Buying a used car is not just haggling over the price and
signing the sale papers quickly. This kind of hurried shopping defeats the very purpose of
saving money which the used car actually have accomplished. In reality, it
needs lots of patience looking for the right information online and off-line
and use this knowledge in negotiating from an informed perspective can save the
money you have actually planned to save on a roadworthy used car for a long
time to come.
Follow the rules of the game and play fair to meet your
objective of saving money on a used car:
Research well about the used cars to equip yourself with
knowledge and Confidence
You should know the real worth of the used car you want to
buy.
You should research thoroughly on similar used cars on sale for
their condition, age, miles traveled, equipment installed, and their location
that would influence the value of a used car.
Web sites and printed guides that provide used car
information:
- Kelley
Blue Book
- Edmund's
- National
Automobile Dealers Association (NADA)
- Consumer
Reports on Used Car Price Service
They provide the buying advice from CR's auto experts,
pricing information, by time with adjustments for options, mileage, and
location for most models to determine the right price for buying or selling a
used car.
Compare several used car price sources.
Since you have access to reliable information from the
sources mentioned previously you can always play it cool with the used car sellers.
Used car dealers are notorious for the games they play with the price guides.
They use the guide that has the prices on the high end for the cost of the cars
you want to buy and use yet another guide with lower values for your trade-in. Remind
them that they should use the guides that have listings for both retail and
trade-in (wholesale) prices to avoid this kind of “Heads I win, Tails you lose”
game.
Compare used car prices both within your locality and
across the country.
Despite the quoted selling price you can always negotiate a price
since supply and demand play a key role in deciding the ultimate price of the
used car in your area. Check out local classified-ad publications and
newspapers for local used car availability and Internet used car sites to
compare prices both in your locality and across the country.
You might want to look outside your home area in which case
you might save in much more in cash on your used car purchase. But then , it
might involve traveling more than once for the personal inspection of the used
car has also be done by your favorite mechanic.
Ask questions about
the used car thoroughly
Once you decided on an advertised used car check with the
seller/dealer for its availability. Ask for a thorough information on the
details of the used car that were not given in the advertisement
- Miles
are on the odometer
- Features
and options
- Condition
of the body, paint, trim, tires, and upholstery
- Accidents
involved
- Service
records
- Primary
owner and the occupation
The answers to these queries would give you the vital clues
about the trustworthiness of the seller of the used car. If the seller evades
answering on these points or that you feel the seller is lying you can look for
other used car deal.
Choose the right financing options for your used car
If you are not doing cash payment on the purchase of the
used car you should be thoroughly clear about your financing options. Research
and consider the interest rates of banks, credit unions, and loan organizations.
- If you
are buying a used car from a dealership, compare its rates with those of
others
- If you
are buying a used car from a dealer, keep the financial
arrangements out of the negotiating process on the price of the used car
- If you
are buying the used car with a personal loan , it would be a
more serious negotiation with the
money in hand
Choose the duration of the term of the loan because it would affect the monthly payment
and total purchase price of the used car since, a short term loan involves
higher monthly payments and a long term loan, higher interest rate.
Your Research on the used car purchase should help you
assess the value of your present car too, for a Trade-in
You may want to trade in your current car at the same time
you buy the new one wit a dealership. Your research on the used car purchase,
would also impart with knowledge on how much your present car is worth. You can
decide in the repairs or paint work your present car requires to improve its
chances. If you feel the dealer is not offering the right price for the trade
in, you can always take your vehicle elsewhere or sell it yourself.
Do not rush to buy a used car
Customers in a rush
- Do not
inspect the used car thoroughly
- Buy a
more expensive used car at random selection
- Do not
negotiate the price down on the used car
Even if you need new used car badly, do not show it for, the
seller would sense it and take advantage of it. As a routine sales tactic the
seller might create a sense of panic and urgency by telling you that there is a
stiff competition for the used car on sale.
You should never give in for this trick. There are many
other used cars out there you can choose from.
Haggle knowledgeably on the price of the used car:
Even if the seller is suggests that the price is
non-negotiable, offer less for the used car. The knowledge you have gained from
the local classified ads and price-guide data for similar used cars should by
this time come to your rescue to help you justify the seller about the fairness
of your offer.
Start with much less than what you're willing to pay for the
used car and add a little extra thereafter. You should list out the flaws or the
equipment problems in the used car to justify your offer. If the seller is resolute,
walk away. You have nothing to lose. More often than not, before you leave his
premises the seller of the used car comes around for the price you have decided
on.
Calculate the cost of the possible repairs of the used
car:
If you save on the used car and pay for its repairs, it does
not do you any good.
If you are serious about buying a used car, conduct a
diagnostic inspection with the help of a friend or your favorite mechanic. Leave
your identification cards or your own car as assurance with the seller for a
test drive of the car. Stay with the dealer in the shop where the inspection is
taking place.
A thorough inspection does cost, but this money is well
spent if it uncovers any problems. Cite your costs of making repairs in the offer.
Pay only for the used car you wanted, but not for the
cosmetic features on it
Popular models of the used cars offer a number of vehicles
to choose from. A used car loaded with extra features and options cost more
than the same used car with less equipment. Decide the features you really need
and the ones you can do without.
Once you have made up your mind on the feature and the cost
of the used car, stick to it even with a better-equipped version offered. Customized
used cars need more carefully looked into, for the cosmetic improvements may affect
its road worthiness.
Visit www.yourlemonlawrights.com
for more information on the fraud claims such as odometer rollbacks, auto
dealer financing scams and vehicle history misrepresentations.
If you or any of your loved ones are hurt because of the
fraud used car dealers visit www.yourlemonlawrights.com for
the redressal. Fill in the form for a free evaluation of your case. Attorneys
at the www.yourlemonlawrights.com
might get you a refund on the vehicle
and may even let you retain the used
car.
