Check On The Different Key Terms Before Making A Used Car Purchase

If this is the first time you are checking out the market for used cars, you would find yourself overwhelmed with things you should learn. But considering that making a used car purchase can be risky, you would be compelled to know the ins and outs in the market. When you begin looking for this on the Internet, you would delight in the fact that there are indeed a lot of tips. However, you have to understand that for you to be able to use them fully, you should speak the same language as those in the market.

In this case, you should check on this list of key terms and their meanings. To begin with, you should be familiar with the acronyms that you are likely to encounter as you begin the buying process. These are: VIN, APR, SRV and CPO. VIN is the vehicle identification number that all the vehicles built since 1982 would have. This consists of 17 characters that you can see on the dashboard and on vehicle titles. This is normally used to obtain used vehicle history report. APR or the annual percentage rate is the yearly percentage rate charged to borrow the money to purchase a used auto.

Another acronym, SRV stands for suggested retail value, which refers to the amount the car seller might ask for a specific auto. This information is free and can be requested for from a couple of online resources that car valuation companies maintain. You need to get hold of this info prior to making negotiation with the seller. Other than this, one more acronym that has become part and parcel of the moder car buyers' lingo is the CPO, also known as certified pre-owned cars. You can go online and research some info about this type of used car. But in a nutshell, they are used cars of the late-model that have been inspected, repaired and certified by the manufacturer or other certifying bodies. As such, they carry some form of warranty.

With regards to warranty, a few terms like "as is," implied, manufacturer's warranty and extended warranty or service contract, are worth knowing. "As is" means no warranty. Implied warranty, on the other hand, denotes that the car has met reasonable standards. Manufacturer's warranty is, as the name implies, the original warranty from the manufacturer. With regards to extended warranty, it is the prolonged from of warranty that is being paid by the buyer. Regardless of what warranty the used car carries, you should make sure it is the one agreed upon and that it is indicated in the contract.

Other key terms you should have a working knowledge on, pertain to the condition of the vehicles. These are excellent, good and fair. Cars that are in excellent condition are those that have almost impeccable quality in terms of the exterior and interior parts of the car. Cars in good condition are those vehicles, which only have minor defects.

Fair cars have some mechanical and cosmetic defects but are still in good running condition. This is to say that they would need to be repaired. There are some other terms that you should learn first before checking out Hertz Car Sales. When you become adept in the lingo used in the market, you can approach the car buying process better.