You're riding down the street and notice a nice car with a "For Sale" sign in the window you're perusing the auto classified ads and find a write-up for a car you might be interested in purchasing. You've thought about it and decided you'll forego the auto dealership dynamics and work with an individual instead. While buying a car from an individual (called private party sales) is another option, there are both pros and cons to this decision:

Pros (Car Buying/Private Party)

•  You're dealing with one person versus an organized dealership system

•  You're probably talking to the last owner and can get more details about the car.

•  You'll likely save some money

•  If you pay cash, you won't have a monthly car note

•  You'll probably spend far less time and the transaction is more straightforward

These are certainly compelling reasons to work with an individual, but with most things there are usually some drawbacks to consider, which might include:

Cons (Car Buying/Private Party)

•  You don't have any guarantees or warranties on what you're getting so if you have problems, you have no recourse

•  You're buying from a stranger who may or may not know much about the car they're selling

•  You can't assume that you're working with someone that's honest