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Buying
a Used Car
Used
Car Auction Sales
Private
Used Car Sales
Used Car
Dealer Sales
Trouble
Shooting
Buying a Used Car
Do some homework before you start
shopping for a used car. This
is time well spent that could
save you serious money. Think
about your driving habits, your
needs, and your budget. Read
newspaper ads-both display and
classified-to learn about car
models and prices. Visit the
many Web Resources; enter "used
car" as the key words and you'll
find additional information on
how to buy a used car, used car value, detailed
instructions for conducting a
pre-purchase inspection, ads
for cars available for sale,
among other information. Check
the Kelly Blue Book used car price.
Libraries and bookstores also
have publications that compare
car models, options, and costs.
Do not forget that to buy
a car online is another
option as well.
Once you've narrowed your car choices, research the frequency of repair
and maintenance costs on the models in auto-related consumer magazines.
The U.S. Department of Transportation's Auto Safety Hotline (1-800-424-9393)
gives up-to-date information on recalls.
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Payment
Options
You have two choices: pay in
full or finance over time. If you finance, the
total cost of the car increases. Consider how
much you can put down, your monthly payment, the
length of the loan, and the annual percentage
rate (APR). Keep in mind that annual percentage
rates usually are higher and loan periods
generally are shorter on used cars than on new
ones.
Dealers and lenders offer a
variety of loans. Shop around and compare terms
and payment schedules. Be cautious about
advertisements offering financing to first-time
buyers or people with bad credit. These offers
often require a big down payment and a high APR.
If you agree to financing that carries a high
APR, you may be taking a big risk. If you decide
to sell the car before the loan expires, the
amount you receive from the sale may be far less
than the amount you need to pay off the loan. If
the car is repossessed or declared a total loss
because of an accident, you may be obligated to
pay a considerable amount to repay the loan even
after the proceeds from the sale of the car or
the insurance payment have been deducted. If
your budget is tight, you may want to consider
paying cash for a cheap used
car.
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If
you decide to finance, make sure you understand
the following aspects of the loan agreement
before you sign any
documents: | |
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- the exact price of
the vehicle;
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- the amount you're
financing;
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- the finance charge
(the dollar amount the credit will cost you);
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- the APR (a measure
of the cost of credit, expressed as a yearly
rate);
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- the number and
amount of payments; and
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- the total sale
price (the sum of the monthly payments plus the
down payment).
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Get
a no obligation price quote for a new car or
truck. Click here for an upfront quote
from a local dealer.
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Get a quote for
used vehicles in your area from
both, dealers
and private parties. Get a free quote
here
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Post your car for
sale in three easy steps and let the buyers
come to you.
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