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
- 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 andmay even let you retain the used car.