Buying a used car is often a smart financial decision. It is also a transaction full of potential disasters. Read on.

Before you hit the used car lots, you should get an idea of the make, model and the year of car that you want. There are many good sources to help you compares cars. You may get the information you need in local newspapers and local automobile publications as well. Call a mechanic whom you can trust. Ask him if he knows of any available cars. Check with the car dealers. They of ten have used cars that people have traded in. Getting a good deal means both a quality car and a good price. When negotiating the price, aim to pay close to the market value of the car. Of course the seller or car dealer may be pushing for a higher price.

 To make sure the car is reliable, take the following steps:

• Have the car checked by a mechanic you trust

• Get copies of the maintenance records

• Find out how many prior owners were there.

• Do you own visual inspection for scratches or rust

• Check the vehicle engine identification number. If it shows tampering, then the car may be a stolen one.

• Do not discuss the possibility of trading in your old car before you agree to a price of the car you want

• If you are thinking about buying from a dealer, remember to stay calm-know what you want. Do not buy in a hurry. Resist the urge to buy a car that is more than you can afford

• Be absolutely sure you are getting the car you want at the price you want before you sign any papers.

Look Out For used Car Scam

Unscrupulous used car dealers and sellers have come up with countless way to rip  you off. Some common scams to look out for include:

2. Salvage Fraud

• A car is “salvaged” if an insurance company declares it a total loss because of a collision, flood, fire or other serious physical accident. Unscrupulous dealers buy these cars cheap, patch them up and sell them to unsuspecting customers. If the car’s salvage history is disclosed and you are still interested, you should certainly have it professionally inspected.

3. Repair Fraud

• Unscrupulous repair shops have been known to assemble the parts of several wrecked cars into one car. If anything about the car doesn’t look right, have it checked out by an expert.

4. Person selling the car

• If you are buying a car from a private party (as opposed to a car dealer), make sure the person selling the car actually owns the car

5. Financing scams

• Many used car scams occur in the financing phase. Take all finance and loan documents home before you sign them. Read them there, without pushy salespeople breathing down your neck.

Article contributed by AAM

 

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