Did you know that 75% of vehicle transactions in the U.S. are the sale of used vehicles? Every vehicle has an average of three owners during the course of its life. Given these facts, it is not surprising that many people interested in purchasing used cars are wondering how to tell that they are getting a good deal rather than a lemon, which is a car only found to be defective after purchasing. Here are three things you should know about purchasing used vehicles in New York.
1. Are cars that have issues actually sold?
Unfortunately, yes. About 50% of flood damaged cars end up back on the road. 4% of deployed airbags are not properly replaced. Consumers collectively lose about $4 billion a year in odometer rollback fraud. These statistics can be quite shocking for many people. Knowing what is out there should not scare you away from used cars, but it should be a good reminder to proceed with caution.
2. What are the New York State Lemon Laws?
According to the DMV, NY State Laws concerning the sales of used cars exist to protect consumers who are sold cars that are riddled with defects, inefficient, or unsafe. New Lemon NY State Laws cover any vehicle that was registered in New York, was bought, leased or transferred in NY within the first two years or 18,000 miles, and was covered by a manufacturer warranty when delivered to the first buyer.
Used car lemon laws exist as well, and stipulate that dealers must provide warranties on vehicles. Under that warranty, the dealer has to replace or reimburse for repair costs, and if the problem cannot be fixed after three attempts you are entitled to a refund or replacement vehicle.
3. Research the Car
You probably anticipated that one of these tips would involve looking up the past information about your vehicle. Find out the Vehicle Registration Number of any car you are looking at, then use online services to get a vehicle history report. This report will let you know important facts like whether the car has been in a serious accident, and if it has a clean title.
Do you have anything to add concerning tips for choosing used vehicles, or New York State Laws? Let us know in the comments!