How to Get a Good Deal On a Used Car
Key Takeaways Buying a used car can be a confusing, complex, and anxiety-inducing process. Getting a good deal on a used car can be done by conducting thorough research online, checking out cars and test-driving Private parties may be less expensive but come with greater risk, while dealer lots. How To Negotiate a Great Deal on a Used Car Bring Your Research. If you were negotiating the price of a home or your salary, you wouldn’t expect the person on the Ask a Mechanic. Remember the home-buying analogy? It applies here, too. When you make an offer on a house, it’s usually Look Beyond.
However, there are still some things that can trip you up. We like our members to be in the best position possible when they shop for a car. With that in mind, here are seven tips for buying a used car from a dealership. For that reason, you should go in with how to deal on a used car clear idea of how much you can afford to spend. You can do that by getting pre-approved for a loan or, at the very least, using a loan calculator to decide how much you can spend.
Regardless of where you live, you probably have a variety of dealerships in your area. Here are some of what kind of motorola droid do i have things you should research before you go shopping:.
You should be able to get answers to these questions online. Never visit a dealership with a sketchy reputation or bad reviews. You might want to rush right over and start shopping, but do yourself a favor and research some cars, first.
You might start by deciding what features you want in your next car or which makes and models you like. You should also check out consumer complaints and recalls. If you spot a car you like, and you have the VIN number, you should run a CarFax report before you go to see it.
It may also help you narrow down your choices, so you can pick a car that will give you the performance and reliability you want.
Never buy a used car without test driving it first. The test drive will give you a chance to see how the car handles and also, how to play the bartender song on guitar test out everything from the brakes to the radio. A salesperson who pressures you or tries to convince you not to take it on the highway may be three kings brought what gifts to distract you or prevent you from spotting potential issues.
For most buyers, the final step is negotiating a price. You should still plan on haggling a bit to get the best possible price.
A good rule of thumb is to go in with a low but reasonable offer based on your research. Instead, make incremental increases and be prepared to walk away. Auto Loan. Here are some of the things you should research before you go shopping: Does the dealership have a franchise deal to sell Certified, Pre-Owned cars? Does the dealership have good reviews on sites like Yelp and Google? Are there any complaints about the dealership with the Better Business Bureau? What of cars do they have in stock?
Are they an indirect dealer of a local credit union, like Addition Financial? Check here. The content provided here is not legal, tax, accounting, financial or investment advice. Please consult with legal, tax, accounting, financial or investment professionals based on your specific needs or questions you may have. We do not make any guarantees as how to deal on a used car accuracy or completeness of this information, do not support any third-party companies, products, or services described here, and take no liability or legal obligations for your use of this information.
Posted on Aug 21, Topics: Auto Loan.
More Tricks for Nabbing a Great Deal
Jul 19, · You'll want to cast a wide net so you can find the best example of the vehicle you want at the best price. You don't want to just see one used, three-year-old Honda CR-V for sale at one car Author: John M. Vincent. Jun 04, · Don't Finance at the Dealership — One major mistake many used car shoppers make is that they show up at the car lot without a secured loan. If you're financing your vehicle, it often makes more financial sense to finance through your bank or credit union. Nov 14, · You can fund the purchase of a used car by selling your old car. Figure out about how much you can get for your current car before you begin looking for a new one. Not having a car to trade in will not affect your ability to get a good deal on a used car. In fact, many experts recommend that you treat the sale of your current car and purchase of a new one as separate transactions%(2).
But most Americans have to have one to get to work, run their errands and live their everyday lives, so finding a car that's reliable, low-maintenance and affordable is extremely important. We've got a few easy tips and tricks you can employ the next time you're on the hunt for a used car, some of which may even help shatter the myth that cars are an all-around bad investment.
If you buy a vehicle more than the average person, or even if you just can't stomach the markup at the used car dealership every few years, consider getting a used car dealer license. Those who hold this licensure can legally enter the business of selling, displaying or buying vehicles under an established business. But for the everyday citizen who simply wants to nab a great price on a used car, the dealer license is desirable for one main reason: It provides you with access to auto dealer auctions.
What's the big deal about auto auctions, you ask? These events essentially act as wholesale marketplaces for used car dealers. The proprietors of your local used car lots and dealerships go to the auction to stock their inventory. In other words, they're able to bid and purchase cars for much lower than their market value, helping them turn a profit on each vehicle.
Typically, the cars and trucks at the auto auction can be sold for much lower prices because they are off-lease returns, vehicles that were repossessed or vehicles that were seized by the U. Unfortunately, these auctions are generally not open to the public but are restricted only to licensed car dealers.
It generally doesn't matter if you actually have a used car lot or not. If your license is current, you will most likely be able to participate in a used auto auction.
Depending on how much time you have and how many used cars you think you could reasonably nab and possibly resell , getting your used car dealer license may be a smart option in the grand scheme of things. So how do you go about getting licensed?
The requirements vary slightly from state to state, but in general, they require you to have:. If you meet the state's minimum requirements and are happy to pay the licensing fees, you can become licensed as an official used car dealer in your state.
But you can't simply waltz into your local car dealer auction and start bidding. Most auto auctions require new dealers to provide certain documents, including a W-9, a copy of your dealer license and even a signed power of attorney form if you're bidding on behalf of another person or business.
Note that you may also have to complete an application with the specific auction house and pay a registration fee. Besides the fact that you'll be able to get a set of wheels at a hopefully deep discount, getting your used car dealer license may bring you some additional benefits that help save or earn you money.
Here are some more benefits to becoming an official used car salesman or woman. We know that becoming a used car dealer isn't worth the time, cost and effort for some car shoppers. Indeed, you'll need to weigh whether or not the cost of bonding , insurance, licensing and other things still equal a good deal on a used car in the end. If you decide that it's not worth it for your specific situation, there are still a few things you can do to find a reliable used car on the cheap.
Here are a few ideas:. Becoming a licensed car dealer isn't for everyone, but if you have the spare time, money and patience to go through the process, it can often equal a much better deal on your new ride.
If you decide to become licensed in your state, let Surety Bonds Direct assist you with getting a motor vehicle dealer bond to kick off your deal-hunting. We always strive to simplify the process and answer all of your bond-related questions.
Or Call a Bond Specialist Search by Bond Type or State. Jason O'Leary June 4, updated: October 9, Excellent Customer Service.