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Used Car Buying Tips

Written by Robert G. Jackson    Friday, 13 February 2009

If you intend to buy a used car from a dealer, and not from a private party, look for the "Buyers Guide" sticker on the window of each used car. The sticker, which the Federal Trade Commission's Used Car Rule requires dealers to place on their cars, will give you important information and suggestions about making the purchase. For example, the guide will tell you: - Whether the car comes with a warranty and, if so, what the warranty covers and for how long. - That you should have the car inspected by an independent mechanic before you buy. - Find a mechanic you trust to get an objective analysis of the vehicle. - That you should get all promises put in writing. - What major problem areas to look for that are common to all cars. Should the car in your future be new or used? One of the quirks in buying a car these days is that although demand for top-quality used cars is strong and supply a scarce, used-car prices overall are falling. Still, if you can't cut a good deal on a used car, it's probably because price isn't the whole story. Used cars often require a larger down payment, while a buyer lacking cash may be able to buy a new car by using the manufacturer's rebate as a down payment. Also, financing a used auto can mean paying stratospheric interest rates-- an average of 16%. You may find it easier to cut a good deal on a new car. Sales volumes are downright pitiful, and dealers are slashing sticker prices around the country by hundreds--sometimes by thousands--of dollars. Or consider one of the "nearly new" cars, which are loaded with options, are three to six months old and have about 10,000 miles on their odometers, interest rates on loans for these former rental cars usually run only a half point more than for new cars.

Last Updated ( Friday, 13 February 2009 )