7 Steps for Buying a Used Car
FaithFi: Faith & Finance | Nov 11, 2023
Show Notes
According to the car shopping site iSeeCars.com, used car prices have jumped 41% over the past several years! Here are some tips to take the edge off of that sticker shock.
OUR 7 TIPS FOR BUYING A USED CAR:
1. Establish Your Budget: Determine how much you can afford, whether paying in cash or financing, ensuring the payments fit within your budget. Aim for a down payment of 10-20% and keep the loan term as short as possible, ideally three years.
2. Choose the Right Make and Model: Consider your family size, cargo space needs, safety, and vehicle reliability, and be open to having two or three options.
3. Research Vehicle Value: Use Kelley Blue Book or Edmunds to estimate the value of your chosen vehicles.
4. Search Online Listings: Look for fairly priced vehicles on Auto Trader, Craigslist, AutoList, and Carmax, creating a list of potential options.
5. Obtain Vehicle History: Contact the seller for the VIN to check the vehicle's history on CarFax or AutoCheck, ensuring a clean title, no serious accidents, and verifying the mileage.
6. Get an Inspection: Have the vehicle inspected at an independent shop of your choosing, and walk away if the seller refuses.
7. Make an Offer: While used car inventories are still limited, making haggling tough, ensure that the car is in good condition to last many years with proper care.
On today’s program, Rob also answers listener questions:
- I want to know how much money I need to have in the bank to retire at 65 with monthly expenses around $3000, and also inquire about tax planning for retirement.
- I'm 60, on disability, and heard at 65 my benefits may change; should I prepare for decreased income?
- I'm inquiring about reverse mortgages on behalf of my sister, whose husband passed away; can the house be saved, and can a sibling assist in this process?
- Having recently retired to Kentucky, my wife and I are seeking resources to educate ourselves on investing during retirement, ensuring we can continue ministry work without financial strain.
RESOURCES MENTIONED:
Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.
