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

 

Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>

ALSO:

NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>

ALSO:

Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>

ALSO:

Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>

ALSO:



Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>

ALSO:

Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>

ALSO: