Deprecation will save you money on a used car loan, whether you buy from a dealer or a private party. But only one source is required to post a Buyers Guide.
The average used car sold for about $13,900 last year; half of what a new car cost according to Edmunds.com. One reason for the sharp drop in used car pricing, as Edmunds points out, is depreciation.
“. . . there is a steep decline in the car’s value in just the first year of the car’s life—from 20 to 30 percent. In other words, that car that was worth $21,800 when it was new can be purchased only a year later for as little as $15,260.”
Buying a Used Car from a DealerThe FTC Used Car Rule requires dealers to post a Buyers Guide on used cars. (Buyers Guides do not have to be posted on motorcycles and most recreational vehicles.) The Buyers Guide must tell you:
> whether the vehicle is being sold "as is" or with a warranty; > what percentage of the repair costs a dealer will pay under the warranty; > that spoken promises are difficult to enforce; > to get all promises in writing; > to keep the Buyers Guide for reference after the sale;
Buying a Used Car from a Private PartyPrivate sales are not covered by the Used Car Rule and don't require Buyers Guides. They are also not covered by the implied warranties of state law. That means a private sale is on an “as is” basis unless your written purchase agreement with the seller says otherwise. So be sure to have your own mechanic go over the car thoroughly.
Some used cars may be covered by a manufacturer's warranty or a separately purchased service contract. However, warranties and service contracts may not be transferable, so be sure to review the documentation before you buy.
Used Car Loan QuoteYou can get a free quote on a used car loan simply by using the express request form at 1-800-Bar-None. The site also has more information on Used Car Loans.
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