U.S.

April 27, 2012

Be smart when used car buying

Courtesy of 56th Fighter Wing legal

There are many benefits to buying a used car, such as the lower initial purchase price and insurance costs. However, the lower initial purchase price should not be taken at face value.

The true benefit of the lower purchase price will depend on the method used to pay for the vehicle; pay it in full or finance over time. If paid in full, the buyer will receive the full benefit of the lower purchase price, but when financing, the total cost of the car increases.

What’s the difference? With a loan, the buyer must pay the credit costs, which include interest and other loan costs.

Before deciding to purchase a vehicle, buyers should consider how much of a down payment they can make, what the monthly payment would be, the length of the period of financing and the annual percentage rate.

In addition to the financing piece of purchasing a used car, there are some precautionary steps buyers should take because the vehicle may be out of warranty and may be susceptible to maintenance issues.

Shop for a newer used car: Most late-model used cars come with at least a three year/36,000-mile basic warranty coverage and usually also have power train coverage on the engine and transmission. So, when buying a car that is less than three years old, buyers will most likely be covered under the warranty for at least a short period of time and the car is still in its prime. If the dealer offers an additional warranty on the car, take time to read what it covers. Oftentimes, consumers hear the word warranty and think everything is covered — at least the major parts. However, this is not always the case with new or used cars. Buyers should clarify what the warranty specifically covers with the dealer.

Consider buying certified, preowned vehicles: CPOs are usually used vehicles that have less than 50,000 miles and have been given multipoint inspections. The vehicle is typically serviced to the satisfaction of the actual automaker (Ford, Chevrolet, GMC, etc.) before it is put on the lot. Also, these vehicles usually come with extended warranties on the engine and transmission.

Beware of reputation: Ensure that the type of car you are interested in purchasing does not have a bad reputation for being a problem car. Problem cars have an unusual record of recalls and/or consumer complaints, and you can find information about such cars at:

National Highway Traffic Safety Administration (www.nhtsa.dot.gov)

JD Power & Associates (http://autos.jdpower.com/index.htm)

Consumer Reports (www.consumerreports.org/main/home.jsp)

Screen the car: Have the specific car being considered for purchase examined by a third party mechanic before buying. A car may have a great overall reputation for its quality and reliability, but it is essential to make sure that the specific car to be bought has been maintained properly.

Ask the seller for a record of services performed on the vehicle. This is evidence of how many times the vehicle has been repaired and will alert the buyer to potential ongoing problems with the car.

Pull up a CARFAX vehicle history report by obtaining the vehicle identification number from the dashboard of the car. The search will reveal the history of the car such as whether the car has been in an accident, odometer accuracy and other important information. The $25 cost of the report is minimal considering it could potentially save the buyer thousands of dollars.

The bottom line on purchasing a used car is that the buyer must do his homework before making a decision. Taking an honest look at the budget, method of payment and the condition of the vehicle will pay off in the long run.





All of this week's top headlines to your email every Friday.


 
 

 
NEW_1

Luke F-35s visit Columbus AFB

Airman 1st Class Daniel Lile A T-6 Texan II roars overhead as the pilots of two Luke Air Force Base F-35 Lightning IIs prepare to exit their aircraft July 23 at Columbus Air Force Base, Mississippi. The pilots are Capt. Nichola...
 
 

Gillespie Loop: Honors Airman who made ultimate sacrifice

BAGRAM AIR FIELD, Afghanistan — The men and women of the 455th Air Expeditionary Wing came together for a road dedication ceremony to honor Master Sgt. Randy Gillespie, a fallen Airman who paid the ultimate sacrifice. Master Sgt. Randy Gillespie was a career fuels specialist who died July 9, 2007, from wounds sustained during small...
 
 

Who’s afraid of a little blood?

I have been in the Air Force for 22 years and have been a medical laboratory technician since the beginning of my career. The medical or clinical laboratory is where specimens are tested to provide information to medical providers who directly assist in the diagnosis, treatment and prevention of disease in patients. After graduating basic...
 

 

Pursue education for career’s sake

Everyone knows education can be a good bullet on an enlisted performance report, but few know the true value of an education in regard to a military career. The pursuit of an education can be just as valuable as the degree acquired at the end. The knowledge acquired in the pursuit of an education can...
 
 
Pg-3--photo-illustration

Candid money talk improves relationship

There are many reasons why people divorce but at the top of the list are lack of communication and finances. That’s why it’s important to combine these two topics to make for a successful long-lasting relationship. “I bel...
 
 

News Briefs July 31, 2015

Total body conditioning class A new total body conditioning class is 6:30 and 9 a.m. Monday and Wednesday. The 6:30 a.m. class is broken into two half hour segments to accommodate squadron or individual physical training. The 9 a.m. class is one hour. The class consists of body weight movements and the use of equipment...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>