In recent years, more people than ever are opting to purchase a used vehicle instead of a new one. According to a study by a major auto think-tank, Gen Y considers used cars to be a better deal and more durable. It’s more than just choosing the right vehicle, more help?
Finding the right car dealer is important. The Federal Trade Commission offers some advice.
Here are some tips on how you can handle them both. Here are some of them.
1. Have your mechanic inspect the vehicle and examine it yourself. A reputable dealer should offer this opportunity to you before you purchase.
2. Before purchasing, test drive the vehicle on different roads. You can test drive the vehicle in hilly terrain, on highways, or even in traffic.
3. Be sure to check the dealer’s reputation before buying. Customers will often provide testimonials for great dealers. If you are unsure if the dealer has any unresolved issues, call the Better Business Bureau.
4. Law does not mandate that dealers give used-car buyers a right of cancellation. Ask about the return policy of a dealer before making a purchase.
5. Take a copy of everything that you sign.
6. The cost of ownership is a very important factor to consider when you are looking at a vehicle. The U.S. Department of
Transportation provides information on gas mileage and recalls.
7. Never rely solely on verbal assurances. You should get all warranties and guarantees in writing. Get a receipt of any money paid to the dealer.
8. Make sure that the dealership or financing company reports to credit reporting agencies your good payment history. Your credit score will increase (overtime) and you may be able to get lower interest rates.
9. Do not buy more than your budget allows. Consider your ability to pay down a certain amount, as well as the monthly payment and length of the loan. Also, consider the annual percentage rate.
10. Some used cars have an “As Is” warranty. That is, no warranty. Most reputable dealers offer free warranties, so make sure you ask.
Keep in mind the phrase “reputable seller”. This is important. Dealerships are not meant to be an assembly-line, churning out sales and often chewing up customers. Great dealerships counsel and advise their customers.
With them, you can find the best vehicle and finance options.