Common problems people face when purchasing a used limo are similar to the challenges of purchasing a used car, such as the loss of a warranty for parts and the engine and uncertainties as to how the previous driver maintained the vehicle. Used limos may also need expensive interior updates.Continue Reading
Buyers of used limos may also have to pay fees to have a mechanic inspect the vehicle prior to the purchase and opt to pay for a vehicle report such as a Carfax. Choosing a reputable dealer or individual seller is also a common problem faced by buyers. Buyers may have to negotiate price and place trust in the seller that all maintenance is up-to-date and the car has had routine inspections, oil changes and engine care.
Individuals launching a limo business may also face problems acquiring financing for one or two used limos. Interest rates tend to be higher for used vehicles, and insurance coverage costs vary based on intended use, geographic location and the age of the primary driver. If a potential limo owner does not have strong financial backing or good credit, he may face problems juggling vehicle payments, insurance and marketing costs to obtain new clients for the business.Learn more about Buying & Selling