Besides a home, an auto purchase is one of the biggest purchases most of us make. Buying a used car can be a little scary, but when you do your homework, purchasing a used car – particularly a later model – can be a really smart purchase. That’s because a car’s market value depreciates quickly, while its useful life can extend for many years. Plus, auto loan rates for late model used cars can be nearly as low as those for new cars. (Find Cornerstone’s auto rates here.)
For starters, information you’ll want to know about any used car you might consider purchasing includes:
- the number of previous owners
- if the car was ever involved in an accident
- any previous mechanical problems
- the maintenance history of the car
For a small fee, you can order a “CarFax” report that will provide you with ownership, major accident and even service history on used cars you may be considering.
The Federal Trade Commission offers a lengthy article on the ins and outs of buying a used car, including everything from financing options, where you might find a used car, as well as extensive information about the information included in Buyer’s Guide that is required by the FTC to be provided with used cars sold through a dealer.
Tags: auto buying tips, tips for buying a used car