Page Text: How do I know if I am getting a good deal?
Rest assured you’re getting a good deal thanks to the proprietary CarGurus Instant Market Value (IMV) . We analyze every deal and give it a rating from Overpriced to Great. And since we’re the largest online car marketplace, we know a good deal when we see one.
How do I finance a used car?
Financing a used car through a dealership is easy—and you can even start the process online, right here on CarGurus. Tell us some details, get your pre-qualification, then shop online with real rates. Once you find your dream car, head to the dealer with confidence and tell them you’re pre-qualified on CarGurus. When buying privately, you’ll need to secure financing on your own. Many banks offer private party auto loans—contact your financial institution for more info.
Can I lease a used car?
Some used cars and certified pre-owned (CPO) cars can be leased. With a lease, you can get lower payments, fewer maintenance worries, and cheaper taxes. Contact the dealer to see if the car you’re interested in is available for lease.
Are loan rates higher for used cars? Why?
Yes—for a number of reasons. New cars have better resale value, credit scores are typically higher for new-car buyers, and people with lower scores tend to default on loans more often. Also, some dealerships simply want you to buy a new car, so they may incent you to do so.
How much mileage is too much?
Typically, most drivers rack up 12,000 miles per year. This means, a 5-year-old car should have roughly 60,000 miles on it. Anything significantly higher or lower may be cause for concern. But mileage isn’t the only factor to consider. Look into a vehicle’s history, condition, maintenance record, and previous ownership. It’s also worth noting that cars are becoming more reliable every year. With proper care, most newer models can expect very long lives on the road.
What’s an extended warranty? Is it worth it?
Extended warranties can provide valuable peace of mind to drivers by extending maintenance coverage for your car. That being said, most consumer advocates advise against buying extended warranties, mostly because they tend to provide more coverage than the typical driver needs. And with cars becoming more reliable every year, extended warranties are even less necessary. This is especially true if you don’t plan to keep the car for very long.
Is it better to buy privately or through a dealer?
There are benefits to both! Through a dealer, prices may be slightly higher, but you’ll get the peace of mind of dealing with a professional business with minimal risk. Private sellers may offer the car you’re looking for at a better price. In the past, buying on your own could be sketchy—but we’ve simplified the process, thanks to CarGurus Pay. We verify sellers and titles, offer secure online transactions and you can find some really great deals. Learn more here .
What’s certified pre-owned (CPO)?
Certified pre-owned (CPO) cars are lightly used models that offer tremendous value. These cars meet rigorous standards set by car manufacturers, meaning you’ll get a reliable car that’s backed by a warranty. If you’re shopping for a luxury vehicle, CPO may be the perfect middle ground between the high prices of new vehicles and the risk of expensive repairs for used ones.
Is it better to buy a used or new car?
Ultimately, it comes down to personal preference. Many buyers see used cars as a way to get a great deal. Used cars offer more value to buyers and with certified pre-owned (CPO) programs, it’s easy to find a reliable, gently used car. However, the confidence that comes with buying a new car outweighs the upfront costs savings to some.
What additional fees must I pay when buying a used car?
Some dealers may add additional fees onto the price of your car. These “doc fees” tend to vary dealer-by-dealer. You can also expect to see additional fees for sales tax, car insurance, title transfers, inspection, and registration. The amount you’ll pay depends on your state laws.