemon!
Don't forget to check out the insurance rates before you start your quest for the "perfect" car either. It pays to know how much that little red coupe is going to cost you so there are no surprises.
Also use the tools below to make sure the price is rock bottom low, track the history of the car, and then get the best loan available with the lowest interest rate.
Calculate your loan payment several different ways and come up with the one best for you and your pocketbook.
With a little extra effort, you can buy a used car and not get a lemon!
Don't forget to watch the video, too and find out about the things you should look for in a used car.
SOURCES TO HELP YOU LOOK FOR LOANS AND INFORMATION
The True Value of Your Car
- Kelley Blue Book
- Edmunds True Market Value
- Up2 Drive If you purchase a car from a dealer
- Myautoloan.com if you purchase a car from a private party
- On-line car loan payment calculator
Past History of Car
Credit Reports and Scores
- Experian Triple Advantage
- Warranty direct
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