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10 Tips for Buying a Pre-Owned Car
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| Make the most of your investment |
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| Updated |
Jul 7, 2004 20:31:10 |
| Rating |
 16 ( -2 -12.5% ) |
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Description:
Sometimes it seems as if even Sherlock Holmes would have trouble finding a good pre-owned car. There's just so much to check, from interior wear and tear to maintenance history. Why does the interior on the '96 Lexus look like it belongs on a '92 Chevy? Why does the car with more than 100,000 miles look and drive better than the car with only 30,000 miles on the speedo? Rest assured, there's a reason for everything--and putting it all together doesn't have to be a hard as a New York Times crossword puzzle. Just keep these ten tips in mind and chances are you'll be on your way to a dependable pre-owned car. 1. Go with low mileage: Given the choice between two virtually identical cars with dissimilar mileage, (even if there's no mechanical or cosmetic difference), pick the lower mileage car. Lower miles are a benefit if you resell, and provide more extended warranty eligibility at a better price. 2. Options increase selling prospects: With new cars, the difference between modestly- equipped and loaded can mean several thousand dollars. As vehicles age, this price gap narrows. Loaded used cars cost more, but deliver desirable options for much less than original cost. Well- optioned, deluxe models are easier to resell than base models of the same vehicle. 3. Hang out with the popular crowd: If you plan to resell, consider popularity factors. Well- equipped, high-demand cars in popular colors are always the easiest to resell. 4. Learn about the previous owner: Find out the number of previous owners. Ideally, a 2 year-old-car should have one owner, and a five-year-old car shouldn't have more than two owners. More owners may be a warning sign. Beware of missing or inconsistent service records. Get the real history of any used car, Check it through CARFAX before you buy. 5. Know the difference between age and depreciation: With late-model used vehicles, the previous owner has absorbed a big chunk of the vehicle's total depreciation. Try to buy before the depreciation curve levels off and while the car is as new as possible. This generally falls in the two-to-four year old range, although it varies by make and model. Study prices versus vehicle age to determine that ideal window. 6. Investigate the lease and rental market: There are many excellent lease return cars on the market, especially cars driven by an individual for personal use, or in a company. Motor pool cars (e.g. utility company vehicles), less so. Maintenance schedules are excellent on rental cars, but drivers do abuse them. 7. Protect your investment: The remainder of the original manufacturer's warranty can usually be transferred. Autobytel.com offers an extended warranty (3 months,/3,000 miles) free, and low-cost protection beyond that . When shopping any warranty, check the fine print, watching for excessive deductibles. 8. Get everything in writing:Especially price, terms, repairs, and/or trade-ins. This should be clearly written into the sales agreement. 9. Know what you're buying: In general, you should stay away from cars with a negative history. Examples include: Cars from natural disaster locales, repaired insurance "totals" (most titles identify salvaged wrecks), excessive mileage cars (more than 15 thousand miles per year), cars whose manufacturer has retreated from the US. Market, dramatically modified cars and vehicles from bankruptcy or law enforcement seizures. 10. Do your homework: Research everything about the vehicles you have in mind. Read up on current trade-in and market value, safety ratings, consumer and professional reviews, and the options, mileage adjustment and condition of the car. |
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