Buying a new car isn't always the best choice.
By: David Skul | Posted: 24th December 2005
New cars are expensive but desirable to many people because they want assurance that they will not have to visit the mechanic for a long time and if they do, at least they won't have to pay out anything until the warranty has expired.
Well what about buying a damaged car that has been repaired but still is close to new? Let me explain; many people buy a new car and then within a couple of years have a major accident. If the car is totaled the insurance
company won't pay to fix it. They pay their customer the value of the car and then sell the damaged car to the highest bidder.A totaled car means that it will cost more than 75% of the value of the car, as determined by Kelly Bluebook, Edmunds etc., to restore it to new.
So what happens after someone wins the bid and gets the damaged vehicle. They go to work repairing it until it looks like new. These people do this work for themselves so they can save money on labor costs, a big factor in determining the overall cost to rebuild the car. They often have spare parts from other wrecks they have bought. This saves them a lot of money on parts. When they are done they have repaired the car for maybe one third the quote the insurance company received. They buy these very damaged cars for so cheap that they can resale them for far less than what they would cost on a used car lot.
For instance: a Toyota Corolla that is two years old and has 15,000 miles would go for maybe $12,500 on a lot. The rebuilt car has very low mileage because it was in an accident and hasn't been driven for a while. So, this same year and make car can be bought for let's say $6,800. Now that's a savings!
Many would say, including reputable mechanics, that this is risky as many problems might arise after driving this rebuilt vehicle for a while. I can tell you, I have bought four such vehicles; driven them for tens of thousands of miles and never once had any problems.
So, if you want a car that is almost new for a fraction of the cost of a new car and are a risk taker look for these deals. They can be found on the internet.
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Tags: long time, highest bidder, new car, mechanic, fraction, mileage, tens of thousands, mechanics, insurance company, warranty, new cars, spare parts, toyota corolla, corolla, toyota, car lot, damaged car, major accident, wrecks