Clark Howard Tips on Buying a Used Car: Your Guide to Saving Money

Buying a used car can be a great way to save money, but it’s important to do your research and be prepared. Luckily, finance expert Clark Howard has provided some invaluable tips that can help you navigate the used car market with confidence.

Clark Howard’s Golden Rules for Buying Used

Clark Howard emphasizes three core principles when buying a used car: research, inspection, and negotiation. Let’s delve deeper into each of these aspects:

1. Research is Key: Know Before You Go

Don’t rush into a purchase without understanding the market. Utilize online resources like Kelley Blue Book or Edmunds to research the fair market value of the car you’re interested in. This will give you a baseline for negotiation and prevent you from overpaying.

Clark’s Pro Tip: Factor in the car’s vehicle history report. Websites like Carfax or AutoCheck provide detailed reports on accidents, repairs, and previous owners, giving you a clearer picture of the car’s past.

2. Inspection is a Must: Don’t Skip This Step

Never buy a used car without a thorough inspection by a trusted mechanic. This is crucial to identify any hidden problems that might not be obvious during a test drive. A pre-purchase inspection can save you thousands of dollars in potential repair costs down the line.

Clark’s Advice: Find a mechanic specializing in the make and model you’re interested in. Their expertise can uncover issues specific to that particular car.

3. Negotiation is Your Friend: Don’t Be Afraid to Haggle

Negotiating the price is a standard part of buying a used car. Be prepared to walk away if the seller isn’t willing to budge on the price. Remember, you have leverage, especially if you’ve done your research and have alternative options in mind.

Clark’s Negotiation Tactic: Start by offering a price lower than what you’re willing to pay. This gives you room to negotiate and reach a mutually agreeable price.

More Used Car Buying Tips from Clark Howard

Beyond his core principles, Clark Howard offers additional advice to empower used car buyers:

• Consider Certified Pre-Owned (CPO) Cars: CPO vehicles undergo rigorous inspections and come with extended warranties, providing added peace of mind.
• Explore Financing Options Beforehand: Get pre-approved for a loan from a bank or credit union to secure a competitive interest rate and avoid dealer markups.
• Don’t Be Afraid to Walk Away: If something feels off or you’re not comfortable with the deal, trust your gut and walk away. There are plenty of other used cars available.

FAQs: Common Questions About Buying Used Cars

Here are answers to frequently asked questions about buying used cars, as advised by experts like Clark Howard:

1. What is the best mileage for a used car?

There’s no magic number, but aim for cars with lower mileage, ideally under 75,000 miles. Remember to factor in the car’s age, maintenance history, and overall condition.

2. Should I buy a used car from a dealer or a private seller?

Both options have pros and cons. Dealers offer more consumer protections and financing options, while private sellers might have more room for negotiation.

3. How do I know if I’m getting a good deal on a used car?

Research the fair market value of the car, consider its condition and history, and compare prices from multiple sellers to ensure you’re getting a competitive deal.

Conclusion

Buying a used car doesn’t have to be a daunting experience. By following Clark Howard’s expert tips, you can approach the process with confidence and find a reliable vehicle that fits your budget. Remember to do your research, get a pre-purchase inspection, and don’t be afraid to negotiate.