How to Find a Used Car Without Suffering Buyer Remorse

November 13, 2008

Your car just died. Your bank account is in the single digits. Your parents warned you not to ask for another loan. What’s a newly-ambulatory person to do? If bikes, public transportation and rides from friends are not options, getting a used automobile is your answer. That said, here are some suggestions for launching your mission to buy safe, reliable wheels that won’t have you suffering buyer’s remorse after the deal is done.

1) Step one: Your history teacher was right: do your research.

There are a gazillion websites ready and willing to help you sort lemons from peaches, offering tips on reliable vehicles with the best track records for the least amount of cash. The most popular are Cars.com and AutoTrader.com. Check them out, then move on to the Kelley Blue Book - the granddaddy of used car information – and NadaGuides. These resource have collected data on cars for decades and are known for their trustworthy information. Don’t be shocked if you compare data from all four sources and find that it differs. Each uses different sources to compile and produce their information. Bottom line is that you’ll feel better about your search if you check out more than one of these.

2) Step two: Line up your financing.

If you belong to a credit union, you might not have to look further for cash. Credit unions have traditionally offered members top-of-the-line car loan rates. If this isn’t an option, contact your bank and get the skinny on financing with them. Many clubs have signature financing (e.g. AAA, gas company groups) and if you belong to a professional association, loan sourcing may be one of the perks of affiliation. Touch bases with your insurance company; some agents offer financing or will put you in touch with financial sources. Unless you are in such dire straits that none of the above will consider your application, don’t turn to short-term solutions like cash stores with sky-high interest rates. Yes, you will be offered financing by the car dealership you choose, but why not arrive to shop for cars loaded with information on alternatives?

3) Step three: Shop ‘til you drop.

These days, your search can start in your living room! Reputable used car dealerships will help refine your selection by giving you a virtual tour of what’s available in your area. Understand up front that franchise dealers usually get the pick of the crop when it comes to the best used cars because they come directly from dealerships as trade-ins or former lease cars, so they control a bit more of the history of these vehicles. You’ll be able to retrieve quite a bit of the information you need to make an informed buying decision on both Carfax’s or AutoCheck’s websites if you can get VIN numbers on your picks from the dealership. It can’t hurt to find the most recent April issue of Consumer Reports magazine to see what car owners have to say about the make and model(s) you’ve honed in on. Now, you, the fully informed buyer, can head out for the test drive. Feeling powerful? You should. Your due diligence might just impress your folks so much, you could get the loan they said they’d never again offer!

Automotive advice, news and reviews, for buying, owning and evaluating vehicles. Includes New and used car tips, advice, insurance, and financing information for consumers.
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Filed under: Used Vehicles
Tagged: used car shopping

Comments

One Response to “How to Find a Used Car Without Suffering Buyer Remorse”

Carfax Heather on November 19th, 2008 11:16 am

Thanks for recommending Carfax. It’s also a good idea to have the car inspected by a trusted mechanic before you buy the car.