Used Car Price Relief
According to a recent Consumer Reports newsletter, when it comes to buying a used car things are starting to look up with lowering used car prices.
Used-car prices have softened since the heights reached in 2022 and 2023. The average used-vehicle listing price in early February 2024 was $25,328, according to Cox Automotive.
However, the caveat CR automotive experts point out is that regardless how good of a deal that used car might appear, “…buying a problematic one remains an expensive problem,” and one that you can avoid by following these 7 easy steps.
7 EASY STEPS WHEN BUYING A USED CAR
1. Don't Skip the Test Drive―According to CR analysts, the test drive is important for spotting:
- Unusual squeaks and rattles that are signs repairs need to be done.
- Steering misalignment indicating bad tires, bad suspension, and/or that the vehicle has been in an accident.
- Paint overspray around body panels and doorjambs that indicate bodywork from an accident.
- The smell of mildew or mold could indicate water damage from a flood.
2. Check the Car's Title―A must-do to avoid surprises that could pop up when you go to register the car. Such as, actually being a stolen car or other problems like:
- A vehicle having a checkered history.
- Odometer fraud.
- Hidden outstanding liens when the seller says he has temporarily lost or misplaced the title.
3. Expect to Get a Free Vehicle History Report―You should always ask for one from the seller to further ensure a used car’s true history.
According to CR analysts, “Savvy dealers and private sellers will pay for these reports—from Carfax or AutoCheck—as a way to make their cars stand out to shoppers…if the seller won’t spring for one, you should get your own. You’ll pay $45 for a single Carfax report and $25 (plus tax) for an AutoCheck report. As an extra precaution, you can go to nicb.org to get a free VinCheck report from the National Insurance Crime Bureau and carsforsale.com to get a free report from the National Motor Vehicle Title Information System (NMVTIS).
4. Don't Rely Solely on any Single Report―History reports are not perfect and could have significant omissions such as:
- Unreported accidents to law enforcement and insurance providers.
- Delays in data updating.
5. Check for Recalls―There are often multiple recalls involving many makes and models of vehicle. The problem is whether or not the vehicle has been repaired or software-remedied to address the problem. Be aware there is usually a time limit on when repairs will be done by the manufacturer at no cost to the owner.
To check for any recalls go to nhtsa.gov/recalls with the vehicle’s 17-digit vehicle identification number (VIN). If you find any recalls with the VIN, ask the seller to provide receipts showing that the repairs have been done. In addition, CR analysts recommend you not buy any vehicle with an open recall and that with any used vehicle you buy, make sure all of the recall repairs have been completed before you take ownership.
6. Contact the Previous Owner―Although CR added this recommendation, you will have to take any information you get out of it with a grain of salt. A previous owner might not be upfront out of concern he or she might be liable for a problem car.
However, CR recommends:
- If you’re buying from a dealer, ask for the name and contact information of the previous owner if available.
- If the dealer is reluctant to pass on this information be aware that he or she might be misleading you with a believable explanation. “Don’t believe a dealer who tells you federal law prohibits the dealership from revealing former owner information. In fact, some states—including Kentucky, Maine, and Massachusetts—require dealers to turn over former owner information if it’s reasonably available,” says Consumer Reports.
7. Get a Mechanic's Inspection―Above all else, be sure to get an expert opinion on its roadworthiness.
Not only can an inspection save you from a lemon, but it can also be used as a negotiation tool.
“If you can, have a mechanic experienced in auto bodywork and accident repair give the vehicle a detailed inspection…the results of this inspection will give you ammunition to negotiate a final price. Either you can get a lower price because you’re going to fix the problems, or you could offer to pay their price if they fix the problems. Of course, you could ask that the problems be fixed and continue to haggle over the price,” states one CR automotive expert in the newsletter.
Informative Video for More Used Car Shopping Help
For additional information on how to go about buying a used car that will save you from unnecessary headaches and a slimming of your wallet, here is a useful video from Consumer Reports that warns what you should and should not do when shopping for a used car.
Tips for Buying a Used Car
For additional articles related to used car shopping, here are three for your consideration:
- Low Mileage Car Warning for Shoppers
- Used Car License Plate Warning for Shoppers
- Consumer Reports Used Car Title Warning
Timothy Boyer is an automotive reporter based in Cincinnati. Experienced with early car restorations, he regularly restores older vehicles with engine modifications for improved performance. Follow Tim on “Zen and the Art of DIY Car Repair” website, the Zen Mechanic blog and on Twitter at @TimBoyerWrites and Facebook for daily news and topics related to new and used cars and trucks.
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