Category: Used Cars (Page 3 of 3)

Tips for Identifying Used Car Scams on Craigslist

March 7, 2012 /

Shopping online is a monster that is best tackled by a paranoid shopper. Though even if you aren’t, there are a few precautions you must take. Whether your shopping for an insurance quote or dog food you have to do your research. The popular site Craigslist is a great place for legitimate sellers looking for buyers and vice versa, but from time to time you have to be careful to avoid the lurkers. Scam artists plague the car market, and Craigslist is no exception. But it doesn’t necessarily mean you can’t take a few precautions to protect yourself when shopping around.

Contact

Reports from Hartford Courant count at least 15,000 car buyers that have been scammed out of nearly $45 million, though that number changes every day. No matter what you’re buying, be wary. For one, if you can’t contact the seller, don’t bother continuing your inquiry into the vehicle. Even if you do get in touch with them, be wary of emails sent using free services, and don’t trust phone numbers since they can be routed through various programs.

This means that even if you did report the crime, they will be practically untraceable.

Unbelievable Offers

If it’s too good to be true, it probably is. Don’t be so quick to throw money at them if they say they’re on a deadline, protected by eBay or some other program. It’s your money, and a real dealer is interested in making the deal, not forcing your hand. Also, eBay only offers protection to buyers that buy the car through their site, not through PayPal.

See It In Person

Can’t test drive it first? It’s a scam. Be firm with your values, and don’t let someone tell you the vehicle is unavailable to drive and that you have to buy it before you even see the car. Tell them that if you can’t test drive the car you won’t pay. Don’t fall for the emotional stories about dead parents or relatives that drove the vehicle and now they want it off their property. These compelling stories are often scams.

Conclusion

Don’t fall victim to online scams on Craigslist like so many have. Always be cautious and don’t believe what you read even if you think it’s a trusted source. Keep an eye out for trusted email addresses when looking for contacts, and never do business with someone who is forceful with you. Remember, it is your money.

Used Cars

How much is my car worth?

June 9, 2011 /

From the Wall Street Journal Online:

That three-year-old car sitting in the driveway may not seem so exciting anymore, but to some car dealers it could be gold.

Informed shoppers with well-maintained cars to trade in have an unusual opportunity to take advantage of what industry analysts say is a record peak in used-car prices. Resale and trade-in values for late-model vehicles in good condition have been rising all year as demand has outstripped supply, particularly for fuel-efficient models.

Among the forces driving up used-car values is a shortage of many popular Japanese models due to production slowdowns following the March earthquake. And the sales collapse during the 2008 and 2009 financial crisis means fewer two- and three-year-old cars are available.

The National Automobile Dealers Association last week raised values again on many small- and medium-size cars in its latest Used Car Guide, which is widely used by dealers when deciding what to offer for cars taken as trade-ins.

A one-year-old Honda Civic that NADA’s Used Car Guide valued at $14,275 in May is now estimated to be worth $15,950. “The same car,” says Jonathan Banks, NADA’s executive auto analyst.

Read the full article.

Used Cars

Negotiating every detail when buying a used car

May 11, 2011 /

This article has some great advice on negotiating the purchase price when buying a used car. The key is to look at every aspect of your cost, starting with price but then moving on to all the fees they have listed, and then asking for perks and possibly using your own bank to finance the car (tell them this last!).

Here’s some detail:

When I sat down in the financing office to discuss the financing of the vehicle, I took the itemized listing of fees and made the loan processor define every single item that was listed. There were so many fees that were “administrative” in nature it would make your head spin. I argued every single cost that was listed that wasn’t tax, tag or title related. The dealer was assessing me a whopping $600 in unnecessary administrative costs. I know that this seems very small when financing a $30,000 car, but would you carry $600 in unnecessary interest on your credit card for five years?

The key is that every dollar matters. People don’t think about this when they can finance the purchase, but they’re leaving money on the table.

Used Cars

Used car prices keep going up

May 9, 2011 /

If you’re looking for a used car like the 2009 Pontiac G8 GT pictured above and were hoping for a deal, you might be in for an unpleasant surprise. Used car prices hit a record high in April, as inventories are tight in the new car market and wholesale used-vehicle prices keep increasing. The domestic auto business is doing very well as evidenced by good news from auto retailers like AutoNation, so prices are going up all across the board.

Used Cars

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