Checklists Are Available

Yes, the DMV often does have a checklist for people buying used cars, as does the Federal Trade Commission and other consumer advocate organizations.

The First Steps

• Make a list of all the criteria you find important: affordability, efficiency, luxury, etc. Then identify what makes and models of used cars meet your criteria.
• Research consumer information about those models in terms of performance and maintenance ratings.
• Choose a model you’d be happy with.
• Find out the market value of the model you’ve identified. Consult the Kelley Blue Book, and be aware that market values vary depending on whether it’s sold by a dealer or private party, what condition the car is in, and how many miles it has on it.
• Find a number of sellers who are offering your model of car in the condition you want and for a fair market price.

Keep in mind that you have a number of shopping options these days, from dealerships to private parties to countless websites. Give yourself many options as a bargaining strategy and in case a lead falls through.

Due Diligence

Once you’ve identified a specific used car you’d like to buy, do your due diligence.

• Do a test drive.
• Have your mechanic inspect the car for any mechanical or structural problems.
• Order a vehicle history report so that you can review the car’s history, including accidents, major repairs, title and ownership history, and whether the car was ever salvaged.

All of this information will help you determine the accurate condition and value of the car.

Finally, once you’re sure you want to buy the used car, negotiate a fair market value for the car and make sure the repayment terms are acceptable if you’re borrowing the money.

Once you’ve identified the used car you’d like to purchase, order a vehicle history report online and make your used car search a lot safer and easier. You may also buy a month’s worth of access, so you can look up many cars you’re considering without being rushed.