Tweet
I was in the car business as an investor for several years and I have a few minutes to kill, so I thought I would throw out there a few "buying a used car" tips:
1. The more records that a car has, the more peace-of-mind you will have about the car, and it actually makes the car worth more. Folks that take care of their cars generally keep good records, and vice versa.
2. The condition of the car speaks volumes. If the owner meticulously kept up the exterior and interior of the car, (s)he in all likelihood did the same for the mechanicals, which are the most important.
3. Highway miles are much preferable to city miles. Let's say you find a 2015 with 100,000 miles, or a 2013 with 60,000 miles, the former would be much preferable. Here is why:
A highway miles car has significantly fewer hours on the running gear, all other things being equal. For example, if you have a car where the owner put 30,000 miles a year on it, the chances are the average speed for that car is 40 mph over its life. That translates into 750 hours per year that the car is running on average. Not very much!
But if you have a car where the owner put 20,000 miles on it - more of a commuter driver - and the average speed for that car is 20 mph over the life, that's still 1,000 hours of run time. But...that car has also been stopped, started, breaked, turned, accelerated, and generally used much, much more than than the high miles car.
The hardest thing on a motor is metal-against-metal, and you have that phenomenon every time you start the vehicle. A commuter might start his vehicle 10 to 20 times per day. Assuming 10, that's 3650 starts per year. A highway miles driver might only start 3-4-5 times per day, cutting the number of starts per year in half or even less.
4. Options are worth a lot now, but not much in 10 more years. For example, a 4Runner Limited sells for $7-8K more than a 4Runner SR5. But in 10 years, the difference will be very small - perhaps $1000 or less. So buy the car with the options that you will actually use, and don't screw with the rest.
5. "Resale Red" only applies to sports cars. Other than sports cars, it is a tough color to sell.
6. Avoid silvers, because they are very difficult to match well when you have to have body work. In fact, it's almost impossible unless they repaint the whole car.
7. Blacks are great when they are clean, but because black absorbs heat, you can quite literally scratch your black car with the SKIN on your finger on a warm day. All of that buffs out, but black requires more attention over the life of the car.
8. White is the best for a variety of reasons. It's easy to match, it's cooler, it looks cleaner even when it's dirty, and the resale is ALMOST ALWAYS TOPS.
9. CarFax is mostly useless. It is a marketing scheme. About the only thing I would pay attention to on it is a salvage title. All the rest of that stuff is truly window dressing. A car that has had a fender bender but has been expertly repaired is worth every dime of what a car without a fender bender is worth. The only exception is on a car that is two years old or newer - there would be some knockoff for the repair. Frame damage is another story, but most cars with frame damage are totaled by the insurance co., hence will be a salvage title.
Just because a car has been in a body shop DOES NOT mean it is worth less. I am so meticulous about my own car that any time I get a nick or a scratch, it's off to the body shop for a couple of days. I like to keep it looking brand new. That makes it worth more, not less.
CarFax is of no real benefit when ascertaining the road worthiness of a vehicle. Only a local mechanic can do that for you.
If you have any other questions let me know.
1. The more records that a car has, the more peace-of-mind you will have about the car, and it actually makes the car worth more. Folks that take care of their cars generally keep good records, and vice versa.
2. The condition of the car speaks volumes. If the owner meticulously kept up the exterior and interior of the car, (s)he in all likelihood did the same for the mechanicals, which are the most important.
3. Highway miles are much preferable to city miles. Let's say you find a 2015 with 100,000 miles, or a 2013 with 60,000 miles, the former would be much preferable. Here is why:
A highway miles car has significantly fewer hours on the running gear, all other things being equal. For example, if you have a car where the owner put 30,000 miles a year on it, the chances are the average speed for that car is 40 mph over its life. That translates into 750 hours per year that the car is running on average. Not very much!
But if you have a car where the owner put 20,000 miles on it - more of a commuter driver - and the average speed for that car is 20 mph over the life, that's still 1,000 hours of run time. But...that car has also been stopped, started, breaked, turned, accelerated, and generally used much, much more than than the high miles car.
The hardest thing on a motor is metal-against-metal, and you have that phenomenon every time you start the vehicle. A commuter might start his vehicle 10 to 20 times per day. Assuming 10, that's 3650 starts per year. A highway miles driver might only start 3-4-5 times per day, cutting the number of starts per year in half or even less.
4. Options are worth a lot now, but not much in 10 more years. For example, a 4Runner Limited sells for $7-8K more than a 4Runner SR5. But in 10 years, the difference will be very small - perhaps $1000 or less. So buy the car with the options that you will actually use, and don't screw with the rest.
5. "Resale Red" only applies to sports cars. Other than sports cars, it is a tough color to sell.
6. Avoid silvers, because they are very difficult to match well when you have to have body work. In fact, it's almost impossible unless they repaint the whole car.
7. Blacks are great when they are clean, but because black absorbs heat, you can quite literally scratch your black car with the SKIN on your finger on a warm day. All of that buffs out, but black requires more attention over the life of the car.
8. White is the best for a variety of reasons. It's easy to match, it's cooler, it looks cleaner even when it's dirty, and the resale is ALMOST ALWAYS TOPS.
9. CarFax is mostly useless. It is a marketing scheme. About the only thing I would pay attention to on it is a salvage title. All the rest of that stuff is truly window dressing. A car that has had a fender bender but has been expertly repaired is worth every dime of what a car without a fender bender is worth. The only exception is on a car that is two years old or newer - there would be some knockoff for the repair. Frame damage is another story, but most cars with frame damage are totaled by the insurance co., hence will be a salvage title.
Just because a car has been in a body shop DOES NOT mean it is worth less. I am so meticulous about my own car that any time I get a nick or a scratch, it's off to the body shop for a couple of days. I like to keep it looking brand new. That makes it worth more, not less.
CarFax is of no real benefit when ascertaining the road worthiness of a vehicle. Only a local mechanic can do that for you.
If you have any other questions let me know.
Done it many times!
Comment