Looking to buy a car? With the high demand and prices, it's easy to feel rushed into a decision, but slowing down could save you big in the long run.
"Whenever there's a higher demand for anything, scammers are on alert," said Luis Solares, Senior Investigator with the Federal Trade Commission. "They're trying to see how they can use it to their advantage."
So if you find a car you like, get a vehicle history report. VehicleHistory.gov has links to reputable reports which will show you how many owners it has had, whether the car was involved in an accident, and if it was ever declared a "salvage."
Solares says those reports don't always show every incident, so it's worth spending a little bit on an independent inspection.
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Start doing your research now, before you get to the car lot. If you line up a loan beforehand, it may have better rates than the dealership has to offer.
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"Go to different banks, go to your credit union or a local bank," said Solares. "Do some internet searches to determine what the going average rate is."
Remember that prices can change quickly for cars, so if you're looking for a specific make or model research their market value.
"It's also okay to walk away," said Solares. "Sometimes we are emotionally invested in a particular vehicle, but if the deal that they're giving you at the dealership isn't the same as the one you had when you first inquired, walk away."
If you suspect fraud or witness suspicious sales tactics, you can report them to the FTC or the California Attorney General.
