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While most car buyers today consider sticker price one of the most significant numbers when choosing a new vehicle, some car-buying experts recommend shoppers consider a number they won't find today on any window sticker: the resale value. Depreciation often is the greatest expense incurred by drivers during the first five years of vehicle ownership.
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Anyone who's kept a crisp, clean Babe Ruth rookie card tucked away for safe keeping knows about the benefits of purchasing a classic item -; it retains value over time and can provide a significant return on the original investment.
Whether searching for a prized oil painting at an auction, looking for antique furniture at an estate sale or purchasing a luxury automobile through a certified pre-owned program, more people every day are finding value in classic, high-quality products.
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No matter what year, make or model, a vehicle is one of the most significant investments a consumer makes. Often, an automobile purchase represents a considerable portion of the buyer's savings, and for those with jobs that require the use of a car-like a pizza-delivery person or regional sales manager-a vehicle may be directly tied to future income.
When buying a used car, individuals forgo the luxury of a factory warranty and take their chances in a market where costs are lower but risks are higher. Fortunately, knowing how to recognize dependable vehicles helps shoppers feel more confident through the purchase process and when on the road.
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Used-car buyers could avoid being taken for a ride if they watch out for odometer fraud.
Odometer fraud-or the illegal act of rolling back a vehicle's odometer to make buyers think it has fewer miles than it actually does-costs consumers billions of dollars annually. In fact, the National Highway Traffic Safety Administration (NHTSA) estimates the crime leads to the fraudulent sale of more than 450,000 cars every year.
Equally troubling is that digital odometers, once thought to be the solution to odometer fraud, seem to actually be easier to tamper with than traditional odometers.
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Don't settle for poor service from unscrupulous used car dealers. Even though there are plenty of fraudulent dealers on the net, there are a few used car dealers with proven track records.
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When it comes to buying a used car, you should not only bring in outside, professional expertise, but make a professional out of yourself, too.
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One way to avoid sticker shock or buyer's remorse when purchasing a new car is to consider expenses you may encounter down the road.For instance, experts say that while most people anticipate the purchase price, taxes and registration fees associated with a vehicle, many forget that the insurance they need to protect their vehicle could come with a hefty price tag. Fortunately, there are ways to keep insurance costs down while maintaining the type and amount of coverage a new car typically requires.
To help consumers control car costs-from sticker price to insurance premiums-The Progressive
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In today's marketplace, Canadians are hearing more and more about the need to protect themselves from fraud and the actions of unscrupulous business people. It's no different when purchasing a used vehicle. From curbsiders to dishonest sellers, the process of buying and selling a used vehicle has drawn attention from government agencies, regulators and the media, and has caused many consumers to be more cautious than ever when making a purchase. But what can you do to really protect yourself?
A recent survey commissioned by CarProof Vehicle History Reports found that only 30 per cent of Canadians would definitely or probably trust the person selling them a used vehicle. However, 88 per cent of Canadians surveyed said they would be more likely to purchase a used vehicle if they could access the vehicle's complete history. Yet, many Canadians aren't sure how to get that information.
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Thinking of buying a used vehicle, but you're not sure what you should be looking for? Keep these tips in mind as you search for your next dream vehicle.
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Often, the key to finding the right used car for the new driver in your house is doing your homework. These tips will help steer you towards a pre-owned car that fits the bill without breaking your budget.
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