Check On The Important Terms Associated With Used Car Buying

December 31, 2013

If this is the first time you are checking out the market for used cars, you would find yourself overwhelmed with things you should learn. But considering that making a used car purchase can be risky, you would be compelled to know the ins and outs in the market. When you begin looking for this on the Internet, you would delight in the fact that there are indeed a lot of tips. However, you have to understand that for you to be able to use them fully, you should speak the same language as those in the market. In this case, you should check on this list of key terms and their meanings. As a jump start, you have to be in-the-know about the acronyms typically used in the buying process. These include: VIN, APR, SRV and CPO. VIN stands for vehicle identification number, unique to each vehicle built from 1983 up. This consists of 17 characters that you can see on the dashboard and on vehicle titles. This is normally used to obtain used vehicle history report. APR is short for annual percentage rate, the interest rate charged on a loan per year.

Another acronym, SRV stands for suggested retail value, which refers to the amount the car seller might ask for a specific auto. This can be obtained for free from a couple of popular online resources which are also car valuation companies. You should have this info handy before you start negotiating for your car purchase. Other than this, one more acronym that has become part and parcel of the moder car buyers’ lingo is the CPO, also known as certified pre-owned cars. You can go online and research some info about this type of used car. But in a nutshell, these pertain to used cars of the late model that have undergone inspection, repair and certification, either by the manufacturer or other certifying bodies. Thus, they usually come with warranty. As far as warranty is concerned, you should know a few terms like “as is,” implied, manufacturer’s warranty and extended warranty or service contract. “As is” is basically no warranty. Implied warranty, however, would indicate that the auto meets reasonable standards. Manufacturer’s warranty is simply the warranty originally provided by the car maker. As for extended warranty, it is a form of prolonged warranty that the buyer pays for. Whatever warranty the car carries, it should be one that has been agreed upon by both parties and is made clear in the contract.

Other words you should get acquainted with, are those that refer to the condition of the auto. Among these are: excellent, good and fair. Excellent cars are those that do not only look great but also have excellent mechanical condition. Cars in good condition are those vehicles, which only have minor defects. Fair cars are those with some mechanical and cosmetic problems but still in good running condition. This is to say that they would need to be repaired. There are other words that you might find the need to understand before you visit When you know the words spoken by everyone in the used car market, you can easily deal with the car purchase.


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