Basics of buying a used car

Posted on by in General, Oil & Gas Savings, Opinion, Saving Money & Finances

Basics of buying a used carThe likely hood of me ever buying a new car is very slim. Even if I suddenly find myself with a lottery jackpot it is likely I will buy pre-owned, I just think it makes financial sense as a car loses so much value by driving off the forecourt.

However there are some problems associated with buying a used car. You could get a faulty one or even worse a stolen car or a chop job. You really need to do your homework on a car before laying down the cash and make sure it’s a good car.

Get an idea of pricing and choose a range of cars

I suggest you know what kind of car you want and then scan the internet, local car selling classifieds and even local pre-owned dealerships to find what prices you are likely to pay. Then set a budget and get a good idea of exactly what you want.

Check for marks

Once you find a car you like the look of the first step is to check for marks inside and out. Indications that work has been done, the car has been in a crash or anything related to misuse.

Check all functions

Turn the car on, check all the lights, air conditioning, electrical functions, lights, everything! You don’t want to have to shell out for these kinds of repairs later down the line.

Take for a varied test drive

This goes without saying but you should always, always test drive the car. Not just a simple ride round the block though, take it on a variety of roads at a variety of (legal) speeds and try and test the handling and comfort for you as much as possible. You want something that fits you.

Work out fuel economy

It’s easy to jump on a great deal but always work out how much you will be spending in fuel with a possible car. These ongoing costs could make it a better deal to spend more cash or stay away from certain kinds of car.

Check with a dealer if you find a private deal

It’s sad to go to a company rather than an individual but simply with a dealer you get more rights and after sale service. If you find a great deal with a private seller then take that to a local dealer and see if they have anything comparable.

Make sure the vehicle isn’t stolen

Luckily the National Insurance Crime Bureau provides a VINCheck so that you can make sure that the great deal you have found is not registered as stolen or reported as a salvage vehicle. This is essential to do as owning a stolen vehicle can bring a million and one problems, obviously!

Get a mechanic to give it a once over

If you have a local mechanic (not related to the private seller, dealers can mostly be trusted if well renowned in the area) look over the vehicle they will be able to give a condition report and often will tell you if they think it’s worth the cash. The cost of this could save you a ton in the long run.

Bargain with the seller

At dealerships they never give you their lowest price. In private this is often the way too. Always offer less even if the car is already under budget for you. You might as well work out the best deal you can.

Share your tips for buying a used car?

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12 Responses to “Basics of buying a used car”

  1. Invest It Wisely

    23. Sep, 2010

    In the past private sellers usually offer better deals, just make sure to get the car inspected first. I’ve heard though that with programs like Cash for Clunkers the prices of used cars have gone up a lot (just another way that government programs actually hurt the poor more than they help them).

    Edmunds.com is also a good resource to find out more info about the car and reviews.
    Invest It Wisely recently posted..Saving on Taxes and Growing Your Wealth with the Tax Free Savings Account TFSAMy Profile

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    • Forest

      24. Sep, 2010

      Of course I still think the best deals come privately but you lack protection if the car fails miserably after purchase. But if you follow all the checks and use sense before buying it should be fine.

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  2. Car Negotiation Coach

    24. Sep, 2010

    Forest, great tips. On top of the VIN check, I think you absolutely must get a vehicle history report from carfax or autocheck. They cover everything that VIN check does, but a lot of other details as well.

    And you covered a majority of what to look for when eyeing up the vehicle, and I’d also add a smart tip to look at the driveway where it was parked. See if there are any puddles or discoloration from fluid leaks.

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    • Forest

      26. Sep, 2010

      Hey Car Neg Coach, I actually missed the part out about full service history! Every car should have that included.

      The carfax report does sound like a very good step to take.

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  3. Greg McFarlane

    24. Sep, 2010

    Test drive it? Check for damage? Shop around?
    Thank you. These are all wonderful suggestions that I never would have thought of in a million years.

    It’s also a good idea to make sure the car is not on fire when you look at it. If it is, that’s probably an indication of a fire and it will be too hot to drive. Also, the fire might damage the car.

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    • Forest

      26. Sep, 2010

      Ha ha Greg, this article does have the word basics in it’s title! Your suggestion about the fire is absolutely true. I will certainly consider it next time I buy a car.

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  4. Yakezie

    25. Sep, 2010

    My favorite tips it to walk away and see how serious they are!
    Yakezie recently posted..Yakezie Member Post – Narrow BridgeMy Profile

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    • Forest

      26. Sep, 2010

      Absolutely! Always good to test the old walk away trick :) .

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  5. Everyday Tips

    19. Oct, 2010

    We both had used cars on the brain today!
    Everyday Tips recently posted..Tips For Buying A Used Car – Written By Someone Who Just Bought One!My Profile

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    • Forest

      24. Oct, 2010

      Will go check the post out :) . Thanks.

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  6. eason_allison

    14. Dec, 2010

    Great tips on buying a used car! I make sure I get the car thoroughly checked from the mechanic, and get the VIN number scanned for any troubled history. Usually I get mine from my car insurance company’s used car dealership and so it’s always good value for money.

    Source: http://hartfordauto.thehartford.com/Safe-Driving/Car-Safety/Car-Buying-Tips/

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    • Forest

      14. Dec, 2010

      Thanks Allison, thanks for your tips.

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