How Not To Be Ripped Off When Buying a Used Car?
Buying a used car is not an easy task. You not always can trust car dealers as their tricks and traps can cost you additional thousands of dollars. So before you part with your hard-earned money learn some important tips on how not to be defrauded by car dealer and avoid used car rip off.
Do Some Homework Before Buying A Used Car.
Before shopping for a car try to find out everything related to the model that interests you. Your research should include the possible prices as well. Obviously the price may vary depending on such factors as car`s overall condition, mileage, title brand etc. Knowing retail price of the vehicle before starting negotiations with the dealer is an advantage. In this case won`t be able to overstate it. There are several tools with the help of which you can make clear about the actual price of the vehicle. You can check it through price guides at bookstores or local libraries or Internet resources such as Kelleybluebook or Edmunds.
Know Your Credit Score.
Before going to the dealership check your credit score and get a copy of it. When buying a used car apply for auto dealership financing option as a last resort; it`s better to shop around for lowest interest rate. Unreasonably high finance rate offered by dealers is a source of additional profit. However if you decide to finance through the dealer don`t agree to the rate offered by dealer right off. Remember that the dealers always offer the highest rate first; but you can negotiate downward from his asking rate.
Never Negotiate Based on Monthly Payment.
Before purchasing consumers always worry about how much they will have to pay per month. When buying a used car never negotiate in terms of monthly payment. In this case the dealer can include overpriced extra options in it, such as GAP insurance, service contracts etc. The add-on products are as a rule of high cost. Moreover, they are of little value to the customer and source of high profit to the dealer. So never sign the final paperwork until you thoroughly examine it. Ask the dealer to disclose the real cost of the car, financed amount, terms and interest rate. You must exactly know how much you will pay for the vehicle.