Vehicle Valuation
Posted in Lending
The saying that ‘knowledge is power’ definitely applies in the vehicle purchasing situation. Use the links below to research the value of your existing vehicle and/or the value of a vehicle you are considering purchasing.
Kelley Blue Book
NADA Guides
Auto Trader
Edmunds Guide
Tips for Dealer Negotiating:
- Buy on the last two days of the month
- Window shop on the days that dealers are closed. Never impulse buy.
- Your initial negotiations should be strictly on the purchase price. After you agree on that figure, then bring up any trade-in you may have.
- Negotiate based on the bottom line; not on the monthly payment amount.
- Have your loan pre-authorized at the credit union. In addition to standard pre-approvals we offer Auto Checks – an actual check you can write at the dealership for the final negotiated price.
Tips for Used Car Buyers:
- Check for oil spots under the vehicle after driving it.
- Check tread on tires for uneven wear and decent tread depth.
- Make sure all door, hood and opening joints line up evenly.
- When accelerating, look for smoke in the rear view mirror.
- Drive at a speed that will allow you to shift into overdrive.
- If oil is dark black and thick, chances are the vehicle has not been maintained properly.
- Never buy a car without an inspection sticker.
- If buying from a dealer, insist upon the dealership providing the CAR FAX report.
- If buying from an individual, purchase the CAR FAX report yourself. It is a small investment that can help you avoid future trouble.
