How important is it to get a pre-purchase inspection?

Thank you all who have written in, emailed, and called. We appreciate the opportunity to be of assistance. For March I would like to point out how difficult older European cars are to sell and the need to always get a pre-purchase inspection.

First and foremost, European cars depreciate faster than almost any other car. Second, they cost more than double for maintenance and service than any Asian import. When something goes wrong, it is usually never one thing; it is most likely multiple things. If you purchased the vehicle new, of course you’ll think the vehicle is worth a fortune, but this opinion is most likely based on how much they paid for it.

Let’s talk about Eric P. from Portland. Eric paid a bit over $65k for the BMW X5 when it was brand new back in 2015. Fast forward 10 or so years, and now he wants to sell the vehicle with 99k miles. Eric says that he wants to sell the vehicle for $10k and asks me for assistance.

I provided a market analysis as well as a Kelley Blue Book valuation which showed that $10k was too much. With the research, I discovered that the retail dealership value was well under his asking price. With nearly 100k miles, dealerships know the vehicle is going to need some significant repairs due to the high mileage. I was very clear about this with Eric.

In order to get the best deal for Eric’s car, I had him get a pre-purchase inspection from Freeman Motor Company, experts on European vehicles. There, they did a full inspection which included a detailed list of needed repairs. They also made him an offer which I thought was more than fair. Considering the cost of the repairs, Eric could see that this might be the best deal he’d ever get so he accepted it on the spot.

A good thought for anyone is to have a pre-purchase inspection performed before buying or selling a used car. The reason for this is to be absolutely sure what you would be getting into and making an informed purchase. I am thankful for my colleagues at Freeman Motor Company who can be relied upon to give straight answers.

Thank you all again for reading. See you next month.

Thank You all for reading. If anyone is looking for a new or used vehicle, or if you have one to sell, please call me at (503) 930-1493 or email fergusonautobrokers@gmail.com