Buying Used Cars from a Private Party

Video Transcript

"Hi, this is John Michaels with Expert Village; today we are going to be talking about how to buy a used car. In this segment we are going to talk about purchasing a used car from a private party. In most cases it is less expensive to buy a car from someone else not a dealership because you don’t necessarily have to pay taxes, private parties usually sell their cars for a little less than the dealership has but do be wary of little knick knacks that may be wrong with the car. Selling a car from a private party does not necessarily mean that they have really done what they need to do to make sure that, that car is in tip top selling condition. So be sure and do your legwork when buying a car from a private party and have that vehicle inspected and have all the paperwork that you can find on that car. Take it down to your local dealership, have them see if they can put in the VIN number to see if they can find out any service records that may or may not have gotten away from the previous owner. So keep in mind, buying a car from a private party does not necessarily guarantee you a better car, and it does not necessarily guarantee you a better price, but odds are you can save money and you can get yourself a really good deal on a really good used car and also be prepared to pay cash for that car because usually when you buy a car from a private party they are looking to get cash and get it up front, they do not usually have an opportunity or a way for you to finance that car. So be ready with a loan or cash in your pocket, when going to look for a car to buy from a private party. "