Used Car Finance

Look Beyond the Surface

When you find a used car that peaks your interest, the first too things you notice are the condition of the body and interior.  If the previous owner took good care of his wheels, it might look as good as when it was brand new.  When you take it for a test drive, it might even give you a smooth ride.  But, you have to take the sellers word for it that it still gets decent gas mileage or won’t leak oil all over your driveway.

If you are not a professional mechanic, you need to have the vehicle thoroughly inspected, before you make the final purchase. For example, consider the following true example:

A man was looking for a dependable van for his daughter-in-law and grandchildren.  The woman was disabled and would need to get a conversion grant for a lift.  The interior looked great and had all of the amenities most people want when traveling.  His granddaughter took it for a test drive. It seemed like an amazing deal, so he had the dealership change the oil, and he brought the car home.  The dealer assured him that if there was any problem with the vehicle, he had a period of time in which to return it.

The next day, it was discovered that the van was too old and had too many miles on it.  It wouldn’t qualify for conversion.  The van was immediately brought back to the same salesman.  After explaining the problem, the dealer changed his tune and said the sale was final.  The man had bought the van “as is”.

Unable to drive the vehicle, the van was taken to a different dealer, in hopes of using it for a trade-in on another car. After taking it into the garage and really checking out the car, it was quickly discovered that the van had been in a severe accident and still had major front-end damage that was costly to repair. The trade in value was half of what the man had paid only a couple of days ago.

Don’t become the victim of an unscrupulous seller, private or professional.  Make sure the vehicle is worth the money you are going to pay.

Do your Homework

Now that you know sellers are not always entirely honest¸ you need to realize that a little homework on your part can also reveal more undisclosed information about buying a used car.  But, with a little effort on your part, you can discover if the car is really worth what you are about to pay for it.

First, take the time to go online and find out the Blue Book value of the make, model, and year of the vehicle you want to purchase. Assuming the car is in good condition, you will learn the true resale value.  In just a couple of minutes, you can save a lot of money.  Sometimes, the seller will inflate the value of the automobile, knowing the buyer will want to make a deal and feel like they are saving money.  Instead, they may still end up paying more than the car is worth.

Also a Money Saver

Finally, don’t let the seller know you are desperate; and, don’t take the first deal offered.  Even if it means being without transportation for an additional day,  you can often save a lot of money in repair costs and car rental fees, if you take the time to make sure the car is dependable, even if it isn’t brand new.

If you don’t know much about automobiles, you might want to take a friend along to check the vehicle out and help you talk to the dealer or private seller.  Unfortunately, some people will take advantage of your lack of knowledge about cars and your need for immediate transportation.
 
So, before letting go of your cash, there are some considerations for buying a used car that are important.  Don’t blindly take the word of the seller on the condition of the vehicle.  Have it inspected by a knowledgeable third party.  Then, do your homework and exercise a little patience.  You will have a better chance of finding a comfortable and dependable ride that will serve your transportation needs for years to come.