Never Underestimate the Value of a Carfax Report

Never Underestimate the Value of a Carfax Report

Any financial advisor will tell you that buying used cars rather than new ones is a smart move. Most new cars depreciate by approximately 50% within five years after they drive off the lot, so why pay full price for a new vehicle when you can get a lightly-used one for a fraction of the cost? The reluctance most people feel about buying a used car often stems from not knowing the vehicle’s full history. A car that underwent serious damage in an accident, experienced a flood or other natural disaster, or just wasn’t well-maintained by its previous owner may not be worth the lower price. If you’re forced to pay for costly repairs, those promised savings won’t add up.


Fortunately, today it’s possible to get more information about a used car than ever before. In the past, buyers would have to take the sellers word about their vehicle’s history or trust paper documents provided by the seller. But today, there are third-party vendors that track cars across the country using unique identifiers, also known as the Vehicle Identification Number (VIN). Companies like CarFax provide detailed reports on everything from insurance claims to routine maintenance on a vehicle. Anytime the vehicle switched owners or moved across state lines, the vehicle history report noted the information and tracked it for future owners.


A trustworthy vehicle history report eases the worry that used car buyers fear most. If you’ve ever been scammed into buying a vehicle (or any second-hand item) that wasn’t what you expected, you probably feel extra cautious when you find a great deal on a pre-owned vehicle. After all, cars are a major investment, often second only to housing. Don’t make the costly mistake of skipping due diligence. If anyone tries to sell you a used vehicle without a thorough vehicle history report, run in the other direction. A reputable dealership should always provide this information upfront, especially if they take pride in the quality of cars they’re selling.


What to Expect From a Detailed Report

A salesman is showing a buyer a vehicle report while looking at used cars in GTA, ON.


Whether CarFax, AutoCheck, Kelly Blue Book, or another reputable auto evaluation service, always check for key details in the auto history report before settling on a price for any used vehicle. Our AutoCheck Vehicle History Reports are provided by Experian. An AutoCheck Score summarizes how a particular vehicle compares with other similar cars currently on the market. Look for how many people previously owned the vehicle, damage history, past odometer readings, current open recalls and title brands, and specific event checks. You’ll find out if the car has ever been repossessed, if there are duplicate or abandoned titles, and any history of theft or an insurance loss records; basically, all the information a shady dealer wouldn’t want you to know.


Our Promise to You From Monaco Motorcars

At Monaco Motorcars, we pride ourselves on being able to get customers in and out of the dealership as quickly as possible. We understand that you don’t want to spend all day talking to us, so we provide all the information you need to evaluate our cars online before you come in. By researching our cars first, you can take all the time you need to weigh your options, research the competition, and make sure you’re getting the best deal possible. You’ll never feel the pressure of a salesperson breathing down your neck at Monaco Motorcars. We are confident in the great value our cars provide, and we want you to take every opportunity to research, think it over, and make the best decision for you.


Of course, if you have any questions or want some guidance, we’re always more than happy to help. Along with a detailed vehicle history report, we provide you with more than thirty photos and a locked-in price good for at least seven days (as long as the car is still on the lot). The only thing left to do on your end is to take the vehicle for a test drive and sign the paperwork. By the way, the paperwork you see online is the paperwork you’ll get at our dealership. At Monaco Motorcars, we don’t believe in surprising our customers with confusing terms or stipulations. We prefer to build trust with our clients through our transparent selling practices and top-notch customer service. We look forward to serving you at Monaco Motorcars here in GTA, ON, for your next vehicle!