What is your car buying strategy?

[humandraydel]

There are always lots of threads about buying cars. I'll likely be buying a car in about 1 year. However, I've looked around a bit online and I must say, I'm a bit confused on what type of car I should buy - in terms of age, mileage, etc. In other words, I'm really having a hard time comparing the value of cars with different age & mileage.

For example, I wouldn't be sure of which to pick from this list of Honda Elements I just pulled up on autotrader:

2010, 8k miles, $18,400
2005, 49k miles, $14,000
2005, 71k miles, $11,500
2003, 109k miles, $7,500

So, what is your strategy in buying cars?

[adstalker]

What is your budget?
I'm assuming you are buying a used car? make sure you get a carfax before any purchase to make sure the entire history of the car.
You should also check check kelly blue book to determine a good price for the car. You will be able to input the year make and model, mileage, and the overall condition of the car and they will calculate for you a good estimate of what the car is worth.

For japanese cars, higher mileage is ok. My dad had a honda civic with a almost 200,000 miles on it and it drove ok. Just make sure you take the car to your own mechanic for an ispection before you buy. Hope this helps a little

[Hector]

After figuring out exact budget, I would also take used car to mechanic and ask him to do a full inspection before deciding to buy in cash.

[BMEPhDinCO]

I just bought a car for myself in March, and we traded my DH's car in June...so here is what I suggest:

1. Determine the type of car that suits you - safety, mpg, features, etc - I also ran them through my insurance company to determine extra costs or savings

2. Research on edmunds and consumer reports for the best years, what changed between years, etc (also check out iihs.org for safety test results)

2. Go to NADA guides, KBB, and edmunds to find a fair value for your trade in (if you have one) and for the car you are interested in

3. look around on cars.com, dealer sites, and others to find cars in your area
- 3b. decide if you want to do dealer or private seller, usually private sellers are cheaper but you can't do financing with them as easily - although banks and credit unions are fine either way. there's also more paperwork with them - I've gone both routes and they both worked fine for me.

4. email owners of cars to get details - ask for a best price from a dealer

5. go test drive any cars you are interested in - if you are after multiple manufacturers/models, test drive on the same day and in different conditions (ie, dark, rain, light, etc)

6. Once you are narrowed down to one car - ask for a 24 hour test drive, if they say no, ask for a 12 hour drive - you want to test your normal route, have it checked out by a mechanic of your choice, and try out all the features

7. once you are SURE you want the car, figure out how you will finance it - a bank, credit union, the dealer....and look up your credit score on MyFico.com for the best bargaining position, they will pull your report too, but you will have an idea beforehand.

8. Look up the exact car on NADA guides etc to get a starting price, look carefully over the carfax (make the seller give you one) and come up with a price that you will start at and one that you will NOT go over

9. get the car

hope that helps!

[maat55]

First you have to have your absolute top dollar decided and stick to it.

Next, I give consideration as to how long I will have(it is common for many to exceed this) to have it, and how many miles that will be under normal use. I also consider what the worth of the vehicle will likely be at the time I might replace it.

Example: For my milage requirements, I look for a car with less than 30k, hopefully no more than 2 years old. For my wife(due to she drives fewer miles), we bought a car with 53k that was 4 years old. I consider it more of a luxury buy(BMW) that fits in our budgets and miles.

We take the time to find a decent deal for a car we consider in great shape.

[Frugal]

I budget what I can pay cash for, and then I try to stick within those guidelines. My car-buying strategy involves saving money on cars by buying from family and close family friends. This way, I know what I am in for in terms of maintenance, etc.

[snafu]

BME offered a good strategy, however if you need financing, I would seek the best rate 1st before choosing brand & model. If you drive highway miles you may want a different vehicle than stop/go city driving. Prepare a list of mpg as this can be expensive when we get price spikes.

[elessar78]

I'm not too familiar with Honda elements, but for an Accord, I wouldn't hesitate to buy one w/ 100K miles if the price was under $8K (passing a test drive, looked over by a mechanic, Carfax,etc.)

[Marto]

I've owned 2 Hondas total and bought my first new Honda in 09. From my experience these cars last very long mileage wise. It really depends on how long you want to keep the car because 100k miles isn't a whole lot on a Honda. You could easily get another 100k on it. I would probably go for the 2003 and maybe try to talk them down to 7k.

[BuckyBadger]

I love my Element beyond all reason.

That's all I have to add!