717 Credit Union’s Guide to Buying a Used Car Smartly

The used car market is hotter than ever, with rising inflation, supply chain disruptions, and shifting consumer priorities driving more buyers toward pre-owned vehicles. Whether you’re a first-time buyer or a seasoned shopper, navigating the used car landscape requires strategy, research, and financial savvy. At 717 Credit Union, we’re here to help you make a smart, budget-friendly decision without sacrificing quality or reliability.

Why Buy a Used Car in Today’s Market?

The New Car Shortage Crisis

Global semiconductor shortages and production delays have made new cars harder to find—and more expensive. Many buyers are turning to used vehicles as a practical alternative, but even the pre-owned market has seen price hikes. Knowing how to shop wisely is key.

Sustainability Matters

Buying used is inherently greener. Extending a car’s lifespan reduces the environmental impact of manufacturing new vehicles. With climate change concerns growing, opting for a used car can be a small but meaningful step toward sustainability.

Financial Flexibility

Used cars typically cost less upfront and depreciate slower than new ones. With proper research, you can find a reliable model that fits your budget while avoiding the steep initial drop in value that new cars experience.

Steps to Buying a Used Car the Smart Way

1. Set Your Budget (and Stick to It)

Before browsing, determine how much you can afford. Consider:
- Purchase price (aim for 10-20% below your max budget for unexpected costs).
- Insurance, taxes, and registration fees.
- Potential repairs or upgrades.

At 717 Credit Union, we offer competitive auto loan rates to help you finance your purchase without breaking the bank.

2. Research, Research, Research

Not all used cars are created equal. Focus on:
- Reliable models: Brands like Toyota, Honda, and Subaru often top longevity lists.
- Common issues: Search for recalls or frequent repairs for your desired make/model.
- Market prices: Use tools like Kelley Blue Book or Edmunds to gauge fair pricing.

3. Where to Buy: Dealerships vs. Private Sellers

Each option has pros and cons:

Dealerships

• Pros: Certified pre-owned (CPO) programs, warranties, financing options.
• Cons: Higher prices, potential upsells.

Private Sellers

• Pros: Lower prices, room for negotiation.
• Cons: No warranties, higher risk of hidden issues.

Always get a vehicle history report (e.g., Carfax or AutoCheck) to check for accidents, title problems, or odometer fraud.

4. Inspect and Test Drive Like a Pro

Never skip these steps:

Exterior & Interior Check

• Look for rust, uneven paint (sign of repairs), or mismatched panels.
• Test all lights, windows, and electronics.

Under the Hood

• Check for leaks, worn belts, or corroded battery terminals.
• Oil should be amber-colored, not gritty or dark.

Test Drive

• Listen for unusual noises (squeaks, grinding).
• Test brakes, acceleration, and steering responsiveness.
• Drive on highways to assess performance at higher speeds.

5. Negotiate with Confidence

Arm yourself with data:
- Point out flaws (e.g., worn tires, minor scratches) to justify a lower offer.
- Be ready to walk away if the price isn’t right.

6. Secure Financing Before You Buy

Pre-approval from 717 Credit Union gives you bargaining power and helps you avoid high-interest dealer financing. Compare:
- Loan terms (interest rates, repayment periods).
- Down payment requirements.

7. Finalize the Paperwork

Ensure all documents are in order:
- Title transfer and bill of sale.
- Warranty paperwork (if applicable).
- Smog or inspection certificates (varies by state).

Avoiding Common Pitfalls

Overlooking Hidden Costs

Budget for:
- Insurance premiums (some used cars cost more to insure).
- Maintenance (older cars may need more frequent servicing).

Skipping the Pre-Purchase Inspection

A $100-$200 inspection by a trusted mechanic can save you thousands in repairs later.

Falling for "Too Good to Be True" Deals

If a price seems unrealistically low, there’s likely a catch—like salvage title or undisclosed damage.

The Future of Used Car Buying

Electric Vehicles (EVs) Entering the Used Market

As more EVs hit the road, used options are becoming affordable. Research battery health and charging infrastructure in your area.

Online Buying Trends

Platforms like Carvana and Vroom are changing the game, but always read reviews and understand return policies.

At 717 Credit Union, we’re committed to helping you drive off in a used car that’s safe, reliable, and financially sound. Happy car hunting!