How much weight do you give CarFax when buying a used auto? (from a dealer)

[s219]

It is a crazy market, hard to get new inventory and used values went up. I waited about 3 months to buy a truck. If I had moved quicker in the spring, there was still decent selection. But it really dried up in May-June and barely started improving around mid July. I saw a truck that was close enough to what I wanted in July and jumped on it.

It's interesting to me that the big-three are still offering seasonal rebates on most 2020 trucks even though demand exceeds supply and the 2021 models were delayed. I would have assumed they could ask full price in this situation. Maybe they are trying to stoke sales volume to make up for lost sales earlier in the year.

 

[two_bit_score]

Thought I posted this already but don't see it so maybe not.

National Motor Vehicle Title Information System (NMVTIS)

This is where you want to go for vehicle history information.

The National Motor Vehicle Title Information System (NMVTIS) is a system that allows the titling agency to instantly and reliably verify the information on the paper title with the electronic data from the state that issued the title. NMVTIS is designed to protect consumers from fraud and unsafe vehicles and to keep stolen vehicles from being resold. NMVTIS is also a tool that assists states and law enforcement in deterring and preventing title fraud and other crimes. Consumers can use NMVTIS to access important vehicle history information.

Purpose
NMVTIS was created to:

Prevent the introduction or reintroduction of stolen motor vehicles into interstate commerce
Protect states and consumers (individual and commercial) from fraud
Reduce the use of stolen vehicles for illicit purposes including funding of criminal enterprises
Provide consumers protection from unsafe vehicles

NMVTIS is Working for States
States are among key stakeholders in NMVTIS, providing vehicle data in the system that other states, law enforcement and consumers rely on to make decisions around titling, investigating and buying a vehicle. Through participation in NMVTIS, states help in the fight against fraud and theft, protect consumers from unsafe vehicles, and realize cost-savings along with other benefits.

Click here to learn about the activities of the NMVTIS Law Enforcement Subcommittee.

For background information on NMVTIS, visit Department of Justice (DOJ) - NMVTIS.

 

[timswi]

I wouldn't buy a used vehicle without reading the report. There's a ton of information in it and as more and more service stations are going to computers the amount of information is only going to get better. It's only as good as the information entered into the computer. If a garage types in the wrong VIN number it's worthless. It will tell you where a vehicle spent it's life. For example cars from up north are shipped to the south all the time. So that used rust free southern car may have been in salt all it's life and is a year or two from rusting apart. The information also can tell you when service items were done. For example I found a nice used Truck in South Carolina years ago but the local shop changing the oil was reporting it. Turns out that the owner was going between 6500 and 7500 miles between oil changes (back when 3500 for non synthetic was the norm). That told me either he was running full synthetic or he was too busy and not doing the proper maintenance. A further look and I found where he did the transmission service at 100k when the mfg said it should be done at 60k. Maybe he did it at 50k twice or maybe he was lazy. Not worth the risk to me so I passed.

Collision damage is kind of the least important thing in the car fax. It often doesn't tell you enough information to make an informed decision. Damage to the side could b a shopping cart hit it and the owner wanted their baby repaired to new or it could have been hit by a train. As to non collision damage, what's that? Even a bicycle scratching the paint is collision damage. If it's not then where are they drawing the line? Would a cyclist blowing through a stop sign and plowing into the side of your car creasing the door and scratching the hood be collision damage? I suspect someday anytime you deal with insurance or a body shop the actual repair bill will also be included. Computers and information is our future.

You're absolutely right...A bicycle rider blew through a stop sign and and ended up sliding over the hood of my 1500 Denali and the bike went across the front end causing about $4k in cosmetic damage. When I traded it, I lost about $3k on the trade due to the Carfax. Carfax provides no context of the damage at all.

BTW the bike rider was 100% at fault and I ended up having to eat the deductible and the rental cost. The insurance company has a lien on him. Road riders should be registered and insured--period. Rant over.

 

[two_bit_score]

Yes, "diminished value" may be applied to your vehicle simply because it was involved in an accident by the person or dealer you sell you vehicle to even after repairs. The greater severity the more the "diminished value". The quality of repairs can also affect the amount of "Diminished Value".

Most first party policies are written so that they do not cover "diminished value" so if you are collecting under your collision or comprehensive policy your insurance company probably will not be required to pay you for the diminished value of your vehicle due to the accident and subsequent repairs.

However, you can make a claim against the person responsible for damage to your vehicle including, in most states, the permissive user of your vehicle who is not a resident of your household or a listed driver on your policy. If the other driver as at fault and not insured, your UnInsured Motorist Property Damage coverage will apply and you can collect for the "diminished value" to your vehicle from your own carrier.

The other driver who hit you and was 'at fault' in the accident will also be responsible for diminished value of your vehicle as well as cost of repairs.

These claims can vary widely in value. We previously successfully assisted in collecting numerous diminished value claims as well as assisted in defending against claims of diminished value in Texas.



TBS

 

[RickB]

Carfax takes into consideration what percentage of the vehicles value the damage repair cost. They correctly noted that a claim I had on a vehicle I recently sold exceeded 25% of the cars value. That was factored into the KBB value of the car.

 

[two_bit_score]

Carfax takes into consideration what percentage of the vehicles value the damage repair cost. They correctly noted that a claim I had on a vehicle I recently sold exceeded 25% of the cars value. That was factored into the KBB value of the car.

KBB, Black Book, NADA all like to think they are the 'authority' on all values but they are not. They apply arbitrary formulas and ratios that may or may not accurately reflect the actual amount of monetary damages. A lot of factors can be involved. Of course, if everyone is willing to accept their arbitrary formula, so be it.

 

[RickB]

KBB, Black Book, NADA all like to think they are the 'authority' on all values but they are not. They apply arbitrary formulas and ratios that may or may not accurately reflect the actual amount of monetary damages. A lot of factors can be involved. Of course, if everyone is willing to accept their arbitrary formula, so be it.

Value is a buyer/seller decision. That is the way it works. If they do not agree, there is no sale.
I never said I accepted KBB numbers.

 

[two_bit_score]

Value is a buyer/seller decision. That is the way it works. If they do not agree, there is no sale.
I never said I accepted KBB numbers.

No argument from me about that. It's why I said "Of course, if everyone is willing to accept their arbitrary formula, so be it." Whatever the buyer and seller agree on is the deal.

Too often I've seen these 'guide books' tried to be used as 'fact books'.

 

[ray66v]

As stated there is no context on a car fax report when a vehicle is listed as "having been damaged".

I have repaired hundreds of vehicles, maybe even thousands.

If it's done properly, even a major repair should have not be an issue. Properly, of course being he operative word.

An experienced repairer can inspect a vehicle and pretty quickly find tell tale signs if it has had a low quality repair.

It may be prudent to seek this kind of advice if you have concerns.

 

[RickB]

As stated there is no context on a car fax report when a vehicle is listed as "having been damaged".

I have repaired hundreds of vehicles, maybe even thousands.

If it's done properly, even a major repair should have not be an issue. Properly, of course being he operative word.

An experienced repairer can inspect a vehicle and pretty quickly find tell tale signs if it has had a low quality repair.

It may be prudent to seek this kind of advice if you have concerns.

Qualified eyes on is always best.