Online transactions often come with high degree risks. Usually, the risk factors significantly increase when the items dealt with are ultra-expensive. Therefore, people looking to buy or sell their cars must be extra careful while completing transactions in online car markets. In addition, vehicle owners must be equipped with sufficient knowledge about how car scams transpire so they can outsmart the scamsters and protect their cars and money in the meantime.
Seeking a vehicle replacement or payout from your comprehensive car insurance provider can be simple for insured events. Your car insurance NSW company will help you as quickly as possible with the compensation for a covered event. However, getting your vehicle back or recovering your lost money from a scamster is close to impossible. That is why we have come up with some tips for you. It may help you identify fraudulent car selling/buying activity if you wish to privately buy or sell a ride.
Uncommon payment mode
Online scamsters rarely accept cash when you want to buy their cars. Instead, they may request you to pay through a bank transfer or use unfamiliar apps – only to abscond with your money. To make the exchange a pleasantly safe event, choose a mode of payment you are comfortable with. Choose secure payment methods or pay in cash to help yourself avoid being tricked.
Be suspicious about a seller who is ready to give away a ride for a price much lower than its market value. Low priced vehicles gain much attention. Hence, scammers use this strategy to trap buyers and loot their money. It is one strong sign of shady dealing, but you need not worry about all meagerly priced vehicles. When you come across quotes that are way too undervalued, then reflect on why the vehicle’s price is low if it doesn’t have any malfunctioning components or cosmetic damages.
When the car seller pushes you to complete the transaction in haste, you must be wary of his intentions. Don’t make rushed decisions without proper consideration of the deal. The common reasons they give you to complete a transaction soon are that another customer is waiting in the pipeline to buy the car, or the vehicle will be sent overseas for sale otherwise. Or, they are facing a cash crunch and need money right away. Take your time to verify the authenticity of the transaction despite such demands.
Not permitting vehicle examination
No matter what, your seller shouldn’t refuse you the opportunity to inspect the vehicle before closing the deal. Never purchase a car unseen. You may have to deal with significant repair costs otherwise. Scamsters may evade this step by telling you the vehicle is in another state or country, or they may come up with many more creative excuses. Under no circumstance buy a car without an initial examination by a friend or family member who knows cars or, even better, your mechanic.
If the seller is trying his/her best to stay anonymous and unwilling to share information about themselves, you should probably avoid that deal. Also, if the seller uses only email or text messages for any communication instead of ringing you up, you may have to question them about such behaviour.
If you do get scammed when buying a car, please know you will not be able to sort out the mess with the help of your comprehensive car insurance provider. If you lose a car to a theft activity while selling it you may find you are covered but that depends on your car insurance NSW policy and provider.
The message is clear: Be on your guard, so you don’t end up sacrificing money when purchasing or selling a vehicle.