If you are preparing to either buy or sell a car, you likely have a lot of questions. What is your car’s current resale value, or, how much financing do you qualify for? Is now a good time to buy or sell? How do you avoid getting scammed?
If you’ve found yourself pondering one or more of these questions, these top tips for buying or selling a car in 2022 are for you.
First Things First
If you are getting ready to sell or trade-in your car, the good news is that due to recent vehicle shortages, the value of your car may be higher than ever — so this is a great time to sell. However, it’s best to do some research to understand your car’s value first. Online tools can give you a range of prices to expect for both trade-in and private party sales based on your market and the car’s make, model, and overall condition.
While it helps to have a pretty good idea of what kind of car you want to purchase, first you’ll need to know what kind of financing you qualify for. Services such as the car loan pre-qualification tools offered by gettacar give you a quick, easy and convenient way to better understand your buying power (plus, they have lots of cars to choose from, too!).
Avoid Getting Scammed
If you are trading in your car at a dealership, make sure you’re getting the most bang for your buck. Verify the trade-in value before visiting dealerships and don’t be afraid to shop around and get offers from several places before making a decision.
If you are selling your car to a private party, be leery of someone offering to buy your car sight unseen. And while payment in the form of a money order or check isn’t always a scam, make sure the payment clears your bank before finalizing the sale. Also, make sure you document every part of the selling process and verify you have all the forms required by your state for a legally binding sale.
If you’re buying from a private party, get the car inspected by a trusted mechanic prior to finalizing the purchase and request a copy of the car’s history. Also, be suspicious of anyone selling a car well below market value — especially if the car is out of state and you’re being pressured to wire money before it is shipped to you.
If you are buying directly from a dealer, many of the same rules apply. If the car is at an out-of-state dealership, have it transferred closer to you so you can see it in person before purchasing. And make sure you walk into the dealership with a solid understanding of current market value so you don’t end up paying more than you should.
What are You Waiting For?
If you’re thinking about selling your vehicle, there’s no better time than now when many vehicle values are on the rise. Do your research first to know what price to start at and be aware of common scam artist tactics. If you’re thinking about buying a car, get pre-qualified for financing before beginning your search. Once you’ve narrowed down your desired price range based on your pre-qualification and monthly budget, you can begin your search. Make sure you do research about current industry pricing standards and steer clear of any deal that seems too good to be true. What are you waiting for? Your perfect car is out there waiting for you.