Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Car buyers: Exercise caution before handing over cash

Car buyers: Exercise caution before handing over cash

Everyone likes a bargain and getting a sweet deal on a new set of wheels can be cause for celebration, but be cautious before handing over cash.

Recent news reports of two couples who were fleeced of $50,000 between them in separate but nearly identical scams – one involving the fake sale of a campervan and the other a caravan – proves that caution rather than trust must be the rule applied when considering expensive vehicle purchases.

AA Motoring Advisor Cade Wilson says the two incidents highlight that there are duplicitous people willing to take advantage of others’ trust.

The two couples were attracted by advertisements for the vehicles being sold urgently with a relatively low price attached. After making contact with the fake seller, they then transferred funds to an offshore bank account without even seeing the vehicles. The vehicles were to be transported from Dunedin. The fake seller then requested more money for insurance.

Mr Wilson says sometimes people do advertise a vehicle with a low price, often because they need to dispose of it quickly.

“There are legitimate reasons for a too-good-to-be-true price and buyers can benefit from that, but do your due diligence to ensure the deal is real,” he says.

“For lots of reasons it’s risky buying a vehicle sight unseen, even if the deal is valid. Pictures don’t show everything and even a quick inspection can determine if there are any issues that might warrant a lower price.”

Mr Wilson says an AA Vehicle Inspection prior to purchase is a good tool to determine you’re getting what you expect to.

“If you must buy something sight unseen, then a pre purchase Vehicle Inspection is a good way to get peace of mind and it also proves the vehicle is in the hands of the seller you’re dealing with. If the seller is reluctant to allow access to the vehicle for an inspection, then walk away from the deal.”

Additional checks such as an AA Vehicle History Report will also provide information including current and previous owners, finance owing or police interest

“Remember a legitimate seller wants to dispose of the vehicle and is unlikely to put up barriers if a potential buyer is seeking more information. If there is any doubt, buyers shouldn’t part with any money.”

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Digitl: Download 2.0 – Vodafone Wi-Fi Calling hits early milestone
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>


Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>


ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>


PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>



REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>