I Want To Buy A Used Car - How Do I Get The Best Deal?
So you want to buy a used car? According to most personal financial advisers
, you're making a great choice. For most of us, the romance and smell of a new vehicle isn't worth the nosedive in value once we wheel our shiny new toy off the lot. As long as you know what is going on, buying a used car is a smart decision. If you want to find the absolute best deal on a used car, there are a few things to keep in mind. You will want to keep these tips in mind so you can get the most value for your money in a used car.Discover the Real Price of the Car - Your most important tool in the used-car search is your own knowledge of the used car's right price. Thankfully, the pros have done the work. Check car prices at KBB, Edmunds, or NADA to learn the real value of the car you're interested in.
Uncover the Story of the Car's History - The VIN, or Vehicle Identification Number, is your best friend when it comes to purchasing a used car. This 17-digit serial number, which you can find listed on the body of the car, will unlock the story of the vehicle's past. Using a site such as www.carfax.com, check to see if there are any problems, collision reports, or any other red flags. The information you gain from the VIN report can be used when negotiating the price.
Invest in an Inspection - Once you've settled on the used car of your dreams, take it in to your mechanic for an inspection. You may pay up to $100 for a thorough inspection, but the fee is well worth it.
Pay Cash if Possible - Used car loans have a higher percentage rate, usually half a point or higher on a 2 year loan. In early 2012 the average loan rate for a new vehicle was 5.2%, compared with 5.6% for a used car (48-month loan). That may not seem like a huge difference, but it can add up to a significant amount over the life of a loan. If you can, pay cash for your used car. If not, consider your options at a credit union for a better deal.
Ask for a Lower Price - Even if the seller tells you that the price is nonnegotiable, it never hurts to ask for a lower price. One way to leverage a lower price is to point out any issues such as repairs or other flaws about the car. If you've checked your prices, retrieved the VIN history, and performed an inspection, you have a lot of leverage for negotiating the best price.
Nobody said that it's easy to buy a used car. You will use some time and spend some money. In the end, however, it's an adventure that's well worth it. By doing some research and a little patience, you will be able to find the car of your dreams at a price that you can actually afford.
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