Part III of a series about selecting and financing your first car
So you want to buy a used car. You have lots of choices and places to look, but since this is a big-ticket item, you'll want to do some homework before you even begin searching. What vehicle are you interested in? What can you afford?
| First, determine what you can afford... and what you want. |
One strong bit of advice is the adage, "Buy in haste, repent in leisure." So before you take your first test-drive, vow not to be pressured into buying quickly. There are no "one-of-a-kind deals," and there are many more models and deals down the road, so take your time.
When you know the type of vehicle you want, see if you can afford it. There are several used-car pricing guides available from your credit union or local library, some offer online pricing:
- Carfax
- National Market Reports Red Books Used Car Price Guide
- the NADA's section on used cars, What is it Worth,
- Kelly Blue Book
Checking these guides will help you determine a reasonable price for the vehicle you want, and whether or not you can afford it. Now, where can you find the vehicle of your dreams?
Where to look
- Classified ads - Again, you have a variety of sources at your fingertips. Your city's daily newspaper probably offers the greatest number of ads, including both private sellers and used car dealers. But don't overlook your community weekly newspaper and "shoppers." Some folks prefer to place ads in these alternative papers, since advertising rates are generally lower. You'll have to read between the lines when reviewing classifieds, "dependable" or "good runner" usually means it isn't pretty. "Mint condition" is a term that is used frequently by private sellers. You'll need to determine the validity of that statement.
- On the Web - Web sites like AutoTrader and Autoweb offer online versions of the classified ads. You enter your ZIP code and select a make, model, acceptable mileage, and price range, and it gives you a quick look at what's out there and where.
- Used car dealers - If you have your heart set on a certain make and model, the best place to look is the used car lot of that auto manufacturer. For example, if you want a Pontiac Grand Prix, then go to the Pontiac used car lot, where you're likely to find the greatest selection. Your next stop might be an independent used car lot that offers all makes and models.
- Bulletin boards - Does your high school provide a bulletin board? Ask your parents to check the bulletin boards where they work, since there's usually no cost for placing ads there. Other bulletin board options might include grocery stores, convenience stores, auto repair shops, and your church.
- Cable television - Check your local listings to see if one of your cable stations runs used vehicle ads at certain programming times.
Who should you buy from?
There's no great advantage or disadvantage to buying your vehicle from one source or another, if you've done your
homework. Dealers generally service and clean their used cars. Private sellers may be in a bind and could be willing
to let the vehicle go at a lower price.
Some people say, "Never buy a used car from a relative or a friend" because if anything goes wrong with it, there goes the relationship. But that depends on the person and the vehicle. It's hard to believe that a friend or relative would withhold knowledge of auto problems if selling to someone they knew. And a vehicle is a machine that can run just fine one day and not start the next because of a battery or starter problem, which happens without warning.
If your aunt is thinking of buying a new car, and her current one is to your liking, maybe you can strike a deal. Car dealers make money by selling new/newer cars, not buying older trade-ins, so they won't make a generous offer on her old car. Offer to meet the dealer's trade-in price, which gives her the ability to negotiate a lower purchase price on the new car without a trade-in. You'll win in this deal, too.
Joe bought his last car from a coworker. Why? She posted the ad describing the car as "My Beloved Bonneville." Those words spoke volumes about the manner in which she took care of the vehicle. Look for signs of pride, care, and appreciation from the seller of the used car you want to buy. One good sign of care is if the previous owner provides the maintenance records, which allows you to check the frequency of routine maintenance and any unusual mechanical conditions.
There is a lot more to know about buying a used car, so come back to C-Note University next week for a list of how
to evaluate a used vehicle before you buy. 
Part III of a series about selecting and financing your first car | ||
 |
 |
 |
| Used Cars: Inspect Before you Buy | Different Spokes for Different Folks | Owning a Car Means More than Monthly Payments |
 | This space is for each subscribing credit union's unique invitation to elementary, middle, and high school students. If no text is added by the subscriber, CUNA displays default text describing why credit unions are important to their members. |
You must be logged in to post comments.