Cheap cars can be found in many places — if you know where to look. Following are just some of the places you might find cheap cars:
Independent Used-Car Dealers – Independent used-car lots are a potential source of affordable cheap second hand cars. Many lots have older vehicles that can be real bargains, but might require a little work. You should take care to determine if the price is fair and that the vehicle has no hidden problems. Most used cars are sold “as-is” and come without any kind of warranty or return policy. Check out local used-car lots in your area but also consider large national or regional used-car dealers such as CarMax.
New-Car Dealer Used Car Lots – Many new-car dealers also sell pre-owned cars. Most new-car dealers only offer relatively late model used vehicles that have been taken in trade or are off-lease, and are in good condition — and are relatively expensive. But bargains can be found. Therefore, it doesn’t hurt to check out local new-car dealers but also look at other sources listed below. Some new-car dealers sell “certified” used cars — at a higher price. These cars have been inspected thoroughly and come with a short guarantee.
Buy-Here-Pay-Here (BHPH) Dealers – BHPH dealers are a different kind of used-car dealer that provides in-house financing, usually with no credit check, to people who are unable to get a conventional car loan. Most BHPH dealers are local and can be recognized by their “we finance anyone” or “no credit check” banners. Be aware that interest rates are usually very high and payment terms are strict. See “Should I Buy From a Buy-Here-Pay-Dealer Car Dealer” for more details.
Continue reading Cheap Cars – Where to Find Cheap Cars
According to questions I see posted on Yahoo Answers, there are a huge number of first car buyers out there who have somehow found exactly the WRONG way to buy a car. They then look for help AFTER they realize their mistake. It’s nearly always too late by that time.
Here’s how NOT to buy a car:
Leave a deposit with a seller or dealer for a car you are not absolutely sure you’re going to buy. The problem is that you may not be able to get your deposit back if you change your mind, unless there is a clear written document that states that you’ll get your deposit refunded and under what conditions. In the worst case scenario, the seller sells the car to someone else AND keeps your deposit. Don’t leave deposits unless you absolutely must.
Buy a used car without having it inspected by a professional mechanic before the purchase. Used cars are sold “as-is” which means you can’t get your money back if you find the car has problems later. There are no “right-of-return” or used-car lemon laws to protect you, even if you feel the seller or dealer committed fraud. You can’t rely on a seller’s statement that a car “runs fine” or “has no problems.” A mechanic’s inspection will cost $75-$125 but can prevent you from making a multi-thousand dollar mistake.
Continue reading How to Really Screw Up a Car Purchase
The need or desire for a first car often comes before sufficient money is available.
This is especially true for many teenagers or college graduates who are eager to buy that first car, but lack the necessary funds. What to do?
This is a common problem for lots of folks buying their first car. It can be solved in a number of ways.
There are essentially four ways to get money for a car:
- Save the money
- Be gifted the money
- Borrow the money
- Earn the money
Let’s take a closer look at each of these ways:
Continue reading Money for Your First Car