whether to buy from a car from a dealer or from a owner?
Question:
i need to buy a car for around 5000$,is it better to go out for a dealer or better to find it out from a car owner.. how to check the condition of the car.
I live in a town hattiesburg, in mississippi. is it better to buy here or go out to a city nearby to buy the car
Answer:
First I'd have to ask why are you in the $5000 range? Is this a cash purchase vehicle and $5K is your budget?
If so, then I hate to say, but you might be better off going to a private party to purchase the vehicle. As everyone has mentioned, there are more risks in purchasing from a private party, but there are some deals to be had if you do your research and press for maintenance records and any other important history of the car.
The reason I'm suggesting private party is that at this time of year, the $2000-10,000 cars are increasing greatly in value due to the upcoming tax return season. The buy here pay here lots are stocking up because they know customers will have more money to put down on vehicles. So, a car that sold for $3000 in the summer, might crack the $5000 mark at this time of year. So at some dealerships, your $5000 investment might only buy you a $2000-3000 car.
If you've determined that $5K puts you at a certain payment you'd like to be at, then visit a dealership to see what other options you might have in that payment range. Older, less expensive vehicles have less appeal to the bank, so financing is difficult to get and the terms will be limited so payments will be higher. So you might pay the same monthly payment for a 80,000 mile 2000 honda, as you would for a 2005 vehicle with warranty.
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