Teen Ford Escape owner learns hard truth about used car buying. How to avoid overpaying.
Buying a used car without doing your due diligence can lead to huge issues.
One teenager learned about used car buying the hard way when they attempted to trade in their recently-purchased Ford Escape SUV. Additionally, they learned why you should always determine a vehicle's fair market value before purchasing it or enrolling in any payment plan.
What happens when you finance a vehicle for much more than it's worth? You end up trapped in a car loan for a vehicle you may no longer want.
Young driver pays way too much for Ford Escape at Alabama dealership
Popular TikTok account The Truck Center recently posted a video detailing a customer interaction with a young driver (18-19 years old), who had purchased a 2010 Ford Escape with 185,000 miles on it. For context, an Escape SUV that has accumulated that many miles has lived well past its best years in the life cycle of such a vehicle.
Another car dealer took advantage of our customer! 18 year old kid owes tooooo much on a old Ford Escape! #carsoftiktok #carbusiness #storytime #trucksoftiktok #trucksforlife
According to the video, the owner still owed $4,200 on the old Explorer. This is alarming, since the car is over a decade old and has the mileage to prove it.
The 2010 Explorer has a fair purchase price of $4,427, according to Kelley Blue Book. So, the idea of the teen driver owing an additional $4,200 on the SUV after paying fees and putting money down ($1,500-$2,000) is disheartening to say the least.
TheTruckCenter described the Ford Escape as a $500-$1,000 vehicle. So, the young driver owes money on a car that has virtually no trade in value to used car dealers looking to make a fair deal because of its age, high mileage, and current market value. They are stuck with an old SUV that's worth next to nothing and is depreciating by the mile.
How to avoid overpaying for a used car
The young driver described in the TikTok above made one major mistake: overpaying for a used vehicle well past its prime. How do you avoid overpaying for a used car when car salesman can be so convincing?
The short answer is research. Before ever agreeing to purchase a used car, it's helpful to know the current market value. Otherwise, you could spend thousands of dollars paying for a vehicle that is worth significantly less money and has mechanical issues in its near future.
The best way to conduct market value research is to look up the year, make and model that you're interested in. Additionally, if you want to avoid mechanical issues, newer models with 50,000 miles or less tend to be less prone to have issues early on.
If the young driver looked into the fair market value of the 2010 Ford Explorer using tools like Kelley Blue Book's pricing tool, they could have avoided the negative experience entirely. While transportation is necessary, jumping on a used car too soon without the proper research could prove to be a costly and frustrating mistake.
How to know which used cars are good to buy
If you're in the market for a used car, truck or SUV and have no idea where to start or no preference, ranking lists can act as a great guide. Looking up the best cars, trucks or SUVs, of a particular year will yield results showcasing models with excellent reviews from experts.
For example, U.S. News & World Report has compiled a list of Best Cars for the Money for the year 2020. The list mentions the 2020 Hyundai Santa Fe, 2020 Kia Sorento and 2020 Honda CR-V as notable SUVs. American car buyers can then look up specific years, makes and models from ranking lists to determine their fair market value, so they get an idea of how much they should be paying.
Ultimately, there's a great deal of subjectivity when it comes to choosing a used vehicle, but market value is concrete and devoid of opinion. Before making any used car purchasing decisions, make sure you know exactly what the vehicle is worth.
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