Buying a used car or truck is a financially wise decision. You save money on depreciation costs, dealer fees and taxes, but you also open yourself up to possible risks.

No consumer wants to buy a dud or lemon vehicle, but there are ways you can protect yourself. To learn how to really evaluate a used car, keep reading for these 6 great car hunting tips.

1. Check the Book Value

Using either the Kelley Blue Book or the NADA Guide and their respective websites, you can check the book value of a car based on its age, model, make, mileage, condition and what part of the country it's located in.

While the book value of a vehicle isn't a cut and dry rule, it can give you a good estimation of how much a vehicle is actually worth.

2. Compare the Car to Similar Models

Before you purchase a used car, browse the classified ads, either online or offline, to get an idea of how much similar cars are going for. Look at model, year number and, of course, mileage.

This exercise will help you gain a broader understanding of your local marketplace and make you a more informed consumer.

3. Have the Vehicle Inspected

Unless you're purchasing a used vehicle that comes with a used car warranty directly from the manufacturer, you should always have a vehicle thoroughly inspected by a third-party, certified mechanic. A mechanic's independent assessment of the car's value will give you great insight into your evaluation of the vehicle and its worth.

4. Check the Interior

How well a car is kept and maintained inside can often be a good indicator of how well it was maintained under the hood. Don't pay more for a vehicle that's littered with stains, cigarette burns and torn upholstery remnants. Test all the accessories as well.

5. Order a Vehicle History Report

Services like CARFAX let you acquire a total vehicle history report on a car that will tell you its sell dates, past odometer readings, and whether the car has been reported as salvaged, wrecked or involved in a flood.

6. Test Drive the Vehicle

One of the best ways to evaluate a car is to actually drive it. You will not only get a feel for how the car handles, but you can keep your eyes and ears open for how well the controls function, any strange sounds, exhaust problems or issues with the brakes. And make sure the transmission smoothly shifts into every gear. Transmission problems can cost thousands of dollars.

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