Buying a used car can be a wise investment when you need to replace your car. In an age where the average new car price is approaching $40,000, buying a used car can mean substantial savings.
Not everyone is able to shell out all the money for a car, even for a used car. If you want to pay the lowest possible price for a used car, the answer is almost always to buy it from a private seller. Whether you decide to buy a car from a private seller to get a great deal, avoid hidden costs, or just because you found the exact car you wanted, buying from a private seller has a number of benefits.
If you’re considering buying a car privately—perhaps you’re looking for a specific vehicle or found a dealer with the car you need—follow these tips to make private buying a sweet deal for both parties. If you are buying a car from a private individual and are afraid to enter unfamiliar territory to check on the car, make an appointment with the seller in a crowded, well-lit public area, such as a mall parking lot. By going through these things to check out when buying a used car, you will be able to make the final decision on whether a car is right for you or if you should leave.
If the mechanic gives the car a certificate of good condition, consider buying the car. If the mechanic recommends a repair, it is wise to deduct the cost of the needed repair from the car’s purchase price, if the seller agrees, and then buy the car. If you decide to buy from a dealer after seeing the results of the inspection, you can use the estimated repair cost to negotiate the price of the vehicle.
Just because the appraisal tool says your car is worth $5,000 doesn’t mean you’ll get $5 from the dealer. If you are planning to sell the car you currently own and use the proceeds to buy your next car, you will need to find out how much your car is worth. Before you see the car, study the car’s true market value with the Kelley Blue Book. The Kelley Blue Bookas used car pricing tool will show you what the fair market value is, whether at the dealer or privately.
Once you’ve found a few cars for sale in your area, look for the model in pricing guides like Kelley Blue Book before actually checking them out. Based on these characteristics, you will be able to determine the average retail price of a used car, as well as the cost of the car when renting a car, which is approximately the cost of the dealership. Each used car on the Carfax used car listing page will also indicate whether the asking price is very good, based on the average selling price and data gathered from vehicle history reports. You can use this guide to estimate the market value of your vehicle of interest by evaluating its condition based on factors such as age, mileage, and options.
Using the Vehicle Identification Number (VIN), you can get a detailed vehicle history report from Carfax or AutoCheck. Based on the vehicle identification number, or VIN, the historical vehicle report provides a variety of valuable information, including mileage verification and whether a used car has ever been declared a total loss by an insurance company. Carfax is a key resource for any buyer, providing vehicle history reports for previously registered vehicles. Previously registered vehicle history report.
If you do not have an acceptable title deed, it may be difficult to register a vehicle or obtain a title deed. The dealership will usually take care of registering the car in the state you live in; otherwise, take the vehicle title to the nearest state-owned trucking company as soon as possible to have it registered and authorized in your name. At independent used car sites, you often see a sign saying the vehicle is “certified,” which can mean just about anything—and usually nothing—about the condition or reliability of the car. A technical inspection is a good idea even if the used vehicle has been “certified” and checked by the dealer and is being sold with a warranty or service contract.
If you are buying a car from a dealer, you can definitely take their offer. If you can’t get the dealer to change the price of a new car, you can ask them to increase the total cost of your car as a bait to get your business. Unless you’re buying a used car from a dealer that doesn’t allow haggling, never pay the asking price.
When buying a car from a dealer, follow these steps to get the best price on a used car. Our prices reflect not only the amount of money needed to buy a used car from a dealer, but also from a private individual or private seller.
Buying can also be a significant financial commitment, with some industry reports estimating the average used car price to be around $28,000. A car may be a little more expensive than buying from a privateer, but it can save you a lot of frustration.
One of the benefits is that the residual value of your used car at the end of the lease will be much cheaper than a new car, which will ultimately make your used car more attractive to buy. Brand new cars depreciate in value as they leave the lot, but a used car equates to slower depreciation, meaning you’ll have a more stable credit-to-value ratio. Generally, just as a car will cost less, insurance for a used car is usually lower than for a new car. A used car will cost less just because of the sticker price, but the savings don’t end there.