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Close relatives and friends usually play a major role in first automobile purchases. Looking for a deal? Then you might feel inclined to ask a friend, who in return will respond with, "Well I know a guy." This "guy" as it turns out, will most likely be a private owner selling a used car. On the surface, this may seem like an easy option. After all, it involves less paperwork, you have more negotiating power, and the price for the vehicle is comparatively lower than most car dealers. However, that referral from your well-meaning friend may have unknown consequences. Regulations Protect Buyers There is a level of risk involved in doing business with a private seller. Most private owners will give you the automobile in its current condition, there is no guaranteed warranty. Most privately owned vehicles will have one set low price in order to get it to sell, that price is typically calculated based on the amount of wear and tear, plus mileage. The price, however, may not reflect the vehicle's actually worth. In other words, you may be paying a higher price if the owner fails to factor in depreciation. This blatant dishonesty cannot be held accountable because private owners are not bound by Federal Trade Commission rules. Therefore, if you're new property stops working and the old owner decides to skip town and refuses to answer phone calls, then you have little to no recourse. Professional dealers, on the other hand, are bound by regulations to not give you a product that is considered a "lemon" - or simply a vehicle that won't work right out of the gate. If this does occur they have to return your money or repair and replace your product. The chances of this occurring, however, are less likely in comparison to working with a private party because car dealers must have their entire inventory certified by a licensed technician. Financing Plans Another advantage worth considering is car dealers in-house financing options. With a financing contract, you do not have to pay for the vehicle in one large lump sum. Under a private transaction, full payment is due on the date of purchase. Car dealers can also offer a financing plans with a third party loan company. The company will even assist you with filling out the majority of the paperwork, including helping you file your title and registration paperwork. So, yes, you may have less paperwork involved when working with a private owner, but you'll be solely responsible to do the legwork on your own, which can be a complicated task. If you're someone who prefers the comfort of a security net, then a car dealer may be the best option for you. With legally binding regulations, financing options, and correctly filed paperwork, you can drive away in your new ride feeling confident you've made a good investment. When considering car dealers, Lansing residents visit Feldman Chevrolet of Lansing. Learn more at http://www.budkoutschevy.com/.
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