Buying a car is sometimes a grueling experience.
First, youll need totrack down the right vehicleand negotiate a price with the seller.
On top of all that, you may run into car buying scams.
The easiest way to offload a used vehicle is to trade it in when you buy a new one.
But a dealer will only offer slightly above theactual cash valueof the car.
After all, the dealer needs to make money on the sale, too.
Car buying scams wont just hit your wallet.
They may also put your personal safety at risk.
Fortunately, there are a few things you could do to keep yourself safe when privately selling your vehicle.
We have the lowdown.
Common Car Buying Scams
Used car scams often target the buyer, not the seller.
But that doesnt mean you cant encounter scams when youre selling your vehicle.
Here are some of the most common car sale scams that could hit you as a seller.
These are only a few of themost recent scams.
New ones can appear overnight.
Below are some tips to help you avoid car buying scams.
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He has some tips for keeping yourself safe during a private vehicle sale.
Meet in Public
Your personal safety is top priority.
Beneke stresses the importance of not providing your home address to potential buyers.
Instead, choose a more neutral location to meet so the buyer can take a look at your car.
He recommends meeting in a public space with low to medium foot traffic.
Optional: you could carry pepper spray, tasers or any form of self-defense, Beneke said.
This would be more for peace of mind.
Did you know?
Set time windows for when youre available and let them work around them.
When the buyer arrives at your designated meeting time, Beneke recommends mentioning the limited timeframe.
You should also let the buyer know you have someone waiting for you.
Better yet, have someone show up for the appointment with you.
Theres safety in numbers.
Do not let the buyer go on a test drive alone, Beneke said.
Also, avoid hopping in the car with a buyer you havent pre-screened.
If possible, take a friend along with you.
Pay close attention to any red flags.
If you sense something might be off, end the sale immediately.
As always, stick to public areas, starting and ending the test drive in a public place.
Cash is King
Scammers often hone in on the funds transfer process.
Get the money first before you ever give anything, Beneke said.
Do not do bank transfers/wires, checks, cashiers checks or any of that.
Even cash can be counterfeited.
To protect against that, Beneke recommends getting a counterfeit bill detector pen.
These pens use iodine to detect starch in bills.
Because legitimate currency has no starch, the pen wont leave a mark unless the bill is counterfeit.
Get Your Paperwork in Order
A contract is essential to protecting yourself as a seller.
As Beneke points out, you dont need an attorney to draft one.
you’re free to find templates online that will get the job done.
Your contract should include:
If no guarantees are being made, specify that in the contract as well.
double-check both parties sign the contract and provide a copy to the buyer.
Beneke points out that each state has its own requirements for transferring the title.
Insome states, youll need to sign the title over in front of a notary.
By taking some precautions, you’re free to privately sell your car while avoiding car purchasing scams.
Stephanie Faris is a professional finance writer with more than a decade of experience.
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