As federal regulations tighten around mortgage and credit card lenders, some worry the absence of auto industry supervision could hurt consumers. According to Jessica Silver-Greenberg's Bloomberg BusinessWeek article, "A Green Light for Car Dealers to Rip Off Buyers?," published December 17, 2009, car salesmen will occasionally take advantage of unsuspecting, "financially unsophisticated" buyers by pushing higher interest car loans to boost profits for struggling dealerships.
To avoid falling prey to unscrupulous dealers, car buyers need to educate themselves. Buying a used car can be an unnerving and expensive process for those who neglect to do simple research beforehand. Follow these tips to take the stress out of buying a car.
Used Car Checklist
Research vehicle information. Informed car buyers know a car’s value. Go to vehicle research sites, like Kelley Blue Book and Edmunds, to find recommended retail sticker prices and, if applicable, trade-in values. If unsure what car to buy, these are also great sites for vehicle reviews and comparisons. Do not forget to check MPG ratings and maintenance costs. Remember, the bigger the engine, the greater the service and oil change charges.
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