CHARLOTTE — Used cars are certainly cheaper than new ones, at first. But the long-term care can be a different story.
Consumer advisor Clark Howard has some warnings if you’re in the market for a used vehicle. Complaints about used cars are some of the most common calls we get in the Consumer Action Center.
Mechanical failures, expensive add-ons, and sky-high interest rates leave new owners on the hook for much more than they can afford.
Howard spoke to three different customers from three separate dealerships, all with similar problems.
Jennifer Hambrick told Howard her car “started shaking ... started pulling back.”
Jordan Sammons said, “Within 30 minutes or less, the transmission dropped.”
Adriana Parks told Howard: “I left off the lot with the car. Hours later, the check engine light came on.
Mechanical failures aren’t the only issues the women face. Each of them financed at the dealership and had interest rates over 25%.
“Unfortunately, the people who get preyed upon the most by the used car dealers are the people who can least afford to do anything about it,” said T. Michael Flinn, a consumer attorney.
Flinn says potential buyers need to research businesses thoroughly before stepping foot on the lot.
“I think the most important thing is knowing what the price of the car should be,” Flinn said.
Parks agreed, saying: “Always do your research before going there. That was my first mistake.
There are two things you should do before buying a used car. One, get pre-approved for a loan at a credit union or bank, which will eliminate a world of problems with bad loans. Second, make a deal for it subject to you having the car inspected by a mechanic of your choosing, so you don’t buy trouble.
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