For those in the market for a new or used vehicle, it’s essential to stay informed and protected from potential scams. Being scammed when purchasing a vehicle has the potential to be a devastating experience, but with the proper preparation and research, it’s possible to make a well-informed decision and avoid being taken advantage of.
This guide will provide essential tips and advice to help people stay vigilant throughout their purchase process, as well as give helpful insight on avoiding common retail tactics and protecting oneself from becoming the victim of a scam.
Do Your Research
The first, and most important, step to avoiding being ripped off when purchasing a vehicle is to do thorough research. Make sure to get an estimated value of the car from third party sources like KBB or NADAGuides so you’re aware of the common market value of the vehicle you’re interested in.
Doing your research also means being prepared for any inspection and ensuring the car is worth the price you’re paying. Have a mechanic or auto body shop do an inspection before any negotiations take place—this will provide a necessary report of the actual condition of the car so you can rest assured you’re not being misled.
Check Carfax
For used vehicles, it’s essential to use a service like Carfax to get a full report of the vehicle’s history prior to purchase. Carfax pulls valuable information from an automobile’s records, such as previous owners, damages, repairs and more, to give an overall picture of the car’s condition and previous identity. It’s important to obtain this information so you’re aware of any potential issues and can go into the purchase process prepared and well-informed.
Check Vehicle Documentation
Just like individual identities, cars have full records including registration and the title. When purchasing a car, make sure the title is clearly marked in both the owner’s name and the buyer’s name. For used vehicles, make sure to check for any liens and that the title is not fraudulent. If the title and name don’t match, it’s important to double-check the car’s serial number with the DMV to ensure there’s no discrepancy.
Negotiate
Once the buyer is confident in the value of the car and all documentation is verified, it’s time to start negotiating price. This is the time where buyers can use their research to show sellers exactly what the car is worth.
If the seller is asking more than the initial estimated price, buyers can still haggle for a lower price. Oftentimes the key is to go in armed with information on the lowest price it’s reasonable to expect to pay for the car given its condition and resale value.
Use Credit Cards
Whenever possible, it’s best to use a credit card when making a large purchase like a car. This helps protect buyers in case of purchasing a scam vehicle. Most credit cards offer buyer protection plans that give a certain degree of assurance in the event that the car was falsely represented or has other issues.
Conclusion
Staying informed and aware is a critical part of avoiding being ripped off when purchasing a vehicle. It’s important to stay prepared and vigilant by doing your research and making sure the car is in good condition, the title and registration matches, money is exchanged properly and your purchase is tracked and documented. Following the tips above when making a car purchase is the best way to stay protected from potential scams and make sure to get a fair value for the car.
