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Is it a good idea to buy a used car from a buy here pay here dealership?
- Anonymous2 months ago
I don't have that kind of operation in my area(not that I am car shopping so I do not really know if they exist.) But they sound like a desperate attempt to sell a car. I would attempt to avoid professional car salemen because they are all talk so Lie about everything.
. At that rate I will buy private, because you know for certain if a car ended up on that LOT they immediately added $1500 to $2000 more to what they paid for the vehicle. Meaning that is all the former owner got for the car and he took it. Right now, people are hurting because of the lack of work due to the pandemic. So the car is something that will be sold first. They will try to get as much as they can for the car before they settle with the LOW payout from the dealership. That is natural. Still it will be lower than what the dealership is selling the car for(they make a profit buying and selling cars) The seller is not making money selling his car but he needs the cash. You get a bank loan for a car and pay the seller full in cash and then make payments to the bank to pay off the money you had to borrow to buy the car. It is a better interest rate than any car lot can offer. BUT YOU GOT TO KNOW WHAT YOU ARE BUYING --AS BOTH THE CAR LOT AND THE PRIVATE SELLER HAS THE SAME GUARANTEE. "As soon as you hand over the cash, you get the title to the car & it is your problem." (all cars have problems of some sort) if it is fairly new(within 5 years) then they will be minor rattles or not perfect interior or exterior or noisy ride but close enough and good enough for the price you paid for it which should be less than new by 10K or even less. . Compare with other cars listed in the newspaper under private sales. Same year , guessing same condition, so there is an asking price. Every car is different. Different between a Camaro and Toyota or Honda or Mercedes. . Compare apples to apples (in the same town) [as some towns are just pick up truck towns] and you have a rough idea what it is going to cost you...for a used car. Hopefully the issues is something simple like "stiff ride" or "Wrong color" or (uncomfortable seats) A 2 " pillow behind your back fixes that by putting a curve in the spine and it is much less of an issue.
But it is totally up to you. Many people cannot be bothered to search for the car they want. It has to be shoved in their face. Lazy.
. A place worse than a Buy here Pay here lot is the car auctions.
No. They are the dealership of last resort when you have no other options available.
- ArtemiscLv 72 months ago
Buy here, pay here places exist because some people have very lousy credit. There was a short article about them in the most recent Car And Driver, which demonstrated that the cost of such a vehicle can be significantly higher than buying from a regular dealer with traditional financing. 37% of people who buy at such places end up defaulting on their loans, which is why the interest rates are so high.
If you can buy from a regular dealer, with traditional financing, you will save a lot of money, and quite likely get a better vehicle
- regeruggedLv 72 months ago
It depends on the selling price. You can always have a mechanic inspect any vehicle that you may want to buy.
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It's never a GOOD idea but if it's the ONLY way you can get a car and you realize that you are buying a crappy car for much more money than it's worth at a super-high interest rate and that the car will be repossessed when you miss one payment, then yes, go ahead. If you have problems with the car, which is most likely, don't expect to get your money back or get help from the dealer.
- Coffee DrinkerLv 72 months ago
Those lots take junky old cars and "sell" them for double what they're worth. The contracts are a rip off. They don't tell you the actual interest rate you're paying because its through the roof. They retain the title until you pay the car off in full and if you miss a payment they just take the car back and you're back to square 1.
They don't have to go to court to get a judge's permission to repossess the car and they don't have to give you the chance to make up the lost payments because they still legally own the car and the contract says that if you miss a payment all of the money paid to that point is forfeited and becomes essentially a really expensive rental on a really shitty car.
In most areas you can buy a used car that runs drives & stops for about $2500 through a private party sale. Take the bus, ride a bike, or whatever you have to do to get to work and back for a few weeks and save up $2500, buy a car for cash and keep saving until you can trade up to a $5000 car.
- Anonymous2 months ago
Only if you want to over pay for a junk car or have super bad credit.