Thursday, December 13, 2007

Tips for buying used cars!

I recently bought a Used car and sharing my learnings and experience here. It is a Nissan Altima - 4 cylinder - 2.4 Litres engine with cool interior and exterior design.

  1. Do your homework about the make, model, color and features.

  2. Use KBB or and do some research about the car which you plan to buy for resale values, fuel consumption and unbiased reviews by existing car owners.

  3. Set a budget and look for the listings online at or

  4. Vehicle Background Check: Buy a Carfax report account to check the vehicle history

  5. Check the carfax report and market values when you find a interesting car on these websites.

  6. Call up the dealer/owner to setup a test drive.

  7. Ask for the title and see if the name of the dealer/owner matches as in records.

  8. Inspection: Regardless you buy from a individual owner or dealer - setup a quick inspection at a car mechanic unless the car is been certified by the manufacturer.

  9. Check the VIN # in the vehicle and match it with what is mentioned in the title.

  10. Avoid making advance payment to reserve the car unless you really like the car and see no issues purchasing it for the listed or negotiated price.

  11. Loan: When you plan to go for finance for the purchase - make a higher down payment to avoid paying higher interest rates.

  12. Warranty: Do some ground work online for buying extended warranty before you decide on the rates. If you have a quote from online - you can negotiate better and get a good deal from the dealer. Normally their markups are higher as $1000 than 3rd party warranty companies. So carefully analyze the plans and then buy the extended warranty.

  13. Call insurance agents in your area - from and ask for a quote. When you get a quote - make sure it covers your car value and also meets the state law requirements.

  14. Prepare to make monthly payments for your car loan and insurance ontime

  15. Play your favorite music and enjoy the ride because you would have saved a lot of money by purchasing a used car.

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