Buying a Used Vehicle Got You Scared?
5 Things You Should Know Before Making A Purchase.
In today’s economy more people are looking to buy a used vehicle. Know what to look for before you visit the dealership.
1. Know what kind of vehicle you want
Some of you are tempted to skip this step because you already have a vehicle in mind. But ask yourself a few questions before you go to the dealership. Can I afford the monthly payments? Does it meet my driving needs? If you aren't sure of the answer, click here to go to our payment calculator page. When you figure out what you can afford, rent a car from a rental car service for a weekend. You have to live with the car you purchase, make sure it's the one that meets all of your needs.
2. Shop around. A lot.
Before you go to the dealership, check out their web site. Many dealerships offer specials on their web site that they don't advertise at the car lot. If you find something that peeks your interest, call the Internet Manager and ask to see a CARFAX vehicle report. The report gives vital information such as if the vehicle has a salvage title or evidence that the odometer was rolled back. If they do not have a CARFAX, you can purchase one online.
Once you have done your research, make an appointment for a test drive at several different dealerships. Pricing and terms can vary from dealership to dealership on the same model and you may be missing out on a better deal.
3. Don't buy more than you can afford.
I know this seems like an obvious statement. However, many people go into a dealership thinking that the car they want costs a certain amount of money and don't realize that the cost goes up when you add dealer's fees, taxes, title, license, warranties, undercoat protection, and other add-ons. Other things to take into careful consideration are after purchase expenses such as insurance, gas, and repairs.
Smart buyers consider financing the vehicle before beginning the shopping process. Knowing what you can afford will help avoid some unpleasant surprises. Three values you should know before going to the dealership are your down payment, monthly payment, and total price of the car.
Down Payment - How much money can you put toward the purchase of the vehicle?
Monthly Payment - How much can you afford to spend on a car note and for how many months?
Total Price - How much overall do you want to spend on a vehicle?
4. Ask questions.
Don't be afraid to ask a lot of questions. The more questions you ask, the better chance you have of finding the vehicle that fits you and the more confident you'll feel in purchasing it.
Here are some questions to get you started:
- Has the vehicle ever been in an accident?
- Does it have a salvage title?
- Do you have the title?
- Has any major repairs been made?
- Does the vehicle need any repairs?
- Is their anything else I should know?
5. Know your trade-in value
There are many things that will affect the value of your trade in. Year, mileage, and condition all factor into the price. If you're looking to trade-in your used vehicle, do the research and find the trade-in value or true market value using a resource such as Kelley Blue Book. Never go to a dealership without knowing how much your car is worth.
If you are trading in a car that you still own money on, get it in writing that the dealership will pay off the loan in 10 days. Unfortunately, there are some car lots that will take your trade in and are slow to pay off the loan balance or not pay to off the loan balance at all. If the car is still in your name, you are responsible for paying the note.