What Do The Car Buying Companies Do?

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Have you ever had the feeling that the days were shrinking?  The work never seems to end, and the to-do list just keeps growing.  On top of everything else, you need to sell your car or buy a new one! At least in this one area, car buying companies can make your life a little bit easier.

These companies have originated with the concept of being sincere to customers in helping them buy or sell vehicles with ease.  And if the need arises, they can provide services for both at the same time. 

Though some dealers have created a negative image of this profession by making money their only objective, this is not always the case.  Most dealers have legitimate practices.  They are in business solely to cater to the specific needs of the customer.  They strictly adhere to legal guidelines, neither do they cut corners.  As a service providing company, they must be registered and possess a valid license. 

Since genuine car buying companies aim to develop and maintain the trust of clients, they don’t mislead people through misrepresentation of data related to price, warranty claims, the history, odometer reading, condition, if there’s any money owed, and ownership status of the title.  Most importantly, they focus on customer satisfaction to spread positive reviews, which is essential in today’s competitive market. 

Planning to sell your car?

A car buying company claims to buy any car, irrespective of its model, make, or color.  But what exactly does this entail?

Dealers fulfill all the duties that facilitate transactions.  They must complete the following:

  1. Car valuation

In this technological era, many dealers offer online appraisals for free.  All you need to do is provide the license plate number (also known as the registration number) along with the mileage.  They will ask you to provide contact information such as email address and phone number.  That way they can send the results of the valuation to you.  Because the value of vehicles fluctuates depending upon the location, it’s important to mention your residential address.  You can get evaluated from local dealers as well as from those from neighboring towns.  Compare the quotes to see which one renders the best deal.  Just make sure to watch out for scammers.  They often offer higher amounts to lure unsuspecting sellers.

  1. Provide a quote

The car buying company will give an estimate about the worth of your car.  It is usually a range; the actual amount can only be decided when a representative inspects the vehicle and checks that all documents are complete.

  1. Inspection

A dealer is a businessman.  Therefore, a car buying company needs to buy and sell cars.  Only those cars that are in working order, safe to drive, and have complete valid documents will be entertained.  A representative will make an appointment whenever the time and location is convenient for you.  The manual inspection will carefully look at the following aspects of any car:

  • Quality- The car should be presentable in that it’s durable and fit for the purpose it’s meant to be used for.
  • Safety- The vehicle should satisfy safety regulations set by the state including general safety standards, tire maintenance, emissions inspections, etc.
  • Condition- The dealer will check if the car details match the description mentioned in the online query. The interior and exterior will be scrutinized. 

Remember to ask whether the inspection is free.

  1. Paperwork

The dealership is responsible for verifying that all documents are complete and valid.  This includes registration number, your driver’s license, title, warranty, vehicle identification number (VIN), chassis number, odometer reading, and all records about maintenance.  They must also document the sale by providing proof of purchase, sale deed, transfer of ownership, etc.

  1. Payment

Once the agreement is signed, the dealer should pay before you hand over the keys.  The most trustable modes of payment include certified check, online bank transfer, and cash.

  1. Pick-up

After a deal is finalized, the dealer can also assist in picking up the car from any location you specify.  If a vehicle needs to be towed, they have services for that as well.

Planning on buying?

If you are in the market to buy a car, consider the following steps:

  1. Before going

Before going to a dealership, know what kind of vehicle you need.  It should match the requirements of your family and profession.  Most importantly, have a budget in mind.  Understand how much you can spend.  As with any other kind of investment, do your homework and check the price of the car that you intend to buy on various websites and nearby dealers.  That way you can make an informed decision once you decide to buy the perfect vehicle.

  1. While at the dealership

Be observant and inspect the entire stock.  This will give you a general idea of what the car buying is all about.  Ideally, you should see well-maintained cars with a Consumer Information Notice (CIN) in each window.  When you find a vehicle that you like, give it a thorough inspection.  Look into the service records to get an idea of its maintenance.  Go for a test drive.  Remember to have the car inspected by a mechanic.  Some dealers provide mechanical inspection as part of the sale price, but it’s better to organize your own independent inspection.  Don’t forget to ask about the warranty that the dealer offers.

  1. During purchase

Negotiate to get the best price.  Read the sales agreement or contract carefully.  Complete and sign all paperwork including the transfer of ownership, sale deed, extended warranty, proof of purchase, etc.  Save all copies of the sale agreement, CIN, the original advert and any other documentation related to the transaction. 

A dealer also provides finance options.  If you get a loan through them, carefully consider the arrangements before you agree.  However, if you are looking for lower interest rates, it may be wiser to look elsewhere.

Planning on trading-in?

While some people only come to sell their used car, others may reconsider their options and end up buying a vehicle from the same dealership.  Carefully consider the trade-in offers as well as the value of any add-ons, such as accessories and extended warranties.

Good luck at the dealership!

 

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