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Pros And Cons Of Buying A Used Car

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When you're interested in buying a used car, there are certain facts to consider that will make one choice better for your situation. There are pros and cons for each method of buying a used car, but when it comes to financing, warranty and vehicle history information, the used car dealership beats private-party selling.

Financing

Private
Most banks won't finance a vehicle through a private seller. They don't want to be stuck with an older car if the buyer isn't able to keep up with payments. They're also worried that a private seller won't disclose all the issues and problems associated with the car. There's no repution to worry about for a private car seller versus a dealership.

Dealership
The dealership has a variety of ways to help …show more content…

It used to be called the Used Motor Vehicle Trade Regulation Rule, and it's been around since 1985. Every car sold by a dealership has to have a Buyers Guide on the window. It'll have warranty information like terms, conditions, length of coverage and the repairs the dealer will pay. In some states, the dealer is not able to sell cars in an "as is" state, so there has to be an alternative to the Buyers Guide. https://www.ftc.gov/enforcement/rules/rulemaking-regulatory-reform-proceedings/used-car-rule

Vehicle History

Private
A private seller often knows exactly what's wrong with the vehicle. If they have pride in the vehicle, they'll have all the paperwork you'll need like repair history reports. They will usually know if the car has any quirks. A responsible seller will make mention of the history, but you might not be able to trust the seller to tell the truth. You'll have to make a gut decision on whether the person is trustworthy.

Dealership
The used car in a dealership might not have deep backstory that will tell you when repairs were made to the car. Instead, you'll have to perform your own vehicle history reports, although, some dealerships will have a CARFAX or AutoCheck ready for you. When they certify the vehicle, though, the history won't matter as much since the buyer will be able to drive the car and be covered additionally by a warranty. Those warranties sometimes

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