A used car is a vehicle with more than one retail owners who have used it before. These are also known as second-hand cars and/or pre-owned vehicles that can be sold in different outlets. Independent and franchise car dealers, leasing offices, rental car companies, private part sales, and auctions are just some of these outlets. Most car retailers offer certified, “no-haggle prices” used cars as well as warranties or extended service plans.
Looking back into the history of used cars industry, the “Empire State Motor Wagon Company” in New York (Catskill) is one of first companies with used car
s in America. The market of this kind of vehicle is considerably larger as compared to other huge retailing sectors. These include office and school products market with estimated annual sales of US$ 206 billion. Home improvement market is also included with estimated annual sales of US$ 291 billion.
Retailer for Used Vehicle
It is reported in United States that 34 percent of consumers buy the history report of vehicles intended for used cars. This report allows a buyer to check the track record of used vehicle regardless of its kind. It provides customers with records solely based on serial number of a vehicle or VIN. Items of public record are also included like lemon law buybacks, vehicle title branding, product recall, and odometer fraud. This report will also indicate moderate or minor collision damages and even improper maintenance of the vehicle. Attempts in identifying vehicles that have been owned before by emergency or police services and car rental agencies or taxi fleets will also be done.
With such considerations, the Federal Trade Commission or FTC recommends every consumer to consider the reputation of car retailer when purchasing used car. Consumers must carefully research used cars that they are about to purchase.
Meanwhile, there are some places wherein the government provides the vehicle history. However, this is normally identified to have limited services when it comes to giving information in a certain aspect of the vehicle’s history.
Asking for the history of used cars requires a certain amount of money. However, there are two companies that provide this kind of reporting for free. These are the VinCheck and InstaVin. At present, customers are required to pay in order to see the vehicle reports thru InstaVin. VinCheck has its counterpart in AutoCheck to provide minimum information without any cost but clients must pay for a detailed record. Most of these service providers, especially in United States and United Kingdom, are selling reports to dealers and encouraging car owners to display every report on their sites. Dealers buy these reports and then offer them for free to their potential buyers of used cars.
In United Kingdom, DVLA is providing information or car check about the registration of every vehicle for a specific company. This is for the protection of consumers as well as anti-fraud purposes. Companies may also add the reports taken from police, insurance, and finance companies. Car check services are available over the internet for motor trade and public viewing.
Pricing for Used Car
Reports for used cars pricing normally produce 3-pricing information forms. These include the following:
- Wholesale Price or Dealer Trade-in Price: this is the price you must expect in receiving from the dealer if ever you want to trade for a car. Also, this is the price a dealer will normally pay for the car in a wholesale auction of a dealer.
- Retail or Dealer Price: this is the price a person must expect to pay when buying from a licensed used car or new car dealer.
- Private-Party Price: this is the expected price you must pay if you will buy from a specific person. The private-party seller is looking forward to gain more money as compared to trading with a dealer. As a result, the private-party buyer intends to pay lesser amount of money as compared to the price in dealer retail.
Ideas about used cars are not only limited for cheap second-hand cars. These cars also have value tantamount to a specific price. This article will help you understand better about these types of cars.
Learn more about Ways in Inspecting Used Cars