Being the 11th largest city in Canada, London, Ontario has many global automotive companies like General Motors and Toyota, situated outside the city limits. Apart from employing a portion of the population, these establishments also give a boom to the local auto sales industry.
The city is tucked between Toronto and Detroit, and many people commute between these cities for employment and business purposes. It propels the demand for durable automobiles. As a result, many auto dealers offer fantastic discounts on pre-owned or used cars in London, Ontario.
If you are also looking to buy a used vehicle for your needs, follow these steps to make the most of your purchase:
Understand Your Requirements
Before purchasing a used car, understand your needs, and get an estimated budget for the purchase. Whether you want a car for daily commutes or to travel long distances, make a checklist of features and technical specifications that you want in your vehicle. It will help in choosing the right car that suits your requirements.
Assess the Mechanical Conditions
In London, Ontario, every used car dealer has to provide a UVIP analysis report to the buyer. The report is a snapshot with details about vehicle registration date and odometer count of the vehicle. Read this document carefully before signing the dotted line.
According to the Ministry of Transportation Ontario (MTO), the seller has to produce the bill of sale, which is on the last page of UVIP analysis. So, when looking for a used vehicle, ask for this report, conduct a mechanical inspection, and test-drive the vehicle to assess the conditions under the hood.
Ask about Car Safety and Emissions Test
The MTO requires every vehicle owner in London to get their cars checked for safety and emissions before purchasing. The test requires the VIN or vehicle identification number of the car. It ensures that the vehicle doesn’t have any emissions-related issues.
If it isn’t possible to get the safety and emission certificate, you can move the car using the dealer plate or get a temporary plate from the MTO. Request the test certificate before the transfer of ownership.
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Consider the Depreciation and Resale Value
Often, car buyers neglect these important values when buying used cars in London, Ontario. It is, therefore, necessary that you care about the cost of owning the vehicle every year. The real cost is the difference between the purchase price and the resale value.
So, your decision may depend on its expected value after three years. Compare the figures of transmission, odometer count, and cosmetic damage to assess the car’s resale value.
When buying a used car from a dealership, do not forget to ask about the necessary documents that come with your purchase. If the dealer offers an additional warranty, complete the documentation to make it effective.
The car buyers should check the amount of insurance applicable to their preferred vehicle. UVIP analysis and vehicle ownership papers are also crucial for the transfer of ownership and title of the car.
These are some essential steps that you shouldn’t miss when buying a used car in London, Ontario.