subject: Used Car Dealers In Chicago [print this page] Used Car Dealers In Chicago Used Car Dealers In Chicago
Chicago and its surrounding suburbs have been affected just as much as the rest of the country by the recession, and outside of the housing market, the Chicago automotive industry has most likely suffered the most. While government bailouts, recalls, and high priced vehicles have further exacerbated the situation, some used car dealers in Chicago have adapted and even prospered as a direct result of these factors. Many customers have opted for the savings that purchasing a used vehicle brings, as well as other benefits like lower insurance rates, lower rates on loans, and proven reliability. Most used car dealers in Chicago now have the ability to offer extended service plans with their used cars that can be included in the payments, allowing dealers a great way to help customers protect their investments at a time when money is extremely tight.
While the Chicago auto industry slowly recovers, used car dealers in Chicago have found some distinct advantages that result in a mutually beneficial arrangement for customers and dealers alike. The most prominent advantage is the lower price of a used vehicle; depreciation starts the moment a vehicle is driven off of the lot and continues steadily from there on. Used car dealers in Chicago can sell a vehicle just a year or two old and pass on tremendous savings to the customer. More often than not, these vehicles will be indiscernible from the newest models and frequently have extremely low mileage.
Technical problems and recalls have dominated recent headlines and shaken many consumer's faith in newer vehicles. Fortunately, there is a tool that Chicago used car dealers can employ to reassure their customers of the reliability and safety of their vehicles. Thanks to the miracle of the modern Internet, vehicle histories and accident reports are just a click away and can benefit both the seller and buyer. Vehicle histories can be used to show the service record, accident record, any recalls, and more, making it easy for dealers to show customers the proven reliability and maintenance record of a car or truck. This is a must in today's uncertain financial times, and vehicle histories also ensure that dealers are not bringing potentially faulty vehicles into their inventories.
Another highly useful tool available to Chicago used car dealers is the extended service contract, also commonly known as an extended warranty. More and more vehicles are accompanied by service contracts everyday and not just new vehicles; there are several third party providers that specialize in service contracts for used vehicles and many offer discounts to dealers. An extended service contract is particularly attractive to the customer that will be responsible for the repairs, and also saves dealers time and money lost to thirty or sixty day policies that they have to underwrite themselves.
Along with the other benefits available to used car dealers in Chicago, there is also the tendency to get better financing and lower insurance rates when compared to a new vehicle. Since the insurance and financing are both based on the value of the vehicle in addition to credit standing and driving history, even a vehicle that is only a few years old can significantly lower interest rates and insurance premiums. The loan terms for used cars also tend to be shorter where financing is involved, typically extending less than three years as opposed to five and six year loans for new vehicles. With all the tools available and the shear amount of pre-owned vehicles on the market, Chicago used car dealers now have a strong advantage over their new car competitors.
