You’d think that buying or selling a car would be easy enough, right? Well, unfortunately, it isn’t always the case. In actual fact, car scams are now more common than ever, and more and more people are falling foul to them.
If you think it’s time that you bought a new car or sold you current one, you need to make sure that you don’t walk blindly into a con artist’s trap. To help you out, we’ve researched the most common car scams going. Hopefully, this will help you spot one before it’s too late!
The Switching Scam
This is a scam that is commonly carried out by car dealers. They will advertise a car that looks great and comes at a fabulous price. However, when you turn up to the dealership to see it, the dealer will tell you that it has already been sold. They will then try and sell you car that is a lot more expensive! The best way to stay away from this kind of scam is to only visit reputable dealerships. In fact, it’s usually necessary to go to specialist dealers as they come recommended by the specific car brand. It’s also a good idea to call the dealership before you visit to make sure that they have the car in stock.
The Deposit Fraud
Another dodgy tactic employed by some crooked dealers is the deposit scam. The seller often uses some very high pressure tactics to get you to agree to a sale. Then, they’ll ask for quite a sizeable deposit. However, once you hand over the cash, the dealer will probably vanish with your money. You might find it almost impossible to trace them.
Altering Lease Figures
These days, lots of people are now leasing their car rather than buying it outright. This is because it can often work out a lot cheaper. However, there are often a lot of contracts and documents that come with leasing and hardly any drivers read these before signing them. That’s not good news, though, unless you are the dealer! Some dealers switch figures and numbers around on the lease without telling the driver. In effect, they are stealing money from drivers in broad daylight!
The Asset Fraud Scam
It’s not just dodgy dealerships that often partake in scams. Some private sellers often do as well! One of the most common scams you might experience if buying from a private seller is the asset fraud scam. This is when a car that still has outstanding finance on it is put up for sale. Of course, the seller doesn’t tell the buyer. In this case, the buyer is at fault for buying the car, and they may have to take over the financing repayments!
As you can see, there are lots of different scams out there. And these are only a few of them! As long as you are careful and use common sense, you won’t have to worry too much about being scammed.