Buying a used car can save you thousands of dollars, but it can also end up costing a great deal. The key to making a good used car purchase is research. You will want to research the value of the car, the history of the car and the current condition of the car.
There was a time when buying a used car was a shot in the dark. The internet searches have made it easier to find out where a car has been. Lemon laws have been enacted to protect consumers from bad deals. The changes that have come along have helped to make buying a used car as simple as a walk in the park.
Steps to Buying a Used Car
Step One: Begin the search. Use the internet to see what used cars are available in your area. Spend a Saturday visiting different used car lots to get an idea of the inventory.
Step Two: Make a list of any cars that catch your attention. You will need the VIN# of the vehicles that you like the most, any upgrades or special packages, and the mileage. Also make a note of the condition of the car.
Step Three: Use the internet again to do a Carfax search (or similar search) of the specific VIN#. You will be able to find out the history of the car including where it was registered, the type of miles that were driven, and also if the vehicle has been in an accident.
Step Four: Continue the internet search by visiting the Kelly Blue Book website or you’re the NADA (insurance) website to get an idea of the value of the vehicle. Keep in mind that the insurance company will not pay more than their set value if the vehicle you purchase is totaled. The amount you pay for the car does not determine the insurance payoff.
Step Five: Meet with the sales representative and discuss the value of the car. If you can get the two sides close together then you will want to continue to set six. If you are hundreds or thousands of dollars apart then you will want to move on to a different vehicle.
Step Six: Inspect the vehicle (and have it checked by a mechanic). Look under the car for signs of rust. Look around the tires for the same types of signs. Remember that fresh paint on the underside of the car could be a sign that there was a rust problem. Cars that have spent most of their life in the north where salt is used to deice or along the cost can suffer from rust damage.
Step Seven: Check the maintenance records. The best used cars are those that have been well maintained. You may find those records in the glove compartment of the vehicle or possibly in another storage area in the front of the car.
Step Eight: Get your financing in place. If you are getting a loan for a vehicle then try to get preapproved for a particular amount. Have cash available for the best negotiation position.
Step Nine: Begin serious negotiations. Take the bottom line that you are willing to pay and place a smaller amount on the table. You would always prefer to pay less than your limit, but you also want to keep in mind that the seller needs to make a profit in order to continue in business.
Step Ten: Get the paperwork signed. You want to purchase a used vehicle that has a clear title. Any trouble with the title could hold up your process of getting a tag for the car.
The more time you invest into preparing for buying a used car the better. Research will help you get a great car at a reasonable price.
