GREENSBORO, NC -- These days, you wouldn't dare buy a used car without getting a car history report.
Right now, the industry standard is CarFax.
Listen to the company’s commercials and you will hear CarFax proudly proclaims it "provides you a vehicle history report so you can buy a used car with more confidence.”
Most people would think that means the full history of the car.
But it is important to know, even with a CarFax history report, you still might not get the full picture.
Some people are finding out the hard way.
Used-car buyers are saying they are out thousands of dollars because the car they thought they bought, has more issues than the CarFax revealed at the time of purchase.
Which means, the trade-in value can drop depending on the issue a CarFax left out.
So here are three things you need to keep in mind:
• A Carfax history report will include things like, accident history, service issues, previous owners and when those titles were issued or updated.
• The report you receive when you buy the car can be different, if you check again years, months or days later. That's because the company updates the report as it receives new information. It doesn't matter if nothing has happened to the car since you bought it.
• Remember to always read the fine print. As with anything, make sure you read the entire contract. CarFax reports will always tell you at the bottom: "other information about this vehicle, including problems, may not have been reported to CarFax."
This means Carfax is not responsible if you find out months or years later that your car had been in some serious accidents before you bought it.
The lesson here?
Use it at a tool but seek out other sources before making that big decision.
"Carfax Reports are a dynamic tool and get better every day because we’re constantly adding new information to our database. In fact, each day we load an average of 4.5 million new records. When buying a used car, the combination of a Carfax Report, test drive and mechanic’s inspection is a great starting point to help find the one that’s right for you," Carfax representative Chris Basso said in a statement to WFMY.
Some other sources you can check before you buy car:
AutoCheck.com which gives you vehicle inspection data that have been revealed at auto auctions.
That kind of information is not always available in other reports.
It costs about $30
There's also the National Insurance Crime Bureau -- which is free.
Their reports include whether your car has ever been reported stolen or if it has ever been salvaged.
And, don't forget to test drive the car and get a mechanic to fully inspect it before you sign the dotted line.
CallForAction.org has more detailed car buying tips.
You can find the handy list here.
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