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If you are in the market for a preowned car in the Palmetto State, it is vital that you take some factors into account in order to make an informed car buying decision. The state of South Carolina has some unique challenges plaguing the used car market. From the high prevalence of flood-damaged vehicles to stringent inspection requirements and a competitive market, buying a car in South Carolina has no shortage of used car market pitfalls.
South Carolina's coastal location is prone to frequent heavy rainfall, making it susceptible to flooding, which leads to a significant number of flood-damaged vehicles. According to the National Insurance Crime Bureau (NICB), South Carolina has one of the highest rates of flood-damaged vehicles in the country. The issue with flood damaged vehicles is that they may appear cosmetically flawless while suffering from severe electric system problems, mold, drivetrain problems and other issues not detectable by the naked eye. As you can imagine, flood related damage can be very costly to repair. Further exacerbating the problem is the fact that some of the vehicles that have been damaged by major storms like Hurricane Florence in 2018 are being resold without proper disclosure.
Some may speculate that South Carolina used recent car market trends to further incentivize sellers to sell vehicles with preexisting issues. Since South Carolina's used car market tends to be highly competitive, driven by a demand for affordable used cars by a growing population, it tends to be more value focused while letting a low-quality inventory flood the market. Even with that in mind, according to data from the National Automobile Dealers Association (NADA), the average price of a used car in South Carolina is above the national average. This competitive market can make it challenging for buyers to find high-quality, well-maintained vehicles at reasonable prices. Additionally, the limit of used car dealerships in more rural parts of the state and high demand often lead to a faster turnover of local inventory, making it difficult for buyers to take their time and thoroughly inspect potential purchases.
In addition to all the vehicle condition related issues, it is also vital to consider some of the legal matters affecting the used car market in the state. The state has stringent vehicle safety inspections that often require the vehicle owner to have the vehicle repaired at a significant personal cost. Additionally, used car buyers must also be aware of various used car market related deceptions and fraud. The most common types of fraud are title fraud and odometer tampering. These issues pose significant problems for used car buyers in South Carolina, as they do in many states. The South Carolina Attorney General's office reports that cases of title fraud have increased by 15% in the past five years. Odometer tampering, where the mileage on a vehicle is intentionally rolled back, can significantly impact a car's value and reliability. According to the National Highway Traffic Safety Administration (NHTSA), odometer fraud costs consumers in the U.S. over $1 billion annually, with South Carolina contributing to this statistic.
By following these two simple steps, you will ensure that you are making an informed decision when buying your next preowned automobile.
Growing Population
with over 5 million people currently living in SC
5 million+
registered vehicle in SC
1 in 5 cars for sale in SC
has had a previous accident
1 million+
vehicles sold in SC annually
Conducting a simple VIN check before purchasing a vehicle is a crucial move that may help you avoid potential problems and future expenses. Taking this step may give you the opportunity to:
In today's market, transparency is everything. By checking the VIN, you equip yourself with the knowledge to make an informed choice, safeguarding your investment and ensuring you drive away with confidence.