Buying a used Car- what should I do?

Question

I asked the question earlier and got some good responses but I have another question about different cars.
Basically, I don't want to spend more than 12,000 for a used car. I've found some 2001-2003 Camry/ Accords in my price range and know the rep of those vehicles. Plus I've owned both Honda and Toy and been happy w/them both.
I did find a Lexus, Acura, and a BMW in my price range but they are a few years older- 1999/ 2000 models. I also know that these cars are freaking nice but they are 8 yrs old v 4-5 yrs old.
Should I go for the luxury model on an older car w/ more miles or go w/ the less older car but still reliable and nice.
Thank You

Answer 1

I would lean more towards the newer cars. They will be easier to finance and might still have warranty available. In addition, it will be more expensive to maintain one of older models and lesser options can mean fewer problems. One of my shortest answers, but I hope you find it helpful.

Answer 2

Toyota/Honda are far more reliable than the more expensive so called "Luxury" cars that spend most of their time in the shop being repaired. You can get the same "luxury" features in a new Camry/Accord cheaper than what you will ever find a Lexus, or BMW for. Which by the way Toyota builds Lexus vehicles. So if you really want a luxury car chose the Lexus.

Also when looking at a used car ask for maintenance logs, and receipts. Many times if those items are available it shows the vehicle has been well maintained and not neglected. So in that case if the mileage isn't too outrageous for the model year of the vehicle I would buy it, just based on knowing the vehicle was well maintained by the previous owner(s).

Answer 3

The BEST website for this type of question is to go to carbuyingtips.com. I used this website when I was looking for a vehicle (my old one died on me, literally, on the highway). It is a great tool to use whether looking new or used, as well as the pros and cons to consider. They offer everything from what to do, the steps to take, what to say and NOT say at the dealer, extended warranty info and even car insurance! Everything is free and has links to sites all over the place.

I have owned a Chevy Cavalier in college, traded it for a Toyota Camry - after that was my Hyundai Elantra (do NOT recommend) and now I am the proud owner of a NEW Kia Sportage. If you want Luxury, I would suggest BMW. They have great resale and last for a long time. I have many friends that drive older models and are so happy with them. I think Lexus is a little over rated and I love Acuras. I just am not sure how well they hold up after 60,000 miles (and 7 years of wear and tear).

For the actual process: I would suggest to first check your credit, get the FICO score, and once you have that, then you can actually apply for the loan. That is the hardest part...and most nerve racking. If your score is below 500, I would suggest trying to fix it, looking at what is accurate and what is not, and taking the time to improve the score. If your score is higher than that, and you have some credit info (like previous loans and whatnot) then you should have no problem.

After that, then you can look at the car that fits your budget. SO many times people want the car and dont realize that the payment can be over $400-500, almost what they pay in rent. Plus, you have to pay insurance and tax, tags and title, as well as inspections (which are annual). Also make sure to pull the carfax vehicle report, sometimes they are free, or, for a nominal charge, you can have unlimited access to as many vehicles for a certain period of time.

Check your state for lemon laws and check out the BBB (www.bbb.org) for an questions about dealers or 'independents' that will sell you a car. That site is so informative, and it will show their standing with the BBB, or if they have one at all. You can also ask for references if you really want to do your research. The more educated you ae the easier the process is and the more money you will save in the end!

Good luck and happy car shopping!