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How to avoid the used car sales trap
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Transcript of How to avoid the used car sales trap
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How To Avoid The Used Car Sales Trap
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Buying a used car involves a lot of risks.
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While consumers are protected by several regulations in place, none are available when
buying a car from a private seller.
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Used car buyers also need to deal with hidden histories and pushy sales tactics.
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Below are some tips on how to avoid the sales trap when buying used vehicles.
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Don’t Buy Another Person’s Debt
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When a car owner borrows money to purchase the vehicle, the car is used by the
lender as security for the loan.
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Once the owner defaults on the payments, the car will be seized by the lender to
recover the funds.
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An unscrupulous seller might try to sell a used car to you and default on the payments.
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When the lender repossesses the car, you are left with nothing.
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That’s why before buying a used car; you should check its debt status first.
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That way you’ll know if there is a problem beforehand.
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Check the Registration of the Used Car
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When buying a used car, you need to check whether its registration is in order.
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You should also check the engine number that is stamped on the engine.
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Make sure that the numbers match the car’s registration documents.
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If they don’t match, then the car that you are looking at is literally not the same car
that you are buying.
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You should do more research and investigation of the used car if you really
want to buy it.
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Or better yet, find another one.
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Look for Crash Damage
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If you want to make sure that the car is worth your money, then have a trusted
mechanic look at its mechanical condition.
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Make sure that the mechanic looks for signs that the car has had some crash repairs in
the past.
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Some of the indicators include missing fasteners and over spray.
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If you have discovered evidence of major crash repair or damage, it is recommended
to forget about the vehicle and look for another.
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Get Updated Fair Value Assessment of the Used Car
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Another thing that you need to consider, is to get an updated fair value assessment of
the vehicle you want to buy.
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The values are for vehicles that have an average condition with average mileage.
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If the car is still in good condition, then slightly increase its value.
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Adjust the price downward if the condition is poor.
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Test Drive the Car
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Before sealing the deal with the used car seller, you should be able to take it for a test
drive.
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A test drive will give you an idea of how it drives, as well as alert you to any problems
that the seller forgot to mention.
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It is a good idea to let a friend, or a trusted mechanic drive the car as well.
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One might notice an issue with the used car that you failed to see.