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Buying or selling a used car
Access documents for buying, selling or leasing a car.
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Buy, sell or lease a vehicle FAQs
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When is it smart to lease a vehicle?
Most personal finance advisors will say it is never in your best interest financially to lease a vehicle. During the terms of the lease, you'll always need to make monthly payments and you'll never actually own the vehicle. It's basically like renting a car. While financially it often doesn't make sense, there are advantages to leasing a vehicle.
Advantages to leasing a vehicle:
- Most leased vehicles include the latest technologies, such as semi-autonomous driving systems, emergency braking, and more.
- Monthly payments are often lower than loan payments.
- Most of the maintenance and repairs are included. The vehicles often have warranties as well.
- You only pay sales tax on the portion you pay, and not for the entire purchase price of the vehicle.
- Usually only a small downpayment is required.
- For business, it often allows a larger deduction than a purchase.
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How do I buy a used car from a private seller?
Buying a car directly from a private seller is often much more affordable than buying from a dealer. If you are wanting to buy a car from an individual, you may be wondering how to ensure that the transaction is legal, safe and fair.
Before buying a used car from a third-party:
- Verify the status of the title
- Have your mechanic perform a pre-purchase inspection
- If they have a loan on the car, verify how you can obtain the title
- Ask for the most recent emission documents, if required in your state
- Obtain vehicle history report using the Vehicle Identification Number (VIN)
- Verify the odometer reading and VIN
- Ask for service records and warranty information
- Get the transaction or bill of sale in writing