Buying a Used Vehicle from an Individual
Buyers can often get better deals when they buy from individuals
rather than dealerships. Several critical points must be remembered:
- It is critical to have used vehicles thoroughly checked by mechanics
because it probably would be harder to resolve problems once sales
are completed.
- Contact an AA Credit Union Loan Officer to get a FREE AutoCheck
vehicle history report.
- Read Evaluating Used
Vehicles so that you can learn what sellers can do to their
cars in hopes of getting more for them.
Any time that vehicles are bought and sold, Bills of Sale should
be completed. Print a sample Bill
of Sale. This document is offered as a courtesy to members.
Some states might require additional information. AA Credit Union
assumes no liability for use of this document.
Evaluating Used Cars
A used vehicle that is wisely bought can be a much better buy than
new vehicles for many of us. You could buy "more" vehicle, suffer
less depreciation, and have lower monthly payments - all reasons
to smile. Buying used vehicles can be risky though, so you should
thoroughly investigate those you're interested in buying.
Here are some important points to remember when looking for used
vehicles.
- Read Your Old Car to learn what
sellers do to sell their vehicles for the highest possible prices.
- Before you purchase any used vehicle, contact an AA Credit Union
Loan Officer to receive a FREE AutoCheck
VHR (Vehicle History Report) so that you can learn whether
vehicles have been totaled, have salvaged titles, have been stolen,
or have had their odometers rolled back - all major problems that
can dramatically impact values.
- Determine wholesale values for vehicles and negotiate up from
those and not down from retail values to determine purchase prices.
- AA Credit Union Loan Officers use the N.A.D.A. Official
Used Car Guide to determine trade-in (wholesale, e.g.) value
and will share that information with members.
- AA Credit Union's online pricing service, CUDL AutoSMART,
provides wholesale and retail values on vehicles from three
of the world's leading used auto valuation companies.
- Read the classified section of local newspapers to see what
sellers are asking for similar vehicles in your area.
- Compare prices from several used vehicle lots.
- Have vehicles evaluated by reliable, certified mechanics.
- Make certain that they use complete checklists.
- Fees can range from $75.00 to $175.00 but can save you money
in the long run.
- Several sources are available.
- First try your regular, trusted mechanic.
- Check your local Yellow Pages under Auto Appraisers.
- Contact diagnostic or service centers.
- Within the Dallas/Fort Worth area, Auto Critic mechanics
will come to any location and can be reached at (817)
460-8388 or (972) 386-8388.
- Repair costs uncovered by vehicle appraisers or mechanics should
be subtracted from the purchase price you are willing to pay.
A vehicle worth $7,000 that needs $1,000 in repairs is only worth
$6,000.
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