In the Market for a Used Car?

The used car market sales often go up at this time of the year. Many young people are headed off to college and often must have a vehicle to use for transportation.

I have a little knowledge in this area for several reasons. Number one, I have been through it twice and will most likely be going through it again very soon. I am choosing not to purchase a car for my daughter’s first year in college but it will be something that I will need to look at in the near future. Secondly, I have a brother who has been in the used car business for many years.

Another reason that used car sales are raising in this country is the down turn in the economy. Many people need to look for a used car versus a new car in order to fit the payments into their budget. Many families have become a one income family and can no longer afford a new vehicle.

Take someone who understands the mechanics of a car when you are shopping for a used car. Certainly have a mechanic look at the car before you pull the trigger and finalize a deal.

You will want to make certain that your loved ones are in a car that is equipped with anti-lock brakes and air bags. You should check the car’s crash ratings. There are sites online that list this information. One is insure.com.

Do some comparison shopping. Go on sites like Craigslist and Kelly Blue Book to determine if you are getting a fair deal for the vehicle you are ready to buy.

Ask your friends or family members who have purchased a used vehicle where they bought their car and if they were satisfied with their experience.

Don’t be afraid to negotiate the price. Be a savvy shopper. Be ready to walk away if the dealer will not meet your price. You can always return. You will be surprised how many times a salesman will call you back and agree to your price to get a deal done. I have personally done this many times with not only vehicles but other items as well. Do not allow anyone to intimidate you.

Check Craigslist or your local papers for deals. Often people want to sell quickly and will sell a vehicle to you at a better price than you can get at a dealer. Do remember though that this will be an as is deal and you will not have any protection.

Go to locations such as enterprise rental sales or other car rental sites that sell used vehicles in good condition for less than Blue Book value.

• Cars that are only a year old are 20-30 percent cheaper than brand-new cars. Did you know that as soon as you drive a new car out of the dealership that car just depreciated thousands of dollars?

• Have you thought about how much you will save on insurance driving a used vehicle?

• Did you know that used cars are more reliable than ever before and that many even still offer a factory warranty?

• Did you know that you can easily trace the history of any used car with the vehicle identification number (VIN)? 

Use the affordability calculator at Edmunds.com to help you estimate what your monthly payment will be based on purchase price, down payment, interest rate and length of loan.

This information will help you to be certain of what you can afford and will help you avoid the pitfals of a fast talking salesman.

I personally lease my vehicle. I have weighed it out and feel that it all comes out in the wash in the end. Lower payments upfront and driving a new or newer vehicle for me just makes sense for my lifestyle. My reasoning is that I do not have access to anyone who can repair my vehicles readily and must pay a mechanic at premium prices. Thus, for me it is worth it. Remember that brother I told you about. Well, he is in another state and about six hours from me. Not fair - right? However, some people are not comfortable with lease payments. They believe they will not have equity in their vehicle. This is not the case as you may ask your local dealer if they would like to purchase your vehicle. Make certain you choose a vehicle that is popular for resale. Trust me if you have low miles and have taken care of it the dealers will negotiate with you like you have some trade in value. I have done it for years now. They may not tell you that upfront but that is the case. Again, always important to become an educated consumer.

Enjoy your shopping experience. Take the time to do some comparison shopping. Find a dealer you trust and most of all - be safe!!!

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