Terms

Certified Used Car: This is an inspected car that has been ‘certified' for sale at a dealership, at the dealership's expense. The verification is performed by a mechanic to ensure the used vehicle in question meets a minimum standard of quality, appearance, condition, etc. Certified cars typically carry a supplemental warranty backed by the car manufacturer.

Dealer: A business that deals in selling new or used cars-or both.

Inspection: A mechanical and physical verification performed by the potential buyer prior to the signing of a contract. Also, it may be carried out before a vehicle is ‘certified' for sale at a dealership, at the dealership's expense. Performed by a mechanic to ensure the used vehicle in question meets a minimum standard of quality, appearance, condition, etc.

Market Value:A value assigned to a good or service using the current market conditions as a guide. In the context of a used car sale, actual value may vary because of condition, mileage, demand, etc.