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.
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:
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