8 Surprising Facts You Should Know Before Buying a Used Car

In the United States, 40 million used cars are sold each year. USA Industry research shows that the used car market is always hotter when compared to new cars purchases.

Looking at this high percentage of the used car sales, we came up with an entire list of interesting facts and details that will help you in purchasing a used car.

Did you know?

1. “Silver” is the most purchased color of a used car
2. Odometer fraud is very common
3. Automatic cars outnumber cars with manual transmission
4. The used car market dominates the new car market
5. On an average, a vehicle will likely have three owners in its lifetime
6. Beware of flood damages car. It’s everywhere!!
7. Airbags are an issue
8. Beware of price-gouging

• “Silver” is the most purchased color of a used car

Silver is the topmost choice among the buyers of used cars. Black is the second most loved color, followed by white, red, blue and grey. A wide range of colors ensures that there’s something for everyone in the used car market.  

• Odometer Fraud

Did you know? Used car consumers in the U.S. lose as much as $4 billion a year due to odometer fraud, with the average rollback being 15,000 miles. Odometer fraud is done by taking miles off of a car in an attempt to make it look more desirable.

• Automatic World

Automatic cars outnumber cars with the manual transmission by the ratio of 10 to 1. With an increase in the number of automatic car lovers, the number of people that even know how to operate a manual vehicle is on the decline.

• The Used Car Market Dominates New Car Market

Majority of car commercials focus on new cars but we cannot deny the fact that the used car market in the US is about three times bigger than the new car market. Nearly 40 million used cars are sold each year in the United States.  

• On an average, a vehicle will likely have three owners in its lifetime

If we see the lifespan of a car, mostly every used car is likely to have three owners in its lifetime. That’s why it is recommended to check the VIN to know the exact details of the car you want to buy. Vehicle Check USA helps you get this report on a single click. You can also ask for the maintenance record of a car from the owner to know its service history— but don’t depend on it since most owners don’t keep the reports with them. It’s rare to find a car which moves from cradle to grave with just one owner.

• Beware of flood damages car. It’s everywhere!!

Flood-damaged cars are quite common. As per industry estimates, Hurricane Imra and Harvey destroyed 600,000 cars in 2017, whereas hurricane Katrina destroyed about 200,000 vehicles in 2005. The fact is about half the cars that are flood damaged, end up back on the road, which means that a large number of flood-affected cars enter the used car market.  

“Flood” in the title means that the insurance company has assessed the car has submerged deep enough to fill the engine compartment. If you are considering a flood titled car for final purchase make sure to get a  mechanical check, especially engine and electrical systems.

• Check the airbags

During the mechanical inspection of your selected used car, always be sure to have the airbags inspected. Especially, cars that have been in an accident will need their airbags to be replaced correctly. That’s the most common problem with the used cars. So, if you are in the market to purchase a used car, be sure to get the airbags checked, it will not only increase the safety of your vehicle but will protect you from hidden costs.

• Beware of Price-Gouging

If you are looking for a used car at a dealer’s shop, make sure you don’t skip reading the window sticker. It could help you identify hidden charges that most buyers would overlook due to the fact that the terms used to obfuscate are vague and intimidating — and they’re all meant to make that dealer more money off you.

Don’t forget to look at the terms like:

• MVA- Market Value Adjustment
• ADM/ADMU- Adjusted Dealer Markup

It is important to look at these terms as it means the dealer can add fees as they see fit in order to charge more.

Some Used Car Fun Facts

1. On an average, three out of four automotive transactions in the U.S. involve previously owned vehicles.
2. Nearly half the used vehicles on the market come with air conditioning.
3. According to Industry reports, one of every 25 airbags that have been deployed have not been replaced properly and they’re also the most stolen product from a vehicle.
4. Frequently searched price range for a used vehicle is under $5,000.
5. Consumers lose as much as $4 billion a year due to odometer fraud.
6. A car is stolen in the United States every 45 seconds.
7. There are more cars than people in Los Angeles.

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Every used car has a back-end story and some of them are nothing short of a nightmare. So, always look for the Vehicle History Report before purchasing a used car. It will help you know if a car has a clean history or hidden problems. We have data available for every used car sold post-1982.