Buying a used car instead of a new one is a great option if you are on a budget or don’t need to have the newest model. You can find used cars at dealerships or through private sellers, but an option that might not cross your mind is buying a car from auction. These vehicles are backed by a used car statutory warranty to give you peace of mind in knowing you aren’t buying something that will require replacement in no time at all. According to Car Auctions Online Group, here are essential points you need to know before buying a used car from an auction.
Benefits of Buying at an Auction Attend a number of auctions before you bid at one to give yourself time to learn the ropes in how everything works. Keep in mind that you don’t get time after you bid to change your mind and you’ll want to know how much the vehicle is going for on the market. You should also educate yourself about the terms and conditions.
What is a Statutory Warranty? Some situations automatically qualify you for a warranty without costing any extra money. The warranty applies when buying from used car auctions or a licensed motor dealer. It only applies to vehicles that are less than ten years old from the date of the sale and if the odometer reading is lower than 160,000 km.
Exceptions to the Rule Something to know when buying cars at auction is that there are exceptions to the statutory rights when buying a used car. Vehicles that are not eligible include motorcycles, commercial vehicles, caravans, those being sold on consignment, vehicles that aren’t eligible for registration due to the design or automobiles that are listed on the written-off register. Vehicles that aren’t eligible usually have a notice on the price or windshield or when advertising the automobile.
Coverage The statutory warranty covers the majority of defects which means that it is so worn out it doesn’t function or if it doesn’t fulfill its purpose. Parts that a used car statutory warranty doesn’t cover includes tyres, batteries, lights other than those designed to warn or turn indicators, radios or CD players, spark plugs, paint, oil, and filters. It also doesn’t apply if you incur accidental damage during your own use or things added to the vehicle after the purchase.
Claims Written notice is required to use the warranty to whoever is the guarantor of the warranty. They are responsible for informing you if the problem is covered within five days and give you information about how to get the repairs done. If they don’t respond within five days it is automatically assumed that the problem is covered and that they will be fixing your vehicle.
Utilize the benefits of buying a car from an auction with added peace of mind knowing your investment is protected through the warranty.