Driving past the credit freeze

October 11, 12:31 AMAutomotive ExaminerKyle Busch

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Well, we are officially in a credit freeze and a free
falling stock market. Oil prices are finally going down,
but there is still much uncertainty.

Some excellent auto buys will be increasingly available
as the economy continues to slow down. However, with
the credit freeze, financing a car could be difficult. Almost
like a derivative, driving a vehicle off the new car lot can
involve an unspecified amount of depreciation.

Many private owners will be selling vehicles at affordable
prices. One strategy is to buy a dependable used vehicle for
cash and avoid using credit altogether. Such a vehicle cannot
be repossessed, and it will not require loan or other excessive
insurance.

1998 Honda Accord LX

Economic times
are tight, so
what autos can
you buy for say
$3,500 - $4,000
cash? Consider
a 1998 Honda
Accord LX or
Toyota Camry LE.

1998 Toyota Camry LE 

Both of these
cars have
excellent repair
histories, they
will usually run
hundreds of
thousands of
miles, and they
will get reasonable
gas mileage of about 32 miles per gallon on the highway.

Some questions to ask a private owner on the phone before
you look at a car include:

· How many miles has the vehicle been driven? About
  12,000 miles per year is average.

· Is the transmission a manual or an automatic? If
  the transmission is not what you want, move on to
  another vehicle.

· What is the condition of the vehicle’s body? Has
  it been in any accidents or repainted? If so, 
  avoid such vehicles.

· When are the next emissions and (if your state has
  inspections) state inspection due? Avoid vehicles
  with less than 4 months of emissions or inspection
  remaining.

· How often were the engine oil and filter changed?
  Regular oil changes at every 3,000 – 3,500 miles
  helps to ensure long engine life.

· Are you the original owner of the vehicle? Original
  owners tend to take better care of a car.

· Has the vehicle been garaged? Garaged vehicles
  tend to be in better condition.

· Has the vehicle been used for any kind to towing?
  Avoid a vehicle that has been used for towing.

· What is the reason the vehicle is being sold?

· Are parts and service readily available for the vehicle?

· Has the vehicle had any recent maintenance or repairs
  and what garage did the work?

· What price are you asking for the vehicle?

Buying a used vehicle can help you drive right past the credit
freeze and save you money in the process!

Kyle Busch is the author of “Drive the Best for the Price…” He
welcomes your comments or car questions at his auto web site: www.DriveTheBestBook.com.