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Homework is key to getting a good deal on a used car - August 30, 2008
Before visiting a dealer, decide which make, model and price range best suits your needs
In recent months, used vehicle sales have surged at dealerships across the GTA. Today, I'd like to share some thoughts about the process of purchasing a used vehicle.
One of the popular myths about used cars is that you're buying someone else's problems. That statement rarely applies to those who do their homework and plan their purchases carefully.
People buy used vehicles mostly for financial reasons. With used vehicles, you don't pay the depreciation, the a/c and freight taxes or the MSRP. Plus, most used vehicles can be financed up to 60 months.
When buying a used car, it's important to establish a budget and determine how you're going to pay for the vehicle. Get your financing in place before you start your search, and don't exceed your limit.
After you've established a budget, narrow your search to a specific make and model. The Internet offers great resources for determining vehicle availability, gas mileage, safety reports, insurance costs, and customer satisfaction rankings.
Once you've selected a make and model, you'll need to decide where you're going to purchase the vehicle. For maximum value and peace of mind, I recommend a registered new-car dealer because used cars sold by registered car franchise dealers are solid, reliable and fairly priced.
Whatever your budget – $3,000 or $90,000 – a new car dealer likely has many models to choose from, and in a variety of price ranges.
Dealers carry a large percentage of their own manufacturer's brands. So, if you're looking for a Chevrolet, Nissan or BMW, by visiting those dealerships, you'll find a good selection of vehicles bearing those nameplates.
Don't focus on the cheapest vehicles or the best deals. If a vehicle is priced sharply lower than others in its class, there's usually good reason why. Avoid those vehicles at all cost.
With registered dealers, the risk associated with buying a used car is eliminated. Registered dealers invest heavily to ensure that their vehicles are in top condition – mechanically and physically. The ownership and mechanical histories of vehicles offered for sale are checked with services like Carproof.
Many dealers and manufacturers offer used-vehicle programs that provide added warranty protection over standard warranty coverage.
If a problem develops with your vehicle, a dealer has a vested interest in addressing any concerns in a timely manner, more so than with a private seller.
When buying a used car privately, however, the risk factor soars. It's your responsibility to conduct due diligence on the seller and the vehicle.
Always request a Used Vehicle Information Package, which documents the vehicle's ownership history and identifies any liens on the car.
An underground economy thrives on selling used vehicles. The people who engage in this activity are known as "curbsiders."
They pretend to be legitimate sellers when, in fact, they sell vehicles that are damaged, stolen, or that have rolled-back odometers.
People often buy cars from friends or family members. Be careful here. As a buyer, you've still got to do your homework, regardless of who the seller is.
Buyer's remorse can lead to bad feelings on both sides.
Don't be shy about having a mechanic check out a vehicle. A certified mechanic can spot problems that most car buyers can't. You may have to pay for this service, and it may seem like a hassle, but it's well worth the investment.
There's no secret to buying a used vehicle. Do your homework, don't get sidetracked and plan to buy with confidence. The better prepared you are, the more likely you are to get the best value from your purchase.
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