A used car, a pre-owned vehicle, or a second hand car, is a vehicle that has previously had one or more retail Retailing consists of the sale of goods or merchandise from a very fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be individuals or businesses. In commerce, a "retailer& owners. Used cars are sold through a variety of outlets, including franchise and independent car dealers A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or its sales subsidiary. It employs automobile salespeople to do the selling. It may also provide maintenance services for cars, thus employing automobile mechanics, stock and sell, rental car A car rental or car hire agency is a company that rents automobiles for short periods of time for a fee. It is an elaborate form of a rental shop, often organized with numerous local branches (which allow a user to return a vehicle to a different location), and primarily located near airports or busy city areas and often complemented by a website companies, leasing offices, auctions, and private party sales. Some car retailers offer "no-haggle prices," "certified" Most often late-model, they differ from run of the mill used cars by having been inspected, refurbished, and certified by a manufacturer or other certifying authority. They also typically include an extended warranty, special financing, and additional benefits . Luxury marques Lexus and Mercedes-Benz were among the first to create CPO programs in used cars, and extended service plans A service plan is a contract to purchasers of products for an additional fee. While service plans resemble extended warranties, there are several important differences between the two, often cited by retailers that sell them or warranties In commercial and consumer transactions, a warranty is a collateral assurance or guarantee that certain facets of an article or service sold is as factually stated or legally implied by the seller, and that often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty. A breach of.

Contents

Used car industry

With annual sales of nearly $370 billion, the used vehicle industry represents almost half of the U.S. auto retail market and is the largest retail segment of the economy.[dated info][citation needed] In 2005, about 44 million used cars were sold in the U.S., which is more than double that of the nearly 17 million new cars sold.[dated info]

The used vehicle market is substantially larger than other large retail sectors, such as the school and office products market ($206 billion in estimated annual sales) and the home improvement market ($291 billion in estimated annual sales).[dated info]

Used vehicle retailer

The Federal Trade Commission The Federal Trade Commission is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of "consumer protection" and the elimination and prevention of what regulators perceive to be harmfully "anti-competitive" business practices, recommends that consumers consider a car retailer’s reputation when deciding where to purchase a used car.

Vehicle history reports

In the United States, an estimated 34-percent of consumers (in 2006) are buying vehicle history reports for used cars.[1] Vehicle history reports are an inexpensive way to check the track record of any used vehicle. Vehicle history reports provide customers with a detailed record based on the vehicle's serial number (VIN A Vehicle Identification Number, commonly abbreviated to VIN , is a unique serial number used by the automotive industry to identify individual motor vehicles. Prior to 1981, there was no accepted standard for these numbers, so different manufacturers used different formats). These reports will indicate items of public record, such as vehicle title branding Vehicle title branding is the use of a permanent designation on a vehicle's title, registration or permit documents to indicate that a vehicle has been written off due to collision, fire or flood damage or has been sold for scrap, lemon law Lemon laws are American state laws that provide a remedy for purchasers of cars that repeatedly fail to meet standards of quality and performance. These cars are called lemons. The federal lemon law protects citizens of all states. State lemon laws vary by state and may not necessarily cover used or leased cars. The rights afforded to consumers by buybacks, odometer fraud Odometer fraud, also referred to as "busting miles" or "clocking" is the illegal practice of rolling back odometers to make it appear that vehicles have lower mileage than they actually do. Odometer fraud occurs when the seller of a vehicle falsely represents the actual mileage of a vehicle to the buyer and recalls. They may indicate minor/moderate collision damage or improper vehicle maintenance. An attempt to identify vehicles which have been previously owned by hire car rental agencies, police and emergency services or taxi fleets is also made. However, consumers should research vehicles carefully, as these reporting services only report the information to which they have access.

In some places the government is a provider of vehicle history - but this is usually a very limited service providing information on just one aspect of the history.

None of the vehicle history reporting services in any of the countries listed above offer the service for free.[citation needed] 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 sites. These reports are paid for by the dealer and then offered for free to potential buyers of the vehicle.[citation needed]

In the UK, the DVLA provides information on the registration of vehicles to certain companies for consumer protection and anti-fraud purposes. The information may be added to by companies with details from the police, finance and insurance companies. Such companies are able to provide a car check online service for the public and motor trade.[1]

Used car pricing

Used car pricing reports typically produce three forms of pricing information.

The growth of the Internet has fueled the availability of information on the prices of used cars. Whereas this information was once only available in trade publications that dealers had access to, there are now numerous sources for used car pricing. Multiple sources of used car pricing means that the prices you get from different sources often won't agree with each other. This is a result of each pricing guide receiving data from different sources and making different judgments about that data. The best way to determine a price is to cross-check prices with multiple sources and add a dose of your own good judgment to arrive at your price.

Pricing of used cars can be affected by geography; generally a convertible has a much higher demand in Florida than in New Hampshire. Similarly, pickups are often more in demand in rural than urban settings. Condition – Is the car in excellent, good or fair condition – has a major impact on pricing. Condition is based on appearances, vehicle history, mechanical condition and mileage. There is much subjectivity in how the condition of a car is evaluated.[2]

Laws and regulations

Geographically specific laws

Canada

In Ontario, Canada, new and used vehicle sales are regulated by the Ontario Motor Vehicle Industry Council (OMVIC).

European Union

Used cars have a statutory warranty In commercial and consumer transactions, a warranty is a collateral assurance or guarantee that certain facets of an article or service sold is as factually stated or legally implied by the seller, and that often provides for a specific remedy such as repair or replacement in the event the article or service fails to meet the warranty. A breach of according to the system of laws of the European Union, the so-called "Liability for defects", which lasts for 12 months.

See also

References

  1. ^ http://www.theautochannel.com/news/2006/05/10/006250.html
  2. ^ http://autos.msn.com/kbb/faq.aspx

External links

Categories: Automobiles An automobile, also called a car , is a wheeled vehicle that carries its own engine. Older terms include horseless carriage and motor car. It has seats for the driver and almost without exception, for at least one passenger

 

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Forget Toyota. Chrysler's got the most problems. - CNNMoney.com
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Forget Toyota. Chrysler's got the most problems.

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... and they are bound to hurt the company's future sales and profits when the low-mileage used cars sold to fleets go on sale themselves. ...



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Sat, 06 Feb 2010 14:37:00 GM

This is especially true when buying . used cars. . . Used cars. sold by their owners, are subject to requests for more expensive, however, are not certified cars and not with the same guarantees as the selling of car dealerships to come. ...

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Sat Feb 6 10:40:42 2010
What advantages do used car dealers have when they sell a car as owner?
Q. Why would a used car dealer or anyone that sells multiple cars hide the fact that they have other cars for sale? Most of the ads of cars for sale are too good to be true and I stay away from them but what do they hide by showing they are for sale by owner? I have used Craig's List to find a used car and some deals are too good to be true and I hate to see young folks buy these reconditioned cars that CARFAX can't list because of the laws in 29 of the 50 states not making it mandatory to list wrecked or totaled cars.
Asked by Relative - Fri Mar 6 14:55:03 2009 - - 1 Answers - 0 Comments

A. Because "curbstoners" as they are called want to avoid paying taxes; avoid paying for a license (required if you sell over a certain number a year); avoid laws such as inspecting cars to make sure they are roadworthy; etc. Most of the unbelievable deals on Craigslist are not from curbstoners but from con-artists. Most of these cars do not exist at all. They just convince unsuspecting buyers to send them cash through Western Union and of course they dissapear.
Answered by STEWIE - Fri Mar 6 15:29:52 2009

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