Pros and Cons of Buying a Used Car from a Private Party Seller
Buying your next other first time vehicle from private party auto seller maybe looking all too good to you sometimes. Especially since you think, you don’t have to go through all that customers go through in any car dealerships. However much you like to go this route, it is better to buy
from known sellers in order to be on the safer side. Admittedly, many times private party auto seller is someone just like you and me. Car dealerships are famous for undervaluing trade-ins or making fat commissions. Anyways, if you are going this route, you’ll need auto loan for private party to pay for it. You can then take over the new ownership from where the previous owner ends.
Did you know there are several benefits as well as disadvantages to buying a used car from your private party auto seller? Skim this article just for a few of them. It will take only a few minutes of your precious time and perhaps save you hundreds of thousands of dollars.
1. Pro: Private Party Vehicles Cost Less
Certified pre-owned (CPO) vehicles form a larger part of today’s contemporary car industry in the United States. Private party value is the lowest of the four common values of used vehicles – trade-in, private party, retail and CPO. Private party auto seller does not incur overhead costs of certification, are eager to sell and flexible in negotiations. Auto loan for private party works better than going to car dealerships for CPO.
2. Pro: Clean, Well-Maintained Vehicles
Buying from private party auto seller is usually to benefit from buying a new like vehicle. You drive a good, safe and reliable personal vehicle at highly depreciated cost. Buy from prideful owners ready to give you the VIN even before you ask for it. Keep away from vehicles in not so good conditions. They are likely to be seriously damaged vehicle salvaged or repaired to recover some money.
3. Pro: No Games
Genuine private party auto seller do not play games with serious buyers. It is easier to negotiate prices, agree on terms and complete private party car loan transactions simple and quick with little or no hassle. Save a lot of time and energy. Even if you end up paying a little more, you get back more than you bargained for.
1. Con: Multiple Meetings with Strangers
If you do not have a knack of automobiles, it could be difficult for you to choose a vehicle from private party auto seller. Arrange test drives and inspection in busy public areas instead of at home or in secluded places.
2. Con: No Warranty or Guarantee
Apart from the documents car buyers do not get any additional benefits like extended warranty or guarantee. Remember, you have to shoulder the responsibility of bad credit auto loans private party too. Since vehicles are not certified, car buyers are responsible for their judgement in making a purchase. On the other hand, used car dealers must abide by Federal Trade Commission rules as well as state regulations.
3. Con: Details, Details, Details
Buying a car from private party auto seller puts all the responsibility of associated paper work with car buyers.