Wednesday, June 8, 2011

Looking to buy a Used Car? Flood damaged cars from the Mid-west are making their way into the marketplace. See how you can check for yourself if the car you want is a deal or not...

The chart below shows the dramatic increase in the price of used compact and midsized cars in the past year. The bump has really occured just in the last few months as gas prices spiked and the demand for these classes of vehicles increased. There is a huge incentive for dealers and other used car brokers to get cars and bring them to market as soon as possible. I would like to offer a warning to you: BE CAREFUL in purchasing a used car!

Source: Manheim Consulting
Tens of thousands (100's of thousands?) of cars that were damaged by the floods and other storms in the Mid-west this spring are hitting or will soon hit the market.  Insurance companies take possession of the vehicles after paying off the claims to customers and then sell them to salvagers. The cars are then cleaned up and made to look REAL good.  They make their way to auto auction houses and eventually to car lots across the country.

PROTECT YOURSELF!! Go HERE for a FREE vehicle history check on any used car you might purchase, courtesy of the Tx Dept of Motor Vehicles.  I have not used this and don't know how good it is compared to Carfax.  If you try it, let me know...

Texas Dept of Motor Vehicles
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