Cons: While buying new might be the most satisfying way to buy a car, it's also the most expensive. Some cars depreciate faster than others, but no matter what you're buying, your new car is going to experience depreciation the minute you drive it off the lot. That's not to say buying a new car isn't a good value, but it's a financial hit you should keep in mind if you're shopping for a new car. Consider doing a little homework on the depreciation rate of the car you have your eye on before pulling the trigger.
There are a number of places to purchase a used auto. Here's a quick rundown: CarMax offers no-haggle pricing and cars that are in good condition, but its prices are a bit higher than you'll find elsewhere. Private-party sellers have lower prices and can be negotiated with more easily, but the burden is on the buyer to get the car inspected. Major dealerships sell certified pre-owned cars that are in excellent condition and backed by factory warranties. This option will appeal to buyers who want to minimize the risks of buying used and are willing to pay extra for it. Independent used-car lots are another alternative but can vary wildly on price and the condition level of their cars.
Whether you take a 24-hour test drive or not, you now have 30 days (up to 1500 miles) to decide if the car you buy is right for your life. As long as the condition is consistent with when you purchased it and you’ve driven fewer than 1500 miles since your purchase, you can bring it back within 30 days and we’ll help you complete your return. Any refunds due back are typically mailed within 2 weeks of your return date.
Consumers may file complaints with the Oklahoma Motor Vehicle Commission regarding New Motor Vehicle Dealers and their sales, management, or finance staff, which are licensed by this Commission. Please refer to the complaint form and instructions. If you need to refer to the OMVC law and/or the Commission�s Rules and Regulations, you may also access them from this website.
Buying a used car is one of the smartest financial decisions you can make. You pay less for the automobile and avoid the depreciation that new-car buyers face the moment the vehicle rolls off the dealer's lot. Buying used has a number of other advantages as well. You will pay less for registration and insurance. Also, the margin for a discount may be greater when you buy a pre-owned automobile. And if you purchase the vehicle from a private party, you will likely get an even better price than you would at a dealership.
Run your credit report and get your credit score. The score tells you your credit tier, which will affect your annual percentage rate. Even if you have bad credit, you can still buy a vehicle that's right for you and your wallet. Next, get preapproved for a loan at your local bank, credit union or online lender. By going in with financing already arranged, you can determine if the dealer can beat your interest rate. This strategy also keeps the negotiations more focused since you will only be looking at the total price of the vehicle (also called the "out the door" price), not a monthly payment.