While you can save tons of money purchasing a used car, it’s still a scary proposition. Every year we hear stories about people purchasing used cars that have actually been in major collisions. To be honest, it’s easy for auto rebuilders to fix these vehicles up and put them back into the circulation. Unfortunately, we’re the ones that have to deal with the long term issues.
If you want to look at it on a financial standpoint, the cost to fix it is greater than its value. If this happens then the insurance company will consider it a total loss. If this happens to you, the amount paid will be equal to the value of the car before the accident. Once this transaction takes place, the car is sold at a salvage auction. Then again, you can keep the totaled vehicle. Whatever the case may be, these get fixed, and then are sold for full market value.
It happens all the time, which is why you need to take the proper precautions when purchasing a vehicle. While we could go over several different scenarios, just take a look at a few examples below.
Check the Title- Since not every salvage vehicle has a notation on the title, you have to look at the wording. If you see things like “scrap,” “parts only,” “unsalvageable,” or “un-rebuildable,” then you have a vehicle that’s been in an accident right in front of you.
In order to do this simple check, we recommend using the National Motor Vehicle Title Information System (NMVTIS). You’ll be able to enter a simple VIN number and get all kinds of helpful information. Whether it’s the odometer reading, if it’s been reported stolen, or if it was considered a total loss you’re going to know. In order to do this you can visit the NMVTIS at nmvtis.gov.
Inspect the Vehicle- This is extremely important, and it shouldn’t be someone you know. Have a person that is certified in collision repair take on this task for you. They’ll be able to give you the telltale signs that could involve a faulty vehicle.
3. Ask the seller outright whether the vehicle has ever been in an accident. There are no guarantees that the seller will be truthful, but this way you can avoid a lie by omission. Some people won’t offer the information, but will be truthful if you ask.
4. Get a vehicle history report. Two of the most popular services for this purpose are Carfax and AutoCheck. These types of reports can clue you in to important red flags about a vehicle’s past. You should, however, be aware that a clean report is no guarantee that a vehicle has never been wrecked. Still, this provides another important piece of information, since there are many problems that are never reported to state licensing agencies.
All we ask is that you be thorough when researching this vehicle. All the tips we provided above should give you enough details as to whether or not it’s going to be worth the money. If you’re really smart, document all your research and conversations in case something goes wrong. This way you can build a case in the event of a problem.