Every year, about 39 million used cars are sold across the country, but a new study shows buyers may not be looking at the blind spots in the car-buying process.
Right now, the average cost for a brand-new car is about $50,000. Compare that to the average cost of a used car, which sits at just over $27,000, according to NerdWallet. Because of the price, depreciation, and insurance costs, data shows more people are buying used cars.
Jeffrey Ross, a Bumper automotive expert, says buyers need to be careful when looking at the title of a used car, because it can dictate a car's resale value, safety status, insurance eligibility, and sometimes financing options.
"You want a clean title, which means the car has had no damage in the past. A salvaged title could be from a bad car accident, flooding, theft recovery, anything like that," Ross said.
A recent study by Bumper, an online vehicle platform where buyers and sellers can check a car's history reports, shows one in five people surveyed discovered a mistake in the title after buying the car, finding out the car had an undisclosed salvage title or junk title.
That's why buyers are urged to do the research themselves. Even if you buy from a used car dealership, don't rely on the dealership to verify the car's history. Use platforms like Bumper, the National Insurance Crime Bureau's database, or Carfax to do a history search using the car's VIN before buying it. And if possible, look to buy from one-owner vehicles.
"Every time that title changes hands, there's always that chance that it could have been salvaged before or could have had a different VIN. Ultimately, when you're looking at a history report, that can't be changed. Once that's in the system, it's there, and you won't be able to change it," Ross said.
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