Selling a car privately tempts a number of car owners. But, there are risks you must know before you sell your car privately. Sadly, most car owners aren’t aware of these risks and numerous people have suffered from immense loss due to it. Thus, if you are looking to sell your car privately, knowing the affiliated risks becomes important for you.
So, why shouldn’t you sell a used car privately? Our team lists certain risks that might trouble you in this article. Read the entire article to ensure that you don’t become a victim of these risks.
What are the risks of selling a car privately?
Check out the risks of selling a car privately below.
1) Fake cheques: This is one of the most common scams that is operated in the market. The car buyer will give you the cheque, buy the car, and when you make an attempt to get the money, you will realize that you have been scammed by a fake cheque.
Recognizing a fake cheque is nearly impossible as the scammer crafts it precisely. Plus, his/her sugar-coated words usually make us forget to verify the cheque once we get it.
Thus, even if you decide to sell a used car privately, ensure that you verify your cheque as soon as you get it. Release your car only if the cheque is legit and you have verified it.
2) Escrow scam: Going with the escrow system is always recommended when you sell your car privately. It minimalizes the chances of any sort of scams.
However, ensure that you verify the escrow before you sell your car. What a scammer usually do is, give you id and password of the escrow, show the money deposited in it, and buy your car.
But when you make an attempt to withdraw money from the escrow, you realize that you are being scammed. You won’t be able to sign in, as every detail you are being provided is fake.
3) Wire transfer scam: This is another form of a scam that numerous car owners fall into when it comes to selling a car privately.
Under this scam, a buyer promises you to transfer money electronically but never does. Thus, you won’t get a single penny for your car, and you will be in for a severe loss.
Always be upfront to say no to a buyer insisting on you for a wire transfer. Always take money in cash or cheque. And if you decide to go with a cheque, don’t forget to verify it.
4) Your personal information exposure scam: Several car owners forget to blackout their personal information like credit card details when they give the car’s service records to the buyer.
This is one of the worst mistakes you can make as a car owner. Be sure that at any stage of the car trading process, none of your personal details are exposed to the potential car buyers.
Beware to blackout every sensitive personal information if anything is present on any car document before you hand over it to the potential car buyer.
5) Overpayment scam: As a part of this scam, the buyer will offer you a bit more than the price you are asking for. Once the buyer leaves with the car, he/she will call you and ask you to refund the overpaid amount.
However, the overpayment was never done, and any amount you pay will be lost alongside your car.
These are some common scams that you need to stay aware of when you sell your car privately. Just keep these things in mind and stay careful with every step of the car trade process when you sell your car privately.
However, if you are looking for a reliable car dealer to sell your car and get the best cash for used cars in Toronto, SellUrCar.ca is your definite answer. Do connect with our team by calling us at 416-841-7058. At our premises, not only will you get the best value for your car, but every car trading step will be entirely transparent.