Used Car Finance

Trusting the Seller

Trust is a very good attribute to possess, unless you are buying a used car, especially for the first time.  For example, if the car is being purchased from a private party via an ad in the paper, they are not obligated to disclose problems with the vehicle.  In fact, especially if the seller is a stranger, you have no idea whether he/she is telling you the truth about the car.  Chances are good that a car, supposedly driven by a granny only to church and the grocery store, has a lot of undisclosed problems.  It may be a gas guzzler, leak oil like a sieve, or literally start falling apart as soon as you put it in the garage.

So, many used car buyers will only purchase a vehicle from a car dealership, thinking these are trustworthy business people who want to make sure you come back the next time you need a vehicle.  Unfortunately, assuming a salesman is selling dependable transportation can be a huge mistake.  

For many of the vehicles they sell, a trade-in is accepted for at least part of the down payment.  Now, they need to get rid of that clunker, and frankly, they are looking for a trusting soul.  Like the private seller, they might polish and fix the car just enough to get it off their lot and into your driveway.

Not taking the Vehicle to an Independent Mechanic

Whether the car is purchased directly from the previous owner or a dealership, a buyer should have an independent mechanic look it over, before making the purchase.  It is better to discover any problems, before buying a used car.  You may still want the car, but you’ll also know what you are purchasing.

Not Checking the History

Even a car that looks great on the outside may have big troubles that the average person buying a used car will never see.  For example, if a car has been in a major accident, the frame or front end may have been irreparably damaged. You might even take it for a test drive and not notice a problem.

However, the car is now structurally unsafe.  If you were ever to get in another accident, the car would not provide the same level of protection advertised by the manufacturer.  In addition, you will not be able to steer the vehicle properly, because the alignment is off.  At the very least, it will cause unnecessary wear on the tires.

Fortunately, if you get the VIN number off the car, you will be able to check its history.  It is possible to find out whether it has been in an accident or has operational problems.

Not Looking at the Blue Book

Every vehicle, regardless of the make and model, has a Blue Book value.  The term comes from a literally blue book that dealers possess, in order to determine what a trade-in is worth.  Of course, they don’t want to lose too much money in the deal, and they need to know the resale value.

But, many used car buyers don’t realize they can discover what a vehicle is really worth on their own.  You don’t have to ask for the dealer’s Blue Book. You can now get the same valuable information directly off the Internet.  Not only will the knowledge give you some bargaining power, it will also prevent you from paying too much for a used car.

Not Shopping Around

Some buyers are so desperate for dependable wheels today that they tend to buy the first car they test drive, if it’s in their budget. They allow themselves to be convinced that they will not find a better deal. Sadly, after it’s too late, they realize another car would have been better.

A vehicle is one of the most important purchases you can make.  Especially if you are buying a used car, it’s vital to look around and take time to be sure you have found the best deal.  Also, you want to make sure you don’t make some of the common mistakes that have made many auto consumers miserable and broke.  Then, you will be happy and safe on the road.