You have your eye on an older vehicle and wonder if now would be the right time to buy it. Before you start thinking about the balance in your bank account or finding financing, it pays to consider arranging for a used car pre purchase inspection by a certified appraiser. Why does this matter? Here are some of the ways that an appraisal by an expert can help.
Evaluating the General Condition of the Vehicle
One of the tasks of the appraiser is to evaluate the vehicle’s present condition. This involves a visual inspection as well as taking the car for a test drive. The goal is to get an idea of how well everything works and the presence of any issues that might impact the asking price.
This is not the same as having a mechanic check the engine, transmission, and other elements, although those may be included in the appraisers approach. By the time the appraiser is done, you will have a better idea of whether the car is worth what the seller is asking or if you should look for something different.
Identifying the Current Market Value
Many sellers base their asking prices off current book values. Those values don’t do much to take into consideration the current condition or even any enhancements that were made to the vehicle. By contrast, the appraiser will seek to provide an idea of the value the vehicle possesses in the current market.
What you may find is that the seller is asking much more than the vehicle is worth currently. On the other hand, you may find that the seller is asking for an amount that’s lower than the current market value. Once you have the information, it will be easier to decide what should happen next.
Understanding More About Any Work the Vehicle May Need
As part of the used car pre purchase inspection, the appraiser is likely to come across any serious operational issues that may be present. A test drive provides a good idea of how well the engine picks up when accelerating, if it idles roughly, and if the transmission is slipping. Even things like how well the brakes respond will be noted.
Why does this matter? You have a better idea of what sort of repairs the vehicle will need early on. Based on how much you will have to put into the vehicle to correct the existing issues, you’re in a better position to decide if the asking price is worth it.
Providing the Buyer With Negotiating Power
Whatever the results of the appraisal, you know more about the car or truck than you did before. That strengthens your position as a buyer. Based on the appraisal results, you may be able to negotiate a lower price with the seller. That would allow you to get the car you want while keeping the price more affordable.Of course, the appraisal results may also indicate that the asking price is within reason. If so, that’s good news too; it means if you buy the car, you will be getting something that can live up to your expectations.
Before purchasing a used vehicle, consider arranging for an appraisal. You’ll find that many sellers are happy to do this on your behalf, if there’s reason to think you want to buy the vehicle. Once it’s done, it will be a lot easier to make the decision that’s right for you.