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How Cincinnati Auto Credit Reduces the Risk of Buying Pre-Owned

by Admin - Posted 7 months ago

Whether you like it or not, life is all about taking chances. Whenever you go out on a first date, start a new job or even try out a new restaurant, there’s a possibility that things could turn out great or end up being a huge mistake. As humans, we try to reduce the risks whenever we can. Could you imagine going on a date without checking out their Instagram first to see what you’re getting yourself into? It's the same thing when you make the decision to buy a pre-owned vehicle. In order to get the benefit of paying WAY less than a new car, you have to take a risk that the previous owners took care of it to keep it from breaking down on you in a month. But just like with first dates, new jobs and trying new places to eat, there’s a way to reduce the risks when buying pre-owned.


Private sales


This method of buying pre-owned comes with the most risk. Even if you’re buying from a friend, unless they’re a certified mechanic they might not really understand the condition of the car they’re selling to you. In the past, people used to reduce the risk when buying a pre-owned vehicle from a private sale by having knowledge of how to do the mechanic work themselves. But while it’s always a good thing to know about vehicles and how to take care of them, this won’t end up saving you much money anymore. Have you seen the cost of car parts these days? According to CNBC, car repair costs are up almost 20% in the last year alone. Continued supply chain problems combined with longer car ownership and increased technology in vehicles means that even doing the work yourself will cost a bundle.


Buying from a dealer


The next best thing to buying private is to purchase a vehicle from a dealer. Most of them have a reputation to uphold and will conduct some sort of mechanical inspection before they put a vehicle on their lot for sale. Unfortunately, there are still some problems that can sneak passed an inspection. Knowing this, these pre-owned dealers will offer a warranty on the vehicle, but most require the buyer to pay for the warranty themselves. Depending on the plan, this could add anywhere from $1,000 to $4,000 to the price of the vehicle. Despite the added cost, it’s also important to know these are 3rd-party warranties. This means that the dealership often sells them with a markup (which costs the buyer even more money). And if you ever need to actually use the warranty to cover repair costs, you’ll have to work with a separate company to approve the expenses. At the end of the day, they might not even cover the total cost of repairs and leave you hanging with a giant bill, even after you paid a fortune for the warranty.


The lowest risk option


We say it all the time, but with over 30 years in business, we wouldn’t still be here if we didn’t do it better than the other guys. On top of our customer-first approach and no hassle financing options, every vehicle at Cincinnati Auto Credit passes a rigorous inspection process and is provided with a 12-month/ 15,000-mile limited warranty. What’s even better? If you have to use your warranty, you work directly with us. No getting the runaround calling faceless, nameless corporations trying to get the extra protection you had to pay extra for.


So while all decisions come with some level of risk, taking the ones with the odds in your favor are the best and usually come with the most reward. That’s why we invite you to stop by one of our locations today and give us a chance to give you a chance!