2.
Make the Financing Decision and Determine Maximum Cost.
Paying cash gives you flexibility and makes the process
simpler. If cash isn’t an option, research financing
alternatives ahead of time. Credit unions offer some
of the best rates. Dealers often offer attractive (sometimes
even zero) rate auto loans on new cars but beware of
four or five year commitments. Depending on how long
you plan to keep your car, it could be worth less than
you owe if you decide to sell or trade before it’s
paid off.
3. Narrow the Field. If you need a
6-passenger vehicle you’ve just narrowed the choices
considerably. The Web now offers many sites that can
help you find what model vehicle (new or used) fits
your criteria including things like expected gas mileage,
transmission type, brand, model, style, features and
interior size. (For non-computer types, the library
still offers manuals and car buying guides that can
help you home in on the models that best fit your situation.)
4. Check the Track Record. Once you’ve
selected three or four models that meet your criteria,
research their maintenance and repair record, model-specific
problems, expected m.p.g. etc. The Web makes this process
faster and easier. (See sidebar for some recommended
sites.) This information will ready you for the next
step.
5. Choose “the”car. Again,
I recommend starting on the Web because you can quickly
determine the availability of the car you want at the
price you can afford Most newspapers now allow you to
search their classified ads on-line. Many websites have
listings of cars available in your area. Most new and
used car dealers have their own sites that show what
is on their lots. Don’t forget to check listings
in neighborhood papers, bulletin boards, Auto Trader
magazine and ask friends and relatives for leads.
6.
Final Check (used cars). Once you’ve
found “the” car you want, take it to your
trusted mechanic for inspection. The $60-80 inspection
fee is well worth it. If the seller won’t let
you do this, don’t buy it! And finally
check the Vehicle Identification Number (VIN) to learn
the ownership history of the car and determine if it
was ever wrecked (totaled) and rebuilt. (See sidebar
for details.)
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Car
Buying Resources
www.cars.com
- Analysis, recommendations, car search engine
and more.
www.carfax.com
- Check VIN numbers to determine ownership history
and uncover salvage/junk and/or reissued titles.
$20 for one-month unlimited checking. This
service saved the author from purchasing a previously
totaled and rebuilt car!
www.kbb.com -
Kelley Blue Book used car pricing guide online.
www.CarsDirect.com
- Touted as #1 Car Buying site.
www.autos.msn.com
- Analysis, recommendations, car search and auto
news.
Intellichoice:
The Complete Car Cost Guide,
Intelligent Choice Information Company, Printed
Annually; Buying Tips, Model-specific analysis
and lifetime cost projections for new cars.
Used Cars
and Trucks Buyers Guide,
Edmunds.com,
Printed Annually; Used car pricing guide for last
10 years.
Consumer Reports
Used Car Buying Guide, Consumer’s
Union of the US, Issued annually; Easy-to-read
reliable ratings of used cars for most recent
10 year period. (Also see www.ConsumerReports.org)
The
Ultimate Car Book: The Most Complete Buyers Guide,
Gillis, Jack, Issued annually; Analysis, comparisons,
recommendations back three years.
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