-------- THIRD-PARTY WARRANTY ON ALL VEHICLE PURCHASES --------
----------- Every Premium Vehicle On Sale -----------
----------- CLOSE OUT SALE - ALL VEHICLES ON SALE -----------
Knowing the history of a used car before you decide to buy one can save you a lot of money down the road.
Rather than relying on guesswork and a cursory mechanical inspection, you can now determine if a used car has been involved in accidents or had major repairs that may not only hurt your investment, but also ferret out any potential safety issues.
In British Columbia, there are primarily two vehicle claims history report services: ICBC vehicle claims history and CARPROOF. ICBC reports provide claims information from B.C., while CARPROOF reports on claims information from across North America.
You can order an ICBC report online, through ICBC’s website. The report costs $20. A CARPROOF report can also be ordered over the Internet: a standard “Claims Report” costs $39.95; a “Verified Report”, which includes a lien check, costs $51.95; a “Proof Pack” allows you to check the history of three different vehicles and includes one lien check.
For a listing of information provided, see the attached ICBC chart.
Victoria Premium Automobiles runs a CARPROOF report on every vehicle we buy and then sell.
If you are considering a vehicle on the VPA lot, be sure to request and review the CARPROOF report to learn, among other things:
- Lien details.
- Accident data - Learn whether the vehicle has been in an accident, what type of incident occurred and the amount of damage.
- Registration and branding - Discover which provinces the vehicle was registered in and whether the car has been negatively branded.
- Full Canadian and U.S. history - See a complete picture of any vehicle history from across Canada, as well as the U.S.
- Salvage title - If the car has been in a serious accident, fire or flood and was “totaled” by the insurance company (declared a total loss), it still might be drivable. However, the insurance company will issue a “salvage title” to alert future buyers.
- Accidents - Accidents are reported to the insurance company and will probably be on the vehicle history report.
- Odometer - Some car lots spin the odometer back to increase the vehicle’s selling price. History reports can alert you to this scam.
- Maintenance records - Sometimes service visits are listed on the vehicle history report, showing the routine maintenance or repairs performed by a mechanic. This is most likely if the car was serviced at a car dealership rather than an independent garage.
- Recall information - This is useful information, but it can be checked for free on other sites.
Take the guesswork out of buying a used vehicle. Rely on Victoria Premium Auto and CARPROOF reports to find the best quality, best maintained used vehicles at the right price.
So, it is time to buy a new car, or, at least, a car which is new to you.
The question becomes: new or used?
Here is a short list on the benefits of purchasing a used car, as well as some of the risks - and strategies on mitigating the latter.
Benefit from the depreciation absorbed by the original owner
Once a new car drives off the dealer’s lot, its value depreciates immediately.
Depending on the make and model, in the first two years of ownership, a new car can lose between 20% - 40% of its original value. This is reflected in the sale price of newer, lightly-used vehicles in the resale market. The owners are eating this loss and passing along a near-new vehicle, usually still under warranty.
Benefit from lower prices
As illustrated above, if you want to minimize your exposure to depreciation: buy a used car.
While manufacturers will incrementally add new bells, whistles and badges to new models, there really isn’t much difference between a brand-new car and a two-, three-, or even four-year-old car.
Is the latest Bluetooth connectivity, fender flare or generation of clear coat worth an additional $6,000?
Another strategy to consider when price is a primary concern is to seek out newer used cars with higher mileage. Ask for service records and how the miles were accumulated: high wear-and-tear city driving or lower stress highway driving?
A properly serviced and cared for highway driven vehicle hits the sweet spot.
Benefit from a huge selection of vehicles
With generally lower prices, your selection of potential vehicle makes, and models expands. So, a new Honda budget can become a used Acura, Lexus and Infinity budget.
Getting the used car benefits while mitigating the risks
There are risks to buying a used car. These include incomplete disclosure of previous damage or mechanical problems, lemons and not readily-apparent wear and tear.
When you buy a used car, there are two possible sellers: a private owner or a dealership. In some instances, you can get similar protections and benefits buying a used car through a dealership as you would receive buying a new car.
These include manufacturer certified pre-owned program protection. In most instances, a certified vehicle is closely scrutinized both cosmetically and mechanically and the covered by a limited warranty beyond the original factory warranty. But even if the used car is not covered under a certified pre-owned program, buying from a dealership will offer additional consumer protection. In British Columbia, under the Vehicle Sales Authority of B.C., protections include:
- Licensed dealers must sell vehicles in a clear and transparent manner
- Dealers must stand behind the representations they make about a vehicle
- Dealers must not withhold or provide information that would cause you to make an error in judgment about whether to buy the vehicle
- Dealers must meet strict standards, including certain declarations and disclosures
- Dealers contribute to a customer compensation fund for eligible claims
There is also the obvious benefit of having a bricks-and-mortar dealership you can return to for additional assistance after the purchase.
Victoria Premium Automobiles Ltd., for example, uses independent mechanics to assess, report and, if necessary, repair vehicles before they are placed in sales inventory. The work performed is included in the vehicle sales collateral. Victoria Premium Automobiles offers a limited dealer warranty.
Victoria Premium Automobiles also provides CarProof reports on all vehicles it carries. CarProof is a Canadian provider of vehicle history reports – a critical tool when you’re buying or selling a used vehicle. A CarProof report establishes trust and transparency between a used car buyer and a used car seller by removing the guesswork about a vehicle’s past – replacing it with impartial, accurate and real-time data.
Victoria Premium Automobiles also provides extra services private sellers may not offer, including complete vehicle cleaning and detailing which can extend to an ozone treatment which involves the emission of pure ozone (O3) into the used vehicle passenger compartment, eliminating odorous such as smoke, pet and body odors.
Of course, a used car dealership like Victoria Premium Automobiles also accept trade-ins to lower purchase prices and lease and financing can be arranged through the dealership.
Purchasing a used-car offers many great advantages. But you should do it right to minimize risk and maximize savings and satisfaction.
Elon Musk has launched a 2008 Tesla Roadster into space and into an elliptical orbit between Earth and Mars, but for the rest of us, the question is how much for a terrestrial 2008 Tesla Roadster?
Teslas and other electric vehicles (EVs) have been around for years now, claiming a small-but-growing market share. While buyers have been willing to pay a premium for EVs in the new-vehicle marketplace, how have Teslas and other EVs performed in the used-vehicle space?
According to Tesla’s own numbers, sales of their used vehicles have been growing and the manufacturer, through careful management of used inventory, have been able maintain prices.
Teslarati, a website that deals in Tesla news, rumors and reviews, reports that the company’s sales of used inventory increased by $117 million in 2016 and saw a further increase of an estimated $170 million in 2017.
According to Teslarati, the company attributes the used sales bump to an increase in pre-owned vehicle sales as an organic result of increased automotive sales as well as from expansion of Tesla’s own trade-in program.
From New to Used: Controlling the Market
Tesla has always worked hard to control every aspect of the Tesla new-vehicle ownership process. The company is trying to do the same in the used space.
In 2013, Tesla rolled out a 63-month car loan in which Tesla promised to buy the car back after 36 months if the buyer desired, for the same residual value percentage as the Mercedes S Class. The goal was to remove an objection for potential buyers who were concerned about the resale value of the electric vehicle.
Analysts such as Kevin Tynan of Bloomberg saw the financing/leasing play as a way to control the secondary used car market and to create another profit center for the manufacturer.
Observers say it is working: Teslas are holding their value better than other EV brands, with many models selling for well-over half their original, new sales price. In comparison, other EVs, such as the Nissan leaf, typically sell for a third of their new price.
And the resale price for the 2008 Tesla Roadster currently in orbit? Difficult to say if there will be anything salvageable as scientists say the cherry red Tesla Roadster and its 'driver' Starman will most likely be torn to bits by radiation and cosmic debris within a year as the vehicle drifts through space.
For many people, leasing a vehicle is out of the question: at the end, they own nothing.
However, in some circumstances, a leased vehicle can generate equity which can be claimed at or near the end of the lease.
What is lease equity?
Lease equity is created when the vehicle is worth more at the end of the lease than the buyout price established when the lease began.
There are numerous scenarios and factors that can contribute to positive equity in a leased vehicle, including: strong market demand and high prices on the used car market for a specific, year, make and model; low mileage; and low lease buyout rate. All should be considered when calculating the book value for a vehicle nearing end of lease.
While there are many online resources to determine market demand and book value of a leased vehicle, it is also useful to shop the vehicle around to various dealers such as Victoria Premium Automobiles, including the dealer the vehicle was leased from. You will be surprised at how values and prices will fluctuate.
You can use any lease equity as a down payment on a new lease or choose to pocket the cash. Or you could choose to buy out the vehicle and continue driving it. The choice is yours.
Or, you can visit, or contact, Victoria Premium Autos. Your leased vehicle will be appraised, we will contact the leasing company for a payoff quote, and if there is equity, we will process the transaction, take possession vehicle and you can take the equity in cash or put it towards a replacement vehicle.
If you are nearing the end of lease on your car or truck, do not leave money on the table. Contact Victoria premium Automobiles and ensure you recover what is rightfully yours.
We only sell what we would drive.
Victoria Premium Automobiles Ltd.
1859 Blanshard Street Victoria, BC V8T 4H9
We only sell what we would drive.
Victoria Premium Automobiles Ltd.
1859 Blanshard Street Victoria, BC V8T 4H9