How to Buy A Used Sports Car

Cheap sports cars are all around you if you know where to look.  Buying a GOOD example can be a little more challenging.  Whenever I look for a value I do several things to make sure I maximize my chances of doing it right:

1. Do your Research! - Know what you’re looking for and know the right questions to ask.  Did you know certain Miatas may be prone to rust?  You would if you did the proper research.  Also, get a VIN report from CARFAX to learn the true vehicle history.  There is no more important step to take.
2. Know your Budget - It’s important to know how much car you can afford.  Realize that the asking price of the car is just the first step: figure in maintenance, license fees, and make sure you make any repairs the vehicle needs up front.  Don’t think “I’ll fix that later”, because you won’t.
3. Ask for Clarification - What a seller states in their ad may not be the entire story.  Make sure you ask the seller pointed questions and ask for detailed explanations of the vehicle’s history.  The time to ask these questions is BEFORE you negotiate.  It helps the seller to know you’re serious and you know what you’re doing.  Step #1 (Research) is important here.
4. Take the car to your Mechanic - This is not negotiable (unless you’re a mechanic yourself).  Have a professional that you pay evaluate the car.  Have them put it up on a rack and look the whole vehicle over: brakes, drivetrain, electrical, etc.  Have them give an estimate to the cost of any repairs and use that number in your negotiations.
5. Buy the Seller, not the Car - When it comes to buying a used car you’re relying on the seller’s previous history with the car to be a good one.  That means they did their oil changes on time and had the proper maintainence done.  It also means you need to feel comfortable with their valuation of the car.  If you don’t have  a good feeling about the seller’s honesty it might be time to walk away from the deal.
6. Ask about Usage - Some sports cars get heavy use, either drag racing or real racing.  The best way to get a handle on the past of the car is to ask the owner.  If they seem dodgy or can’t give you a decent answer, fall back to #5.
7. Negotiate Honestly - Don’t try to cheat the seller.  Ask for a reasonable discount off their asking price, don’t start somewhere at half price.  That’s insulting to them and makes the negotiation step that much more painful.  Honest offers and a willingness to follow-through makes a huge difference to the bottom line.
8. Get the Entire Transaction in Writing - When closing the deal make sure you get a receipt for your payment and all the other paperwork taken care of immediately.  That means go down with the seller to the title bureau and get the title transferred immediately.  Don’t wait to do it tomorrow.  Once you hand over your money you want to make sure there will be no troubles down the line.  As a matter of fact it’s a good idea not to hand over the cash until you make sure the title is clear; the title bureau is a great place to do that.
9. Take your New Ride in for a Checkup - The first thing you should do once you have the car is take it to the shop and have any repairs your mechanic recommended done right away.  This helps to extend the life of your new ride and makes your initial experience with the vehicle a good one.  Don’t put this off, it’s an important part of your new ownership responsibilities.
10. Enjoy your Ride! - If you’ve done all the above steps you’re now the proud owner of a sports car with a clean bill of health and a bright future ahead of it.  Take time to enjoy it and rightfully feel proud of your new baby!