Buying a Used Car from a Private Party
Cars have become an important and essential commodity these days. But not everyone can afford to buy a new car. This apart, sometimes you intentionally want a used car for transport business or to give the car on rent. The biggest advantage of buying a used car from a private party is that it is comparatively inexpensive. Car dealers are expert and experienced negotiators whereas, private parties are naive and so there are chances that you get a better deal. Some dealers also take the commission for closing the deal but you can save that money when it comes to buying from a private party.
Purchasing a Used Car from a Private Party
Before you decide to buy a used car think about your driving habits, your requirements, and your budget as well. Once you decide to buy a used car from a private party you need to look for people who wish to sell their old car. You can speak to your friends, relatives, colleagues, and neighbors about this and take their help in your search for a used car. Another option and one of the best tips to search used cars is to browse the Internet where you may get to see the picture of the used car. As you get the contacts of people interested in selling their cars, note down the essential things such as, the model of the car, estimate of the car, and how old it is, and why the private party wants to sell it, etc. In fact, you should make a list of questions to ask when buying a used car so that you get a clear idea about the car. Then zero down on one or two cars that suit your budget and requirements. Once you are ready to negotiate, call the owners and fix an appointment. Well, the serious work starts now onwards. You just cannot blindly buy the car as you are paying for it and so you must crosscheck some important things about the car before you close the deal. To know more about those factors, read on.
What To Do When Buying a Used Car from a Private Party
Many people do not pay attention to the precautions before buying a car from a private party and end up buying a faulty car that costs a lot in the long run. Spending some time now can save you a lot of money later. Given below are some of the things that you must check before buying a used car from a private party. This will answer your question about what to look for in a used car.
Research of the Car: You must know the entire history and the current status of the car, such as its make, model, mileage, transmission, and overall physical condition of the car, like tires, steering wheel, CV joints, paint, car interiors, coolant, condition of the engine, and other used car auto parts and accessories, etc. All these things will help you while negotiating with the private party.
Test Drive: Driving a car at least once or twice before you buy it, is very important. It allows you to check if everything about the car is in fine condition. If you feel any discomfort while test drive it is better not to be neglected. You must also inspect the car closely for rust, scratches, and damages to the body of the car. You can also hire an expert mechanic to inspect the car. If there are too many problems then it is one of the used cars to avoid. If not, you must also tell the seller to repair and service the car before closing the deal.
Negotiation: You must start with a lower opening offer that is practical. Ask the seller how much he expects and why. This will help you eliminate the unrealistic demands of a private party. Spend at least half an hour negotiating with the seller and try to convince him that what you are offering is the right and the best deal. If he still refuses to lower the price then it is better to walk off, and that is one of the best negotiating tips for used car buying.
Closing the Deal: Before you close the deal make sure that you go through all the documents carefully. Check if the private party is offering any used car warranty or selling the car as it is. Make sure that you are not paying for unnecessary charges. For example, while buying a used car from a private party, sales tax is not something you should be charged for. A sales tax has to be paid to the company or a business and the private party is none of that. So you must go through all the legal documents carefully before closing the deal.
Payment Options: You also have to decide if you are paying in full amount at once or financing it over time. Financing over time can increase the overall cost of the car. You have to consider the used car loan amount, interest rate, and length of the loan etc. you can go for any option that is suitable to you. But it is advisable to consult your financial advisor before you select the mode of payment.
Now you know how to buy a car that is old and used. The above factors will come in handy when you are buying a used car from a private party. With this information you are sure to buy a good used car that will certainly save a lot of your money and serve you with all its potential.
