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Research Pays Off When Shopping For Used Cars

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May 13, 2009 6:21 pm US/Eastern

Research Pays Off When Shopping For Used Cars

PITTSBURGH (KDKA) ― New car sales have dropped so sharply that Chrysler is bankrupt and GM is on life support.

But it turns out the real action is on the used car lots.

Before you buy, pick the model you're interested in and then do your research.

Go to automotive websites like Edmunds.com where you can plug in the model and get reliability reports and consumer reviews.

Next, research a fair price.

For instance, a new 2009 Chevy Malibu starts around $23,000. Kelley's Blue Book puts a 2006 model with about 40,000 miles closer to $11,000.

The lower price means lower sales tax and lower insurance premiums.

Another route is buying a used rental car. The prices are low and the cars are usually no more than a year old so they're covered by the original warranty.

But there is one downside. Experts say these vehicles take a lot of abuse from rental customers.

Online auctions, like eBay Motors, let you check out the marketplace from home. But the cars might be too far away to check out in person, which is why service histories are important.

"If they can't provide you with the service history it's one of those things you kind of have to worry about cause you don't know how it was maintained," Jon Linkoy, from Consumer Reports, said.

If the seller can't provide the report, use the vehicle identification number to look it up on CarFax.com to see if it's been in a crash.

This may seem like a lot of extra work, but it can really pay off both in price and peace of mind.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

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