Vehicle Vocabulary

The car's vehicle identification number (VIN) is the identifying code for a SPECIFIC automobile. The VIN serves as the car's fingerprint, as no two vehicles in operation have the same VIN. A VIN is composed of 17 characters (digits and capital letters) that act as a unique identifier for the vehicle. A VIN displays the car's unique features, specifications and manufacturer. The VIN can be used to track recalls, registrations, warranty claims, thefts and insurance coverage.

VIN

Vehicle Vocabulary

Open Ended

Where is one place on a car on can find the VIN number?

A certificate of title is a legal document that establishes who owns the vehicle. It's used to transfer possession from one owner to another. The title is required to register or sell your vehicle.

Title

Vehicle Vocabulary

Multiple Choice

Can you sell your car without the title?

• Yes

• No

A salvage title car is an official indication that a vehicle has been seriously damaged and is considered a total loss by an insurance company that paid out on a damaged vehicle claim.

In most cases, the vehicle has been involved in a significant accident and the high cost of repairing the vehicle may be more than what it's worth. In that scenario, the insurance company will declare a total loss, and take repossession of that vehicle.

Looking to recoup its costs, the insurance firm will often resell the vehicle to an auto repair company where the car, truck or SUV is repaired or even rebuilt. By law in most states, the next title on that repaired or rebuilt vehicle is referred to as a salvage title, as a means of letting future potential buyers know the vehicle has been damaged.​

Salvage Title

Vehicle Vocabulary

Open Ended

Why might it be a bad idea to buy a salvage title car?

a company (website) that determines you car's trade-in value and private party resale value.

Kelley Blue Book

Vehicle Vocabulary

a company (website) that provides the history of a vehicle. This includes accidents, number of owners, maintenance and much more.

CarFax

Vehicle Vocabulary

the amount that a car dealer pays you for your vehicle, this amount will be less than a private sell

*you get more money selling a vehicle on your own than trading it in, but it takes more work.

Trade In Value

Vehicle Vocabulary

the price you can expect for a vehicle sales transaction between two consumers. -value is typically higher than trade-in values

Example: Selling you car on Facebook marketplace or putting a for sale sign on you car​

Private Party Value

Vehicle Vocabulary

the total miles a vehicle has traveled​
the higher the mileage, the less the car is worth

Mileage

Vehicle Vocabulary

a particular version of a vehicle with a particular set of options

Trim

Vehicle Vocabulary

Open Ended

Analyze the photographs on the last slide. Which trim do you think will cost more and why? The XL or Platinum? Explain. What do you see that makes one look like it costs more than the other?