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Buying a Used Car
This year, more than 16 million Americans will buy a used
car. If that's what you are planning, this guide may help you.
It explains your protections under the FTC's Used Car Rule and offers some
shopping suggestions, even if you are not buying from a used
car dealer.
Before you begin looking at used cars, think about what
car models and options you want and how much you are able or
willing to spend. You can learn about car models, options, and
prices by reading newspaper ads, both display and classified.
Also, your local library and book stores have magazines that
discuss and compare car models, options, and costs, as well as
provide information about frequency-of-repair records, safety
tests, and mileage. The U.S. Department of Transportation Auto
Safety Hotline (800-424-9393) will tell you if a car model has
ever been recalled and send you information about that recall.
Before You Look For a Used Car, Consider
Costs. Remember, the real cost of a car includes more than
the purchase price: it includes loan terms, such as interest
rates and the length of the loan. If you plan to finance the
car, you need to know how much money you can put down and how
much you can pay monthly. Dealers and lending institutions
offer a variety of interest rates and payment schedules, so you
will want to shop for terms. If, for example, you need low
monthly payments, consider making a large down payment or
getting financing that will stretch your payments over five
years, rather than the usual three. Of course, this longer
payment period means paying more interest and a higher total
cost.
Reliability. You can learn how reliable a model is by
checking in publications for the frequency-of-repair records.
Find out what models have repair facilities in a location
convenient to you and if parts are readily available at the
repair facility.
Dealer
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