There are 1,000,000 and one things you should consider before buying your car. From the essential decision of selecting the sort of car to buy, to settling the finances. That’s why it should come as no surprise that a lot of buyers tend to overlook certain details. It could be due to the stressful car buying experience, trusting the seller (too much) or just plain forgetfulness, we’ll never know.
This is an enormous mistake that a lot of car buyers make, especially first-timers. Even though overlooking certain details might not pose a direct impact on your purchase all the time.
There are instances where slip-ups have caused a world of pain.
To help you protect yourselves (and your wallets), here are 3 things to notice and check before buying your car in order that you’ll avoid getting cheated.
1. Transfer of Ownership Documents
When buying your car, you're signing a contractual agreement which is meant to figure for the dealership, not you. You should read, understand, and ask questions on all the documents you're signing.
You must check all the forms and agreements word for word. Not just one occasion , but a minimum of two or 3 times . If you'll get a fresh set of eyes to see the documents for you, even better! Failing to properly check these documents can cause undesirable consequences.
There are a lot of reports about buyers getting scammed thanks to their own negligence. Meaning, these buyers didn't check all the documents properly.
Do check each piece of document, it’s particularly important for you to see if the vehicle’s ownership has been transferred to your name. Please do that before making payment to avoid any misery because failing to transfer ownership is that the commonest sort of scam we’ve seen.
It just happened recently, where the car the buyer wanted was not registered under the seller’s name, yet proceeded with the purchase without making sure the ownership has been transferred. Which means that despite paying for the car, technically the buyer doesn’t own the car. And there’s nothing the customer or the authorities can do because it’s not seen as a criminal case.
Here’s what you should do:
If the car is under consignment, check if there’s a loan. If there's a loan, confirm the vendor settles it before buying your car. But if there’s no loan, pay the vendor in cashier’s order and obtain the ownership transfer done immediately.
Only if the car’s under the seller’s name, then do you have to plow ahead with the acquisition . And of course, always ask for transfer of ownership on the spot before handing over any money.
Always pay using a cashier’s order first. Especially when buying a second-hand car. This will protect you from the dangers of deceit!
2. Research doesn’t guarantee protection
Doing your due diligence with extensive research is a crucial step when buying your car. However, it doesn’t guarantee 100% protection from getting cheated.
The research you are doing shouldn't only revolve around car-related topics just like the type, whether it’s fresh or used and extra costs. It should also be about where you’re going to get the car. Especially if you plan to get it from a used car dealer or parallel importer.
There are storiesof buyers getting cheated countless times and doing proper research can help you avoid it. But of course, nothing is a guarantee and it’s impossible to 100% protect yourself from scams.
Take the story that we shared earlier, the sellers in question have been in business for years with a lot of good reviews. So, there’s no guarantee that doing proper research will protect you. But it’s definitely something you want to do to possess a better chance of avoiding these scenarios.
3. If a deal is just too good to be true, it probably is
More often than not, when a deal looks too good to be true, it usually is. That’s why you ought to be skeptical of what’s happening during the acquisition process. You should also read the terms and conditions and every one fine print on any agreement before signing it.
There have been a number of cases where sellers add in loopholes, penalties or unnecessary ‘admin fees’ into the agreement to catch you off-guard. With all these hidden fees, you’ll likely be paying way more than what you thought it would be.
And the scary thing is, the vendor won’t be within the wrong because everything is stated within the contract/agreement.
Always be vigilant and be a touch hesitant of deals that are too good to be true.