Q:

What are some tips for buying cheap used cars?

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Quick Answer

Buying a cheap used car requires research. Once a buyer locates a potential car to purchase, he should check for records of accidents or major repairs using the vehicle identification numbers. The information he learns can prevent buying a car that is going to cost more for repairs. While it costs money to have a mechanic look at a vehicle before buying it, the investment can prevent buying vehicles with hidden problems.

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Full Answer

For-sale-by-owner vehicles are often less expensive than those sold by dealers. Buyers often save money by watching for cars for sale in their own neighborhoods. Some sellers do not want to bother with advertising and place a sign in the car window. They are then willing to pass the savings to the buyer. Since they have fewer potential buyers than sellers that advertise, they often drop the price more to make a sale.

Having the cash for the purchase is a good way to save money. Even when buying from a dealer, cash customers often receive better deals because they eliminate additional paperwork. When financing a cheap used car, securing the financing before shopping usually results in a lower interest rate. A letter of credit from the bank shows the dealer that the customer is serious about buying.

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