Quiz | March 2013
How to Get the Best Deal on a Used Car - Quiz
Buying a used car isn't the game of Russian roulette it once was. The Internet gives buyers a better grasp of the market, services such as CarFax have reduced fraud, and cars are so well made that even the least expensive vehicles will likely keep running for ten years or more. But the more you know before you go, the better deal you're likely to get. Take our eight-question quiz to test your skills.
Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 1 of 8
Where's the best place to check used-car values?
A. Edmunds.com
B. Kelley Blue Book
C. NADA Guides
D. All of the above
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 1 of 8
Where's the best place to check used-car values?
You're right! D. All of the above is correct.
Sorry, wrong!
is incorrect.
The right answer is D. All of the above.
Edmunds.com is our favorite site because the used-car appraisal tool allows you to see actual transaction prices. However, if you're financing through a bank or credit union, the lender may limit your loan amount to the car's suggested retail value in Kelley Blue Book or NADA Guides. Just remember that a KBB or NADA retail price is a starting point for negotiations, not an average, when you're haggling with a dealer. If you're buying from an individual, focus on the private party value. All three sites provide this figure.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 2 of 8
What makes a used car "certified"?
A. It was leased and has just been turned back in to the dealer.
B. It has less than 36,000 miles on the odometer.
C. It underwent a rigorous inspection process required by the carmaker.
D. The dealer tells you it is in a special registry of used cars on the market.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 2 of 8
What makes a used car "certified"?
You're right! C. It underwent a rigorous inspection process required by the carmaker. is correct.
Sorry, wrong!
is incorrect.
The right answer is C. It underwent a rigorous inspection process required by the carmaker..
Certified vehicles are the crème de la crème -- typically less than five years old, with fewer than 60,000 miles on the odometer. In addition to a thorough inspection, certified used vehicles come with an extended warranty backed by the manufacturer. For example, Volkswagen, which was voted the top nonluxury certified program by IntelliChoice, has a 112-point inspection and extends the warranty for 24 months or 24,000 miles beyond the new-car warranty. You pay for the peace of mind, though -- typically $500 to $3,000 more than for a noncertified used car.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 3 of 8
A clean CarFax report is all you need to ensure that you're getting a problem-free vehicle.
A. True
B. False
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 3 of 8
A clean CarFax report is all you need to ensure that you're getting a problem-free vehicle.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
CarFax has certainly helped take the sleaze out of the used-car trade, and getting a CarFax report is a great first step. CarFax reports verify the odometer reading and ownership history (a single owner is best), and they highlight title problems -- that is, if the title says a car has been salvaged (after a severe accident) or has been in a fire or flood. Reports may also detail a car's service records. But that's not enough. If you aren't buying a certified preowned vehicle, you should take the car to a mechanic for an inspection. And if you're buying from an individual, ask to see the service records and make sure the seller's name is the same as the name on the title.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 4 of 8
When gas prices rise, truck and SUV prices…
A. Rise
B. Fall
C. Stay the same
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 4 of 8
When gas prices rise, truck and SUV prices…
You're right! B. Fall is correct.
Sorry, wrong!
is incorrect.
The right answer is B. Fall.
We Americans love our big, gas-guzzling vehicles, but we unload them the moment filling up becomes a budget buster. Pump prices have become an excellent indicator for truck and SUV values: When gasoline prices climb north of $3 a gallon, truck and SUV sales start to stall, and fuel-efficient cars get a little pricier. Rapid jumps in gas prices will put an immediate dent in truck sales. If you're patiently shopping for a used truck/SUV, look for the best deal when gas prices seem to be peaking.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 5 of 8
The best way to get the best price on a used vehicle is to:
A. Go to an auto auction.
B. Show the seller a nearly identical vehicle for sale for less.
C. Find it on eBay.
D. Buy from your brother-in-law.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 5 of 8
The best way to get the best price on a used vehicle is to:
You're right! B. Show the seller a nearly identical vehicle for sale for less. is correct.
Sorry, wrong!
is incorrect.
The right answer is B. Show the seller a nearly identical vehicle for sale for less..
Alas, the auto auctions, where vehicles are often sold for a song, are limited to dealers -- who take the vehicles to their shops, clean them up and sell them for big markups. And although you may well find a steal on eBay or from a relative, the best way to score a lower price most of the time is to make the seller compete for your business. Check the listings at AutoTrader.com or Cars.com. If you can find a nearly identical vehicle, or several vehicles, nearby for less, you are in a good position to ask for a price reduction.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 6 of 8
Used-car loans carry a higher interest rate than new-car loans.
A. True
B. False
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 6 of 8
Used-car loans carry a higher interest rate than new-car loans.
You're right! A. True is correct.
Sorry, wrong!
is incorrect.
The right answer is A. True.
Used car financing rates are typically a smidge higher -- about half a percentage point -- than new car loans. But if you have a credit score higher than 700, you can probably get nearly the same rate for a used-car loan as you would for a new-car loan. Credit unions also lend at low rates, so be sure to check out all your options.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 7 of 8
Never buy via the Internet from someone far away whom you don't know.
A. True
B. False
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 7 of 8
Never buy via the Internet from someone far away whom you don't know.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
Expanding your search to the entire U.S. can give you many more choices and include regions where the type of vehicle you're looking for may be more plentiful (think convertibles in Southern California or four-wheel drives in Colorado). If you're careful not to fall for a scam, you can save $2,000 to $10,000, depending on the car, even after delivery charges. You should hire a certified inspector (it costs as little as $100) to determine a vehicle's condition before you commit. Go to Carfax.com or eBayMotors.com to find one. Escrow.com can securely transfer the funds and title, for about $200. Find reputable shipping companies at TransportReviews.com -- you'll typically pay $800 to $1,200. Or you can hop on a plane to pick up the car and drive it home yourself.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 8 of 8
Used cars are always a better deal than new cars.
A. True
B. False
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Question 8 of 8
Used cars are always a better deal than new cars.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
Because most cars depreciate 50% or more after three years, buying a used car is almost always cheaper than buying new. But tight supply due to strong demand during the wobbly economy has raised prices on nearly all used-car models. That has actually turned the market upside-down for a handful of used cars, sometimes making them more expensive than new -- particularly when you add in the higher interest rate you typically pay for a used vehicle and factor in the new-car warranty. At Edmunds.com, see a list comparing new- and used-car payments.
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Quiz
How to Get the Best Deal on a Used Car - Quiz
Results: 0 out of 8 Right
See Also
QUIZ: How to Get the Best Deal on a New Car
quiz: 10 Ways to Save on Car Maintenance
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