Buying a used car for sale directly from the individual owner or private party can save you hundreds if not thousands of dollars. There are of course other factors to consider. Here are some pros and cons of buying a used car for sale by owner.
- One of the biggest upsides to buying a used car directly from the owner or a private seller is the price. Private party sellers typically don’t have any overhead in running a business, they don’t work on commission, and they are often motivated to sell at any price. If you know what you’re looking for as well as the value of the used car you’re considering, you can drive away with a really great deal.
- One way to get a good deal on a car is to buy cars from private sellers who must sell either because they need to move out of town or country or they need the money.
- Buying from a private seller can also get you access to all of the car’s history. This is especially true if the private seller has been the sole owner of the car. He or she will know every accident, every mechanical problem, and even the slight eccentricities of the radio. Assuming you are negotiating with someone who is trustworthy, this can provide you with an invaluable look at the car’s details.
- When individual owners sell a used car, truck, or SUV, they often have some level of emotional attachment to the vehicle. They also typically have a frame of reference for the cost they originally paid, and they may feel that they deserve a close (if not equal) payout from you. Both of these can lead to the occasional overpricing of the used vehicle.
- There is also no guarantee that the car you’re getting is in good shape. Unless you have your own mechanic check out the car and give it a thumbs up (or you know enough about cars yourself), you may end up driving home with a lemon – and have no legal recourse to rely on to get your money back.
- Probably takes a bit more time and effort than going to a dealership since one private party or individual may only have one car to sell.
Buying a used car can be a time-intensive and complicated process, but it doesn’t have to be overwhelming. As long as you know what to expect, buying a used car for sale by owner or from a private party can save you lots of money.