Are There Advantages To Buying A One Owner Car? There are definitely financial advantages to buying a used car. The demand for the car will be indicated by how much difference there is between different years of a model. We will use a high demand Toyota 4Runner SR5 as our example.
Just compare the costs of a new, 2019 Toyota 4Runner SR5 ($38,000) versus a 2018 Toyota 4Runner SR5 with 9,000 miles ($33,000) versus a 2017 Toyota 4Runner SR5 with 27,000 miles ($31,000). Southern California was used for search zone since it tends to be very price competitive.
In the Toyota 4Runner SR5 example, there really isn’t much difference in price, especially when you factor in mileage.
A Major Advantage Of A One Owner Car: Brand new car buyers take better care of a car than a car that has passed through several owners. Additionally, brand new cars are under warranty so owners are more likely to have all services performed. Since a one-owner car is typically newer than one that’s been through several hands, you can expect fewer miles on the odometer and, concurrently, less wear and tear. Be sure to order a vehicle history report to determine previous ownership.
What About Off-Leased Cars? If you have a bigger budget, you’ll find a considerable number of two- and three-year-old models on a dealer’s lot that were previously leased. Leased cars are one-owner vehicles, though the leasing company is officially the original owner. They often sell these as certified pre-owned (CPO) cars. Vehicles with this designation have undergone a thorough inspection, and they come with an extended warranty coverage.
How Can You Tell if a Car Has Had Multiple Owners? The easiest way is to check the car’s ownership history via a CARFAX Vehicle History Report. This valuable document verifies a used car’s chain of ownership and the last reported number of miles on the odometer. It also documents a model’s maintenance and repair records and any remaining original warranty coverage. The report will also reveal any applicable recalls and whether or not they were addressed. A CARFAX Report will also show if a vehicle has been wrecked, flooded, damaged by hail or branded a lemon. Additionally, this report lets you know if a car has been salvaged and rebuilt.
Lemon Car? There’s also a chance one or more owners got rid of the car because of drivability problems and/or underlying issues that would require costly repairs. That’s why it’s important to give any vehicle you’re considering a full test drive. You should also have a trusted mechanic give it a complete vehicle inspection before signing a bill of sale. A CARFAX report will give a history of vehicle recalls.
Then there is always that car that was ‘only driven on Sundays’ but in reality… ‘Little Old Lady from Pasadena’