Buying a Car Privately

FaradayWest Blog, Uncategorised

FaradayWest Finance: Buying a car privately is on the increase. More people are buying used cars through private sale rather than through licensed car dealers and saving $$$.

Consider these tips on how to get the best deal when purchasing a used car through private sale.

  • Mechanical issues – When purchasing a used car be sure to take it to your preferred mechanic for an inspection before handing over any money. If your mechanic finds the vehicle unsafe and/or in need of repairs you will be responsible for rectifying these items and include this in your written purchase agreement
  • Financial Interests – Check for any encumbrances on the vehicle by requesting a REVS check. If you buy a vehicle with an encumbrance against it, you may risk having the vehicle seized by the existing credit provider.
  • Verify ownership – Ensure that the person you are buying the car from is its registered owner and authorised to sell you the car. Ask to see a copy of the current vehicle registration papers and check maintenance records.

You can often save money buying through private sale, however, keep in mind that if you have problems with the vehicle it may be difficult to get any assistance or compensation from the private sale vendor.