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Values of Late Model Used Cars Set to Peak Soon
Experts predict the value of late-model used cars will peak in the coming weeks.
One of the most common concerns about buying a used car is that it won’t be under warranty. However, if you purchase a late model used car, it will most likely still be covered under its factory warranty. Many luxury brands have excellent factory warranties, especially BMW. All new BMWs have a 4 year or 50,000 mile warranty covering any manufacturing defect or required maintenance. According to BMW’s website, this includes: oil changes, inspection services, new windshield wipers, engine drive belts, and brake services. Because BMW keeps track of the warranty with the car’s VIN, nothing is required of a new owner to transfer the warranty to their name.
As another incentive to buying a used car, many luxury dealers offer certified pre-owned vehicles. These vehicles are subject to a variety of tests, refurbished to a “like new” condition, and usually come with warranties on top of whatever factory warranty remains. For example, Mercedes-Benz Certified Pre-Owned vehicles are covered up to 100,000 miles or for a year, beginning either at the time of purchase or after the factory warranty runs out, whichever is later. BMW and Mercedes also offer extended warranties and upgrades to current coverage for both new and pre-owned vehicles.