Buying a used car can be a daunting experience for many. We’ve all heard the horror stories and unfortunately some of us have witnessed how bad the buying experience can be first hand. The good news is that cars are now being made better than ever and the luxury category has gone to great length to sell you on delivering a great quality product along with a good used car buying experience. Excuse me, pre-owned certified is now the appropriate term when you are looking at previously owned luxury vehicles. Pre-owned, certified or just plain old “used”, regardless of how you phrase it there are some great luxury vehicles to choose from at incredible prices regardless of your budget. Only got $25,000.00? It’s okay but if you’ve got $125,000.00 you’d be surprised how much luxury that will buy and yes that Rolls Royce could be added to your shopping list. As an FYI some Rolls Royce cars start close to $300,000.00. Just saying so you understand that depreciation is your friend!
There are several ways you can minimize the used car shopping experience. Common sense hasn’t changed some of the things we’ve done for the last 50 years when buying used. You must do some research on the specific model you are looking at and it’s probably smart to get a “pre-purchase” inspection which essentially means have a mechanic familiar with the model check it out whenever possible. If you are fortunate enough to have a friend who works at the brand’s dealership they might even be able to look up the vehicle’s service history. Most of us don’t have that kind of connection so the next best thing is CARFAX.
I will never buy a used vehicle of any kind without seeing what the CARFAX report says. That report is invaluable as it shows a wealth of information that gives you a better picture of what you might be getting into should you decide to buy the vehicle.
Here are just a few insights CARFAX will offer:
Accident history
Where vehicle had been registered
How many owners
The mileage each owner put on the vehicle
Last mileage recorded with date
Location of the owners
Damage to the vehicle
Title status
As you can see there is a ton of information to review but also interpret. Some of it is literal but there are some things you need to pay attention to. If the CARFAX reports an accident common sense says inquire and be certain to ask for specifics. Most of the salesmen won’t know the history of the vehicle but know any accident disclosed is at best a yellow flag and at worst reason to pump the proverbial brakes which could ultimately lead to a lost sale for them so they might not always be forthright. There are other things like salvage titles, manufacturer “Buy Backs” and Lemon Laws that you should be aware of because that means these are bad vehicles. These laws vary by state and there are stories about taking bad vehicles from one state to another in order to hide the history.
My personal favorite that powers my crystal ball is how many owners. If a car is only 3-4 years old and it has more than three owners I would be concerned. In my opinion there’s something potentially wrong. You must take a few things into consideration before killing the purchase but it’ll be a hard sell for me to move forward. Three owners for a Ferrari that is four years old might not be as concerning as a Honda. Ferraris and other exotic toys change hands more frequently but if a Honda or any other daily drive type of vehicle has that type of history I am staying away. That could mean this car was so problematic that each owner got frustrated or concerned about it’s reliability and decided to cut their losses. There’s without question a story there but it will likely go untold for fear of scaring you away from buying the vehicle.
Another thing to keep in mind is that CARFAX reporting is certainly revealing but their data is based on reporting. If a car gets into an accident but the owner chooses not to report it to their insurance company and works with the repair shop then it’s not going to show up. This brings me back to common sense. When buying used utilize automotive professionals ranging from trusted and experienced mechanics to body and collision experts. If the dealer is opposed to any professional checking out the car that should tell you something right away. It means there might be something wrong with the vehicle or even worse, there’s something shady with the dealer you are at. Run don’t walk as there are always deals to be found.
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