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Used Car Purchasing Tips

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Used cars

Profile PictureThere are a number of reasons why buying a Used car makes sense:

•    Depreciation – New cars depreciate a lot. Buying a two or three year old car can save anywhere from 20% to 35% off the price of a comparable new one.
•    Warranties – New cars often come with transferable warranties. Buying a used car that’s still under its new car warranty can often mean saving money on an extended service contract if it’s purchased from a franchised new car dealer.
•    Certified Used Cars – Most manufacturers offer certified used cars that, while more expensive, come with extended service contracts that offer peace of mind and can be worth the cost difference.
•    Quality – Today’s used cars offer the highest quality in history.

Buying tips

With that being said, here are some tips on what to look for:

Pricing. Prices on most used cars have leveled off and even dropped recently from historic high prices. Visit third-party pricing sites to get retail book values and use their shopping tools to adjust those values based on their condition.

Certified Pre-Owned (CPO). Certified used cars are the closest thing to new at higher used car prices. Most manufacturer programs, such as Honda, GM and Toyota include a Vehicle History Report (from AutoCheck or Carfax) and thorough mechanical inspection.

Cars sold online. Sites like AutoTrader.com and Cars.com let you compare vehicles to give you a better idea of what a fair selling price might be.

Paperwork. Review as much documentation as possible including title documents and service records and receipts.

Check for:

Open recalls. According to Carfax, estimates are that 30% of all recalled cars go unfixed. Franchised new car dealers for that brand will fix any open recalls for free.

Odometer issues. Digital odometer tampering is often difficult to detect. Be sure the interior and exterior wear and tear correspond to what the odometer displays.

Flood damage. Check for any odors, corrosion, mud and dirt – especially in those hard to clean areas. Also be sure all warning lights and electrical components are working properly.

Curbstoners. Illegal dealers posing as private sellers peddle cars on the internet, along roadsides and through classified ads. These cars often have hidden problems and the seller typically cannot be found after the sale.

Professional inspection. Not something to look for but what you should have performed by both a certified master mechanic and a body and frame specialist prior to signing any sale documents.

Five Great Reasons to Buy a Used Car

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The essential question for car consumers is whether or not to buy new or used.  Certainly, there are obvious pro’s and cons to both.  Here are five reasons you should consider buying a used car according to the Used Car Dealers Association.

1. Depreciation

New cars drop value as soon as they are driven off the lot.  Studies have shown that three- to five-year-old vehicles have already experienced the greatest percentage of their depreciation. With the current economy, used vehicles offer consumers the chance to save thousands of dollars or even affordably upgrade to a better class of vehicle.

2. Road-Tested

A properly maintained used vehicle with service records is helpful, because any defects that might go unnoticed in a new car will have already revealed themselves and been corrected in a used car.

3. Reliability

It’s an undisputed fact that today’s vehicles are truly built to last, unlike vehicles of 25 years ago. It’s quite reasonable to expect, with proper maintenance, a vehicle to serve reliably after 180,000 miles or more.

4. Accessible 

People like used cars because they can see them, sit in them, try the options and drive them, which you can’t do when ordering a new car from a photo or option description. People like to see and touch what they are buying.

5. Insurance

Perhaps a more costly aspect than maintenance for some vehicles is the cost to insure them for the road. Used vehicles can be less expensive to insure.

 

It is important to carefully and extensively research used cars.  Ask the dealer for a vehicle history report.  Also, It can be beneficial to have your own mechanic inspect the car before buying.