FOR IMMEDIATE RELEASE
Used Car Shopper Gets a Sweet Deal, Not a Lemon, Using Tips and Tools from AutoTrader.com and Edmunds.com
ATLANTA and SANTA MONICA, CALIF. - June 30, 2004 - As consumers flock to car dealerships for Fourth of July sales, those looking to get the most for their money will focus on the used car lot. Web sites like www.AutoTrader.com and www.Edmunds.com are useful, free resources for finding the right car and learning the right price to pay for it.
The classic reasons to avoid used cars — fear of the unknown and unreliability — are not the issues they once were, largely because the Internet now allows consumers to find, compare and extensively research used cars. For those who want additional peace of mind, most carmakers now sell certified used cars, which include thorough inspections and factory-backed warranties that cover work done at any related dealership in the country. Experts warn against buying dealer-certified vehicles whose warranties are of more limited value.
"Manufacturer-certified vehicles can be tricky to find walking lot to lot," notes Chip Perry, CEO and President of AutoTrader.com. "You can shop the widest online selection of certified vehicles by using AutoTrader.com's Certified Only Search."
If the car is not certified, it should be taken to an independent mechanic for inspection before purchase. For further reassurance of the vehicle's reliability, it's good practice to ask for copies of all available service records. Experts also strongly suggest shoppers run a vehicle history report on the car to reveal odometer rollbacks, salvage titles and, in some cases, accidents.
Once you find a used car you'd like to buy, how do you know what to pay for it? Free online tools allow consumers to easily appraise used cars taking into account all factors. Experts explain that the cost of a used car is based largely on its condition and mileage. And, color, location, the car's reputation for reliability, performance and popularity will also affect its value. The free True Market Value vehicle appraisal tool at Edmunds.com makes it easy to determine exactly what to pay because it shows what others are paying for similar cars.
"Be aware that the Kelley Blue Book value is the dealer's asking price — in other words, what the dealer hopes you'll pay. It's just like a sticker price on a new car. Smart car buyers don't pay sticker price or the Kelley Blue Book price — they negotiate and pay the fair value of the car." Phil Reed, author of the book Edmunds.com's Strategies for Smart Car Buyers.
It is a little known fact that dealerships make more money selling used cars than new cars. Consumers can and should use all available resources to become empowered with knowledge so they walk away with a good deal.
AutoTrader.com, created in 1997 and headquartered in Atlanta, Ga., is the Internet's leading auto classifieds marketplace and consumer information website. AutoTrader.com aggregates in a single location more than 2.5 million vehicle listings from 40,000 dealers and 250,000 private owners, which provide the largest selection of vehicles attracting more than 8 million unique visitors every month. Through innovative merchandising products such as multiple photos and auction-style listings and comprehensive search functionality, AutoTrader.com unites buyer and seller online — dramatically improving the way people research, locate and advertise vehicles. AutoTrader.com is a majority-owned subsidiary of Manheim, the world's leading provider of automotive services to commercial sellers and automobile dealers. Manheim is a wholly owned subsidiary of media conglomerate Cox Enterprises, Inc., and AutoTrader.com's principal stockholder and a key investor along with Landmark Communications, ADP, Inc., and the venture capital firm Kleiner Perkins Caufield & Byers.
About Edmunds.com, Inc.
Edmunds.com is the premier online resource for automotive information. Its comprehensive set of data, tools and services, including Edmunds.com True Market Value® pricing, is generated by Edmunds Data Services and is licensed to third parties. For example, the company supplies over 800,000 pages of content for the auto sections of AOL and NYTimes.com, provides weekly data to Automotive News and delivers monthly data reports to Wall Street analysts. Edmunds.com was named "best car research" site by Forbes ASAP, has been selected by consumers as the "most useful Web site" according to every J.D. Power and Associates New Autoshopper.com StudySM and was ranked first in the Survey of Car-Shopping Web Sites as reported by The Wall Street Journal. The company is headquartered in Santa Monica, Calif. and maintains a satellite office near Detroit.