Buying a used car can cost you more money than the car is worth. To prevent future headaches, research, take your time and know your options before you make a purchase.
Budgeting
Figure out your budget before shopping. Obtain a preapproval from a lender to verify your interest rate and price limit. Use an auto loan calculator to figure out payments. Talk with your insurance agent about adding full-coverage insurance (required if using a lender).
Research
Check the NADA and Edmunds websites to determine fair values and to review reliability ratings. Purchase a vehicle history report, and if the car has had an accident, take it to a mechanic. Do pay full value for vehicles previously registered as a rental car. Accurate gas mileage ratings can be accessed at FuelEconomy.gov, and safety test results can be found at SaferCar.gov.
Time Frame
Take your time shopping. If you're unfamiliar with vehicle makes and models, test drive your possibilities. Talk to your mechanic, friends and family for recommendations. A preapproval takes several days, so have one before you start test driving cars. An approval is usually good for 30 days.
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