Tip of the Week: The Elusive $5000 Used Car

used car prices

Finding a used car for $5000 that is both safe and reliable can be a challenge. They are often a liability issue for new car dealers so most often a private seller is the only way to go. 

 First, have realistic expectations.  

Everyone wants the $5000 Honda but you’ll get a nicer, lower mileage car in a domestic brand. Every case is different, but sometimes the domestics are half the price of the popular imports. Trying to find a truck or SUV in the $5000 range is a total waste of your time, they hold their value too well.

 Keep in mind too that simple is better. 

If you go back into the decade of the early 2000s and look for an older Mercedes or BMW, there is a lot more to go wrong than if you look at a 10-year old Chevy Malibu or Ford Taurus.

 Focus more on mechanics, not looks. 

If you find that $5000 car that is mechanically stable, you can do the cosmetic fixes as you go and end up with a car you can be proud of.

 Check the vehicle history report. 

It is the best money you can spend. You are looking for major prior body damage, flooding, or title problems that will render the car worthless, like an odometer discrepancy.

 Also, ask around. 

Your circle of family and friends may know someone selling a car. You will be much better off if there is some sort of connection and you’ll get more truthful answers about the car’s condition.

It goes without saying, too, always be on the lookout for scams. Deals that seem too good to be true usually are.

Photo Credit: stocksolutions/Shutterstock.com
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