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Nopphon Pattanasri/Getty Images May 10, 2022 Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. When it comes to buying your next vehicle, options can range from traditional dealers all the way to a fully online order that’s delivered to your front door. Purchasing from a private seller can also be a great option to get a good deal, but it takes a bit more consideration than buying from an established business. 1 Lock in vehicle financing
Whether you are purchasing from a traditional dealer or from a private party, walking in with vehicle financing you were preapproved for ahead of time is key to saving money. Apply to at least three different lenders that offer private-party auto loans. This way you can compare and terms and walk into the buying process with a firm grasp on how much . 2 Research
Now that you know how much vehicle you can afford to purchase, it is time to begin looking for your vehicle. You won’t be going into a dealership and will instead be looking for the vehicle online using sites like Craigslist or Facebook Marketplace or searching ads in your local classifieds. Look out for specifics on each vehicle’s mileage and history. It is also wise to do some research on the vehicle model itself to be sure no . 3 Contact the seller
Once you find the vehicle, you can then reach out to the seller. Ask any remaining questions missing from the ad. Queries on accident history, the number of previous owners and why they are selling are great starting points. Plan a vehicle test drive after your questions are answered. Arrange this to be done in a public place with a friend or family member present. 4 Check out the vehicle
Take a good look at the interior and exterior of the vehicle before you start your test drive. Unlike buying from a used dealer, it is possible that the owner didn’t check over the vehicle prior to the meeting. Test the vehicle’s electronics and look for any exterior rust, low tire tread or cosmetic issues. 5 Take a test drive
When test driving the vehicle try and get out onto the road to see how the vehicle handles at higher speeds. Check the brakes and pay close attention to the sound of the engine as you increase the speed. 6 Get the vehicle inspected
Following your experience driving the vehicle, it is wise to get a trusted set of eyes on it. Ask the owner if the vehicle can be taken to your mechanic. This way you can have them look under the hood and confirm that there aren’t any hidden vehicle issues. If the owner has any qualms with this request, it is best to walk away — they may be trying to hide a problem with the vehicle. 7 Make an offer and close the deal
Once you know the vehicle is in good condition and are sure you want to purchase it, it is time to make an offer. While you should use their posted asking price as a jumping-off point, use any vehicle issues you found in the inspection process as leverage for a better deal. Check Kelley Blue Book to see what the vehicle’s typical selling price is and remember that your greatest power in negotiating is the ability to walk away from the deal. Risks of buying from a private seller
While buying a vehicle from a private seller does save you money, it is also a likely place to run into vehicle scams. Look out for like curbstoning, fake advertisements or even identity theft. These scams can be avoided as long as you look out for common red flags. Do not buy from a seller who seems too pushy. While there is emotion attached to vehicle sales, trust your instinct. Finally, you also should never purchase a vehicle sight unseen and avoid wire transfers. The bottom line
Buying a vehicle from a private seller is a great way to shop online and save money. But it does come with additional risk so be sure to complete an in-depth vehicle inspection and walk away at the first sight of anything suspicious. Learn more SHARE: Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites. Related Articles