10-Tips on How to Find a GREAT Used Car Dealer and get a GREAT Deal

Many people these days are looking to the used car market, rather than buying a new car. In a recent study a major auto industry think-tank found that among Gen Y’ers used cars are seen both as being a better value and holding their value better. It isn’t just about founding the right car, though; it’s about finding the right dealer. The Federal Trade Commission (FTC) has some tips on how to handle both. Here a few of them. 1. Examine the car yourself and have it inspected by your own mechanic. Any reputable dealer will offer you the chance to do this before you buy. 2. Prior to purchase be sure to test-drive the vehicle in varied road conditions. On hills, highways, and in stop-and-go traffic. 3. Consider the dealer's reputation before you buy. Great dealers will have customer testimonials. You should also call the Better Business Bureau (BBB) to find out if they have any unresolved complaints or look for the BBB seal on their website and review their profile. 4. Dealers are not required by law to give used car buyers a right to cancel. Before you purchase from a dealer, ask about the dealer's return policy. 5. Get copies of everything you sign. 6. Research the cost of ownership for the vehicle you are interested in. The U.S. Department of Transportation has information on recalls and gas mileage. 7. Do not to rely on spoken promises. Get all promises and warranties in writing, and get a receipt for any money you give the dealer. 8. Be sure the dealership or finance company reports your good payment history to the credit reporting agencies. This will improve your credit score (over time) and can lead to lower interest rates in the future. 9. Don’t commit to buying more than you can afford. You should consider how much you can put down, your monthly payment, the length of the loan, and the annual percentage rate (APR). 10. Many used cars come with an “As is” warranty, which is to say no warranty all. Reputable dealerships do generally offer a free warranty, so ask and make sure you understand what you are getting. Keep that phrase, “reputable dealer” in mind. That’s important to understand. Dealerships should not be run as an assembly line, just churning sales through (often chewing customers up in the process). Great dealerships advise and counsel their customers; working with them to find the right fit of vehicle and financing. Want to know more? Call the FTC at 1-877-FTC-HELP or visit their website www.FTC.govrn