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OK, so you're looking to buy a used car. It's important to know what you are doing in order to avoid getting stuck with a lemon or overpaying for a car. Start off by evaluating your finances to figure out what you can afford. Have an absolute definitive number in your mind that you will not go above no matter what. This is information you should never share with a perspective seller or car salesman. They should always believe you have less to spend than you actually do.
Research the vehicles that fit into your price range, and narrow down your selection. Find out everything there is to know about the type vehicle or vehicles you have in mind. This includes researching market value, resale value, how well they maintain their condition and reliability.
When doing your research, it's a good idea to focus on cars that maintain their value and stay in good shape even after many miles. Be sure to research how many years or miles the car you're interested in can maintain it's value. A good source of this type of information is Consumer Reports Magazine.
Make sure you take the car you are interested in on a test drive. Try to take a drive for at least 10 minutes so that the car is heated up and any possible problems can present themselves. The longer the test drive, the more likely you are to find any possible problems the car has.
You should be sure to pay careful attention to the way the car handles in city and highway driving, brakes, and steering. It’s also important to check the heating/air conditioning system and all accessories such as the radio, windows, windshield wipers, front and rear defrosters and mirror and seat controls.
When considering a used vehicle, one of the most important things to do is have the car inspected by an independent mechanic. This could cost from $50-150, depending on the car, but it is a worthwhile investment. If you’re shopping at a dealership, don’t allow the dealerships mechanics look at the car because they have a vested interest in you buying the car. Never, under any circumstances, buy a car without having a mechanic inspect it first.
Tell the mechanic that you are considering purchasing the vehicle, and have them check everything out and list any problems they may find. Get a repair estimate for any problems the car has. You can use this later for bargaining power when you negotiate the price. If the car has too many problems, don’t buy it. It doesn’t make sense to buy a car, only to have to immediately invest more money to repair it. It's more economical to invest that money into paying slightly more for a car in better condition
After you have definitely decided on a car, it’s time to begin negotiating the price. If you are buying the car from a dealership, always let the dealer make the first offer and start the negotiations. He’ll probably suggest full price. Let the dealer know that you are aware of the real value of the car. Finding the value of the car takes research and should be done before you start negotiations. Sources of this information can be found on the Internet, at a library or a bookstore. After you've heard the dealer’s best offer, it's time to make your own offer.
When negotiating with a car dealer, never seem desperate. The willingness to walk away if necessary is a huge bargaining chip that will work in your favor. Car dealers are notorious for pressuring you into thinking you may lose a great deal if you don’t accept it right there. In the end, you can give offer a fair price and tell the dealer you are not willing to go above that price for any reason. They may be willing to take your offer.
You may have a better chance of negotiating a good price if you are buying a car from a private individual. It's very common for sellers to try to pressure you by telling you there is someone else interested in the car. This is just a pressure tactic and should not influence your offer. Use any mechanical problem that you found during the inspection to reduce the price. But don’t expect someone to take money off for every little detail. One other bargaining chip that is useful is to offer to pay cash. The possibility of immediate money can be very appealing to someone trying to sell his or her used car.
Sometimes a warranty is included with a used vehicle and sometimes you can purchase one. This is something you can use in your negotiations with a dealer. You can ask that a warranty be included in the price you settle on. With a private seller, there isn’t anything you can do. If the car still has a warranty on it, it will be yours if you buy the car.
If you follow these suggestions, you will increase the chances of buying a well functioning used car at a reasonable price.
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