Retail and private vehicle sale values sometimes differ by thousands of dollars. However, you'll have to find your own financing (if necessary) and complete your Department of Motor Vehicle paperwork on your own (dealers do all of this for you).
Benefits
One of the benefits of buying a vehicle directly from a private owner is saving money. You also don't have to worry about traditional dealer hassles, such as rushed purchases, inflated interest rates or pushy salespeople.
Considerations
You have to find financing for yourself if buying privately. Edmunds and Kelley Blue Book websites both provide private-sale values on used cars, so research the car before you agree on a price.You can use a local lender, but obtain a pre-approval before heading out to shop. Pre-approvals can take up to several days, in which case you can lose the vehicle if the seller does not want to hold it. With a pre-approval, you can return to the bank with the vehicle identification information, sign your contract and receive a check for the seller.
Warning
Dealers are required by state law to make sure a vehicle passes state inspection before sale. A private seller does not. In addition, it is common practice to sell a used vehicle "as is" for a private sale. If you want to buy the car, protect yourself from future repairs and expenses by taking the car to a trusted mechanic or by having one come with you to look over the car.
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