Thursday, April 23, 2009


Last May, we told you all our tips on buying a new car ( Because of the surplus of new cars these days, automakers are offering incredible deals, so continue to use our tips and save much more. Consider it yet another in a seemingly endless series of silver linings of the very very dark cloud hovering over all our heads.

Even with the great deals out there on new cars, many of us can't afford to buy new and need help with used car buying. (The sellers like to call them 'pre-owned.') Whatever you call it, someone else owned the car and you want to make sure you're not buying someone else's problems. Bear in mind that if you buy a used car from a new car dealership (their 'pre-owned' division), they're probably selling you a previously leased car that had a low residual value when the lease was up or at auction. Either way you can pretty much count on a $5000 profit margin to negotiate.

If you're not a car person yourself, you probably know one. We strongly advise you bring along an expert (or a relative approximation of one) for your test drive. Don't get fooled by a pretty paint job. And if you're not big on face to face negotiations, bring a friend who lives for this stuff. Used car dealers are masters at fleecing consumers. Don't be a chump.

CNN posted a great article on used car tips, and we want to share it with you:

As we always remind you, be an informed consumer so you get the very best deal. Be careful out there.

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