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How to Buy a Used Car Without Losing Your Shirt
by Fraser Wheelock
http://www.fwcar.com
My dad used to refer to buying a used car as 'buying
someone else's headaches'. There's a good deal of truth to
his statement. When you buy a used car, you're purchasing
a car that has been used, and quite possibly abused, by
one or more owners. It may have mechanical problems, or
just be showing its age.
While the law in each state differs slightly from the
original, they all lay out which disclosures must be
made by the seller before a sale, and what warranties must
be honored when a sale is made.
Disclosures
Any used car dealer that sells more than six vehicles per
year is bound by law to make particular disclosures. These
include all major mechanical systems; any problems that may
be specific to the make and model of the vehicle; any
recalls by the manufacturer; whether the car is being sold
with a warranty or as is.
Another thing that you should know when considering a used
car purchase is the payment options available to you. The
basics are simple: are you paying the full price for the
car on purchase, or will you finance all or part of it?
Paying in Full
In this case, paying cash for your car includes the option
of taking out a personal or car loan with your own bank in
order to pay the dealer off for your car all at once. To
the dealer, it's the same as being paid in cash, and you
may be able to use it as leverage to get a better price on
the car of your choice.
3. Read the Buyers' Guide for the car you are buying.
Used car dealers ARE required by law to post a Buyer's
Guide in each vehicle that they offer for sale. The Buyer's
guide must make certain disclosures and make some specific
statements. Among those statements and disclosures are:
- whether the car is being sold 'as is'
- if there is a warranty on the car
- what, if any, percentage of repair costs the dealer pays
- a reminder that spoken promises are not enforceable
- the major mechanical and electrical systems on the car
- problems that you should look out for
- a reminder to ask to have the car inspected by an
independent inspector
Know what you're buying.
Under the law, any car dealer who sells more than six cars
per year must place a Buyer's Guild in each vehicle for
sale. The Buyer's Guide will list the price of the car, the
warranties with which it is sold, any mechanical problems
that it has if it is sold 'as is', and information designed
to help the consumer avoid being cheated.
Read the Buyer's Guide carefully so that you know exactly
what you are buying and what you are paying for it. If the
dealer agrees to terms that are different than those on the
Buyer's Guide, insist that those conditions be noted on the
Buyer's Guide. By law, in the event of a dispute in which
the terms of a contract are different than the terms on the
Buyer's Guide, the Buyer's Guide generally takes
precedence.
By knowing your rights and taking steps to protect them
when buying a used car, you can avoid buying 'someone
else's headache' and end up with a gem instead of a lemon.
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