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base price
Cost of a vehicle with standard equipment; no options or upgrades
book value
Estimated market or trade-in worth of a used vehicle as published in a guide by businesses such as Kelley Blue Book, Edmunds or NADA
extended warranty
Service contract that provides for no cost or low cost vehicle repair, after the factory or dealer warranty expires
FTC Used Car Rule
The rule that requires all used car dealers to place a "Buyers Guide" in a conspicuous place in each used vehicle they offer for sale
factory warranty
Promise by the vehicle manufacturer to repair or replace defective components for a specific period of time
invoice price
Approximate price the dealership pays to the manufacturer for the vehicle
lemon laws
These state laws protect buyers when vehicles have serious defects
Monroney sticker
A window sticker, required by law to be placed on every new vehicle, includes information such as MSRP and fuel economy
NHTSA
National Highway Traffic Safety Administration, the federal agency dedicated to achieving the highest standards of excellence in motor vehicle and highway safet
recall
When a safety defect is discovered, the manufacturer is required to remedy the problem at no charge to the owner
registration
Legally recording ownership of a vehicle with a government agency for tax and licensing purposes; the registration certificate is carried in the vehicle
title
Document that shows legal ownership of a vehicle
VIN
Vehicle Identification Number, a unique code used by the automobile industry to identify and track each vehicle manufactured
