Used car: Difference between revisions

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[[File:Car dealership in Rockville Maryland Jeep.jpg|thumb|right|Typical new car dealership selling used cars outside the showroom.]]
 
A '''used car''', a '''pre-owned vehicle''', or a '''secondhand car''', is a vehicle that has previously had one or more [[retailing|retail]] owners. Used cars are sold through a variety of outlets, including franchise and independent [[car dealership|car dealer]]s, [[car rental|rental car]] companies, [[Buy here, pay here|buy here pay here]] dealerships, leasing offices, auctions, and private party sales. Some car retailers offer "no-haggle prices," "[[Certified Prepre-Ownedowned|"certified"]]" used cars, and [[service plan|extended service plan]]s or [[warranty|warranties]].
 
== Used car industry ==
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===Vehicle history reports ===
In 2006, an estimated 34% of American used-vehicle buyers bought a vehicle history report.<ref>{{cite web|url= http://www.theautochannel.com/news/2006/05/10/006250.html |title=J.D. Power and Associates Reports: Vehicle History Reports Are Becoming Increasingly Important to Used-Vehicle Buyers |publisher=Theautochannel.com |access-date=2010-08-15}}</ref> Vehicle history reports are one way to check the track record of any used vehicle. Vehicle history reports provide customers with a record based on the vehicle's [[vehicle identification number]] (VIN). These reports will indicate items of public record, such as transfers of ownership, [[vehicle title branding]], [[lemon law]] buybacks, [[odometer fraud]], and [[product recall]]. The report may also indicate minor/moderatemaintenance collisionrecords damageand orwhether impropera vehicle has suffered collision damage, improper maintenance, or other problems. An attempt to identify vehicles that have been previously owned by hire [[car rental]] agencies, [[Emergency service|police and emergency services]], or [[taxi]] fleets is also made. Consumers should research vehicles carefully, as thesevehicle reporting services only report the information to which they have access.
 
In some countries, the government is a provider of vehicle history, but this is usually a limited service providing information on just one aspect of the history, such as the United Kingdom's [[MOT test|Ministry of Transport history]]. The [[U.S. Department of Justice]]'s National Motor Vehicle Title Registration System has only about a dozen approved data providers, about half of which sell car history data to consumers; the rest work only with car dealers. None of them are currently free of charge to consumers and many are not free even to the car dealers.<ref>{{citation |publisher=U.S. Department of Justice, National Motor Vehicle Title Registration System |url= https://www.vehiclehistory.gov/nmvtis_vehiclehistory.html |title=Research Vehicle History; Approved NMVTIS Data Providers |access-date=7 October 2020}}</ref> The [[Better Business Bureau]] recommends using one of these approved data providers when researching a used car.<ref>{{cite web|url= https://www.bbb.org/utah/news-events/bbb-scam-alerts/2016/04/questionable-vehicle-history-report/ |date=April 5, 2016 |title= Selling a Car? Watch Out for Fake Buyer Trying to Trick you into Buying Questionable Vehicle History Report |publisher=Better Business Bureau |archive-url= https://web.archive.org/web/20160611194722/https://www.bbb.org/utah/news-events/bbb-scam-alerts/2016/04/questionable-vehicle-history-report/ |archive-date=11 June 2016 |access-date=7 October 2020}}</ref><ref>{{cite web|url=https://www.bbb.org/article/news-releases/17576-bbb-tip-vehicle-title-scam |date=September 8, 2020 |title=BBB Warning: Vehicle title scams |publisher=Better Business Bureau |access-date=7 October 2020}}</ref> The history reports use several sources to gather the data for each vehicle, including the police, the [[Driver and Vehicle Licensing Agency]] (DVLA), finance houses, the national mileage register, insurance companies, and industry bodies.<ref>{{cite web|url= https://hpicheck.com/what-is-an-hpi-check |title=What is a HPI Check? |website=HPICheck |access-date=7 October 2020}}</ref>
 
Several of the services, most notably those in the [[United Kingdom]] and the United States, sell reports to dealers and then encourage the dealers to display the reports on their Internet siteswebsites. These reports are paid for by the dealer, and then offered for free to potential buyers of the vehicle.
 
In the UK, the DVLA provides information on the registration of vehicles to certain companies for [[consumer protection]] and anti-fraud purposes. Companies may add to the reports of additional information gathered from police, finance, and insurance companies. Car history check services are available online for the public and motor trade customers.
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There are various theories as to how the market determines the prices of used cars sold by private parties, especially relative to new cars. One theory suggests that new car dealers are able to put more effort into selling a car, and can therefore stimulate stronger demand. Another theory suggests that owners of problematic cars ("[[lemon (automobile)|lemons]]") are more likely to want to sell their cars than owners of perfectly functioning vehicles. Therefore, someone buying a used car bears a higher risk of buying a lemon, and the market price tends to adjust downwards to reflect that.<ref>{{cite book|last=McKenzie|first=Richard B.|title=Why Popcorn Costs So Much at the Movies: And Other Pricing Puzzles|publisher=Copernicus Books|isbn=9780387769998|year=2008|pages=[https://archive.org/details/whypopcorncostss00mcke/page/9 9–31]|url-access=registration|url= https://archive.org/details/whypopcorncostss00mcke/page/9}}</ref>
 
In India, selling your car doesn’t have to be a hassle. With these [https://usblendblog.com/rev-up-your-cars-resale-value-10-savvy-tricks/ 10 savvy strategies]<ref>{{Cite web |date=2024-03-03 |title=Genius Hacks To Skyrocket Your Car's Resale Value Overnight |url=https://usblendblog.com/rev-up-your-cars-resale-value-10-savvy-tricks/ |access-date=2024-03-06 |language=en-US}}</ref>, you can significantly enhance its resale value and pocket some extra cash. From giving it the TLC it deserves to showcasing its finest features, these tips will have potential buyers lining up eagerly and when you’re ready to list your car for sale, consider utilizing popular online platforms like CarWale, Spinny, or Cars24. These platforms offer a convenient way to reach a broad audience of potential buyers, making the selling process smoother and more efficient. With the right approach and these handy tricks, you’ll be well on your way to maximizing your car’s resale value and securing a great deal!
 
==Laws and regulations by region==