Most people are aware that the used car market is large and it is estimated that over 40 million used vehicles are sold each year. Keeping that in mind, it is more important to fully understand the regulations when purchasing a used car. The following paragraphs will highlight some points that you need to consider in order to ensure that the vehicle you are interested in is granted approval for use.
Regardless of where you look to purchase a used car, it is important to know what documents and information you will need when buying a car. The most common documents that you will need are a certificate of status ( exaggeration of the number of miles and the condition of the vehicle), an intention letter, an ethics certificate, an age test certificate (for cars over three years old), insurance identification numbers, a safety check list (up to ten years old), registration numbers and a promise letter.
The certificate of status is something that is usually given to a used vehicle that has been used extensively. This document proves that the used vehicle is consistent with the mileage and the age of the vehicle as advertised in its status document. The intention letter is something that should be given to a used vehicle when it is parked outside the dealership lot. It outlines the reason for the sale and how the vehicle will be used. This document is good as proof that the vehicle has not been in any accidents or weather damage. An ethics certificate is given to a used vehicle that has been used by its first owner and features the information such as year, model, vin number and the reasons why the vehicle is being sold. This document is good as proof of the true mileage and condition of the vehicle. An age test certificate is something that is good for checking the date of the vehicle. It is obtained by checking the mileage against the state of the vehicle's age based on the odometer reading. For example, if the odometer reading from the vehicle currently on the lot reads 50,000, this would show that the vehicle is 5 years old. However, if the reading on the test certificate is scroll down to read 10,000, this shows that the vehicle is actually 2 years old. These are amongst the most important documents that you will need to get when dealing with used vehicles.
When is the right time to buy a used car?
From the beginning of spring until fall, car dealerships are hoping to move their inventory during the months of March and April, which is when most used car buyers are looking. In addition, dealers are also anxious during October when holiday rush is in full swing.
But it is not just during the holidays that the best deals can be found. In early summer, many auto dealers are looking for inventory to be moved out of inventory. They're hoping to clear out stock, and are willing to offer a discount to existing customers who are looking for the best deals.
In recent years, many auto dealers have felt the brunt of the economy; as a result they are more likely to offer customers incentives. During the summer, as many as 50,000 incentives are offered to auto buyers - these awards can be in the form of cash, discounts on financing or even bonus awards.
What should you really look for?
While the auto dealer of your choice might be interested in obtaining a particular vehicle and may offer leasing terms that may work out better for you, it is always best to follow your gut. Often, your dealer will have approved the pre-owned vehicle and it may feel like a bad decision to go to a different dealership. Despite this, do your homework and know what you want before you start to test drive different vehicles.