used cars , used vehicles , or used cars , are vehicles that previously owned one or more retail owners. Used cars are sold through a variety of outlets, including franchises and independent car dealers, car rental companies, office leases, auctions, and private sales. Some car retailers offer "cheap cars", "certified", and additional service plans or guarantees.
Video Used car
Used car industry
With annual sales of more than US $ 350 billion, the used vehicle industry represents nearly half of the US auto retail market and is the largest retail segment in the economy. In 2016, about 17.6 million used cars and trucks are sold in the United States, up slightly from the 17.5 million used cars sold in 2015.
History
In 1898, the Empire State Motor Wagon Company in Catskill, New York was one of America's first many used cars.
The used vehicle market is substantially larger than other major retail sectors, such as the school market and office products (US $ 206 billion in annual sales forecasts) and home improvement markets (US $ 291 billion in annual sales forecasts).
In 2016, 38.5 million used vehicles were sold.
Maps Used car
Used car retailer
The Federal Trade Commission recommends that consumers consider the reputation of car retailers when deciding where to buy used cars.
Vehicle history report
In 2006, an estimated 34% of American consumers bought vehicle history reports for used cars. The vehicle history report is one way to check the track record of each vehicle used. The vehicle history report provides customers with notes based on vehicle serial number (VIN). These reports will show public record items, such as vehicle branding, orange law redemption, odometer fraud, and product withdrawal. This report may indicate minor/moderate collision damage or improper maintenance of the vehicle. Attempts to identify vehicles previously owned by rental car rental agencies, police and emergency services or taxi fleets were also carried out. Consumers should examine vehicles carefully, as these reporting services only report information they have access to.
In some countries, government is a vehicle history provider, but this is usually a limited service that provides information only on one historical aspect, such as MOT history. The US Department of Justice's National Vehicle Ownership Registration System only has about a dozen approved data providers, about half of whom sell car history data to consumers; the rest works only with car dealers. None of them are currently free for consumers and many are not free even to car dealers. The Better Business Bureau recommends using one of these approved data providers when researching used cars. Historical reports use multiple sources to collect data for each vehicle including, police, DVLA, home finance, national mileage registers, insurance companies and industry bodies.
Some services, especially in the UK and US, sell reports to dealers and then encourage dealers to display reports on their Internet sites. These reports are paid by the dealer and then offered for free to potential buyers of the vehicle.
In the UK, DVLA provides information about vehicle registration to certain companies for consumer protection and anti-fraud purposes. Companies can add additional information reports collected from police, finance and insurance companies. Car history checking services are available online for general trading and motorcycle customers.
Used car price
Used car price reports usually yield three forms of price information.
- Dealer or retail price is the price that is expected to be paid if purchased from a new or licensed car dealer.
- The selling price or the wholesale price of the dealer is the price that the buyer should receive from the dealer in the car. This is also the price that dealers usually pay for cars at wholesale dealerships auctions.
- The private party price is the price that is expected to be paid when buying from someone. Private party sellers expect to earn more money than by trading to dealers. Private party buyers expect to pay less than dealer retail prices.
The growth of the Internet has fueled the availability of information about used car prices. This information is only available in trade publications accessible to the dealer. Now there are many sources for used car prices. Various sources of used car prices mean that the value listed from different sources may be different. Any pricing guide that receives data from different sources and makes different judgments about the data.
Used car prices may be affected by geography. For example, convertibles have a higher demand in warmer climates than in colder regions. Similarly, pickup trucks may be more needed in rural areas than in urban areas. The overall condition of the vehicle has a huge impact on prices. Conditions are based on appearance, vehicle history, mechanical conditions, and mileage. There is a lot of subjectivity in how the car's condition is evaluated.
There are various theories about how the market determines the price of used cars sold by private parties, especially relative to new cars. One theory suggests that new car dealers can put more effort into selling cars, and therefore can stimulate stronger demand. Another theory suggests that car owner ("lemon") is more likely to want to sell their car than the owner of a perfectly functioning vehicle. Therefore, someone who buys a used car has the risk of buying a higher lemon, and the market price tends to adjust downward to reflect that.
Legal and regulatory
Certain geographic laws
Canada
In Ontario, Canada, sales of new and used vehicles are regulated by the Ontario Motor Vehicle Industry Board (OMVIC). In Alberta, Canada, new and used vehicle sales are regulated by the Alberta Motor Vehicle Industry Council (AMVIC).
European Union
Used cars have legal guarantees under the EU legal system, called "Liability for Disability", which lasts for 12 months.
Australia
In the state of Queensland, Australia, when the odometer reading is less than 160,000 kilometers (99,000 mi), and the car is produced less than 10 years before the sale date, the warranty is three months or 5,000 kilometers (3,100 mi), whichever occurs first. If the odometer reading is 160,000 kilometers (99,000 mi) or more, or the car is produced 10 years or more before the date of sale, the warranty is one month or 1,000 kilometers (620 mi), whichever occurs first.
See also
- Certified Pre-Own
- Car Supermarkets
- Vehicles imported in gray
- Tell the car
- Japanese used vehicles are exporting
- Lemon (car)
References
External links
- The Ontario Vehicle Information Package offers Ontario vehicle registration history
- Judging Saskatchewan Claim Search History gives the vehicle status (if any) in Saskatchewan and the history of its damages claim in Saskatchewan since January 1, 1998.
- Federal Trade Commission
- Vincheck VIN is checking in the US.
- Rules on legal guarantees to sell used vehicles in Queensland: Department of Justice and Attorney General
Source of the article : Wikipedia
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