Used cars

AmazingGracePlayer · #1 07-01-2008, 02:33 PM

Hello fellow TBers,

I'm thinking about buying a used car in a year or so, and I was wondering, when you're dealing with your local dealers, or dealers you find on www.cars.com, do you usually pay the asking price? Or is it higher or lower? By how much?

Thanks a bunch,

Hunter

bradjonesbass · #2 07-01-2008, 02:47 PM

I buy from local individuals and take the car to my mechanic for a full inspection prior to purchase. It costs me $100 so I make sure it's something I think I'm going to buy before taking it there. If it passes I have confidence I got a good car. If it fails, I spent $100 but that's better than spending a couple thousand down the road. He also gives me a very detailed report which makes for a handy negotiating tool when there are little things that need some repair.

bradjonesbass · #3 07-01-2008, 02:49 PM

also, right now is a great time to buy, especially anything that doesn't get 35 MPG. If you don't mind the gas prices trucks and suvs are selling for at least 20% less than they were a year ago.

Brad Johnson · #4 07-01-2008, 03:11 PM

Quote:

Originally Posted by bradjonesbass

I buy from local individuals and take the car to my mechanic for a full inspection prior to purchase. It costs me $100 so I make sure it's something I think I'm going to buy before taking it there. If it passes I have confidence I got a good car. If it fails, I spent $100 but that's better than spending a couple thousand down the road. He also gives me a very detailed report which makes for a handy negotiating tool when there are little things that need some repair.

That's exactly what I do. If I were buying at a dealer (not preferred) I'd still stipulate taking it to an independent shop. We bought our last three cars off of cars.com and couldn't be happier. We got excellent cars and great prices.

Pilgrim · #5 07-01-2008, 04:49 PM

The OP needs to spend some some time online and read about the car buying process. Having sold cars, the way I approach this is a bit different depending on whether I have a trade or not. I usually do not, as I'd rather make the money on the car I'm selling rather than let the dealer make money by re-selling my old car.

Bottom line: any price is negotiable. You should have a rough idea what the wholesale value of a car is so that you have some idea what that value (not the retail) is. The wholesale is the amount a dealer (new or used) should have invested in the car.

Let's day no trade-in, OK?

Example: Retail price $5,000.
Probable wholesale: about $4000
Fair deal: buy at $4600
Good deal: buy at $4300
Screamin' deal: buy at $4050 to $4100

Remember, the seller has to make money or there's no point in making a deal. He is not a charitable institution.

The more money the car sells for, the more profit the dealer should make. Example: if you buy a $20,000 used car then the dealer should make at least $2000 profit.

Go online and do your homework. There's plenty of information out there.

SpaceYourBass · #6 07-01-2008, 07:26 PM

Not exactly on topic, but there's some kind of program/service thing you can buy online that will help you with choosing a used car. Its like $20, and if you type the cars serial number into it, it will give you a history report of the car. Once I was about to get an Acura, and I looked the car up...it had been in like 3 wrecks and was even totalled once!

Come to think of it, I remember seeing commercials for something like that, but the program I used was different. Spending that $20 can save you a lot of trouble in the long run.

Also, use Kelley Blue Book for pricing stuff.

Brad Johnson · #7 07-01-2008, 09:06 PM

Quote:

Originally Posted by SpaceYourBass

Not exactly on topic, but there's some kind of program/service thing you can buy online that will help you with choosing a used car. Its like $20, and if you type the cars serial number into it, it will give you a history report of the car. Once I was about to get an Acura, and I looked the car up...it had been in like 3 wrecks and was even totalled once!

Come to think of it, I remember seeing commercials for something like that, but the program I used was different. Spending that $20 can save you a lot of trouble in the long run.

Also, use Kelley Blue Book for pricing stuff.

www.carfax.com give the vehicle report and is generally accurate. It's good info to have prior to moving forward but it's no substitute for a pre-purchase inspection IMO.

Kelly Blue Book is all over the place as far as value. I got my BMW cheap becuase the previous owner believed what they had listed for trade-in value. It was way off.