Tips on determining fair market value in advertised used car prices

When you're in the market for a used car, it's important that you do a little research in order to make a fair determination of whether advertised used car prices are in line with the fair market value of the make and model of the vehicle you have in mind. The research involved doesn't take much effort or time and can help prevent you ending up with a lemon or paying too much for what you're getting.

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No matter who you're buying from, you'll always want to consult the Kelly Blue Book(TM). If you don't have a copy on hand, it's easiest to go to the Kelly Blue Book(TM) website. Be prepared with a list of any options, such as power windows, air conditioning or leather seats that come with the vehicle in question. Also make note of the general condition and mileage. The Blue Book value chart takes all of these factors into consideration when establishing used car prices.

Another investigation you'll want to make online is to check out used car rating websites. While you may love the looks of a certain used car, looking at used car ratings by car magazines and individuals who have owned the model of the year you're looking at may reveal problems you aren't willing to take on when you purchase. Used car prices for such a vehicle may seem attractive, but there may be a good reason why. On the other hand, another vehicle may have great ratings on safety features. You'll want to weigh all of your priorities against what your budget allows and used car prices which satisfy your most important priorities.

If you'll be financing the car, your bank or credit union will base the loan amount on this dollar figure. Remember too, that banks don't loan on a vehicle that's too old. Check with your financial institution to establish both the age limit and percentage of the selling price on which they're willing to loan.

If you intend to pay cash, this gives you a powerful edge in negotiating the sales price, particularly with private parties.

Ascertaining fair used car prices depends on more than the price you can establish through the Kelly Blue Book(TM). There can always be hidden problems with a used vehicle that can only be discovered by a mechanical inspection. If you don't already have a reliable mechanic, ask a friend for a recommendation. Before you finalize any deal on a used car, be sure the seller is willing to allow your mechanic to look the car over – if the seller is unwilling, you should certainly think twice before parting with your money. You don't want to discover that you need a new transmission, or some other expensive repair, a month after your purchase.

Buying from a friend or through the classifieds is usually your best bet. In either of these cases, your ideal vehicle has been well maintained. If maintenance records are available, that sweetens the pot for you. The lower the mileage, the better. The one-owner vehicle completes the ideal situation. Private sellers also tend to price, represent the vehicle fairly and not balk at the mention of a mechanical inspection. They just want to sell the car and be done with it. However, you'll seldom find a private seller willing to give a guarantee, but if your mechanic gives a thumbs up, this factor shouldn't interfere with your decision to purchase.

You can see that establishing fair used car prices requires a bit of foot work on your part, but the steps involved are fairly straightforward. If you do your homework before you go shopping, chances are good that you'll find a vehicle that suits your purpose and wallet equally well.