Thursday, September 29, 2005
More Bang for Your Buck: Buying Used Cars
When it comes to purchasing a new car, most people go straight to the dealership. But if you want to save money, you can accelerate the process by buying used. In tonight's More Bang For Your Buck, we learned it's easy to steer a good deal if you're prepared.
WSVN--South Florida driver's love to be seen in style. But on the road of life, every engine has an expiration. That's why many car owners choose to trade in their tires for a new set of wheels.
Pam Loudermilk: "I get bored with them too quickly. It's time to move on."
When Pam Loudermilk decided it was time for a change, her first thought was to buy a brand new car. But after a few rounds of sticker shock, she switched gears and started looking for a used auto.
Pam Loudermilk: "I decided I couldn't really afford to buy brand new. So I wanted to go ahead and get something that was pleasurable for myself and affordable."
The key is finding a car with low mileage and a low price.
Terry Jackson: "If youre looking for a used car, there probably isnt a better time than right now."
Auto expert Terry Jackson says tracking down a deal has a lot to do with where you shop. Dealerships offer warranties but private sellers offer more negotiating power. You might also want to consider buying a used rental car. Fleets tend to turn their cars over every 10 to 12,000 miles.
Terry Jackson: "They are usually pretty well maintained. They keep full service records."
But before you reach a deal, ask for all maintenance records and past registrations. For a full history of the car, check out carfax-dot-com. It will show you if the car's ever been in an accident.
Terry Jackson: "It included things like recalls, it includes any insurance claims against the car."
Also be careful of the latest Katrina scam. It turns out con artists are selling cars flooded by the hurricane. Your best bet - have a third-party mechanic check out the vehicle. Or trust your nose - if it smells musty, it's possibly been flooded.
Terry Jackson: "I think you can ask to take the car to an inspection if you're willing to leave a deposit."
But before you buy make sure the price is right. Research the book value of your car on kelly-blue-book-dot-com or edmunds-dot-com. With a little research, it only took Pam a few days to find her new ride. Now, she's cruising in a cool convertible.
Pam Loudermilk: "Don't let everyone push you into anything you're not comfortable with. You have to drive the car, absolutetly love the car or else don't do it."
Another great way to find deal is on the internet. Right now, ebay is actually is the largest seller of used cars in the country.
FOR MORE INFORMATION:
Kelly Blue Book