The key to buying a used car is to find a good car. If you have a good working knowledge of cars then you’ll be able to judge the worth of a car on your own. If you do not know much about cars you will want to find a friend who does. The biggest risk when buying a used car is buying a car that is damaged or broken in a way that is not obvious on the surface. You will invest a lot of money in the car and then it’ll break and you will have no way to get your money back. Or, you may end up spending more to fix the car than you would have spent just buying a new or different car.
Once you have your car expert to accompany you on your rounds of looking for a used car, you’re going to want to hit the car lots. Some car lots will specialize in used cars. This is where you’ll probably want to go first. You’ll have a wider selection and there is less of chance that the car you receive will be damaged. If the used car lot had made a habit out of selling bad cars they would not be able to stay in business, so they are more likely to be trustworthy. But, if they aren’t, that is why you have someone to help you look at the cars.
A second source of used cars are repossessed cars. Often, buyers will not buy their cars outright. They will sign some sort of monthly plan with a car lot or a bank. If the buyer defaults on their payments then the bank or the lot will repossess the cars and sell them. This is a good source of almost new cars. You can also stop by car rental businesses. They may have older cars that they want to get rid of and you can buy a used car from them. Lastly, you can find individual sellers. You can try to spot “For Sale” signs on cars, you can check the newspaper for personal listings, or you can check online market places such as Craig’s List. This is the most risky path as the seller has no real incentive to be truthful about the state of their car. If you choose this route, you’ll definitely want to ensure that you have someone to look at the car for you before you buy it.
After you’ve settled on a car, you’ll want to discuss your payment options with the seller. If you have enough money you can buy the car outright. If not, then you can set up a payment plan that will span 2-3 years, with payments every month. When looking to buy a car and pay by monthly installments you’re going to want to know; 1) the price of the car, 2) the percentage that you have to put down upfront, 3) the percentage they are going to charge you in interest, and lastly 4) when they will charge you the interest. This will help you buy the car you want.