22 February 2017
Pitfalls You Should Avoid When Buying Used Cars for Sale in Newcastle
Depending on where you are purchasing from, buying a used vehicle can be somewhat a risky transaction. As you may be aware, you can get used cars for sale in Newcastle from private sellers or used car dealers. Whichever the case, there are some common pitfalls you must watch out for. Below are some of these and how to possibly avoid them.
Confirmation of the Relevant Numbers
There are three critical numbers which are the engine number, the registration number, and the Vehicle Identification Number, that you must confirm before starting the buying process. The Vehicle Identification Number consists of 17 digits; part numeric and part alphabet. The engine number is usually stamped on the engine while the registration number is visibly displayed on the number plates.
Buying a Securitised Car
It is common for car owners to use their vehicles as security when acquiring financing. Some unscrupulous owners may go ahead to sell the car off to you, take the money and disappear into thin air. Later on, the loaning institution in an attempt to recover their money may come to you and repossess the car.
It is therefore important that you confirm the debt status of the used cars for sale in Newcastle. The easiest way to do this is to conduct a search on the Personal Property Securities Register (PPSR). Usually, lenders are required to enlist encumbered vehicles on this portal which is owned by the government. The search will cost you a small fee, but compared to the amount you are about to lay down, this is a drop in the ocean. When purchasing from Rent 2 Own Cars Newcastle you are supplied with guaranteed title.
Crash Damage Assessment
Most people hire mechanics to assess the general condition of the vehicle they are about to buy. While this is a good idea, it is not enough. Ensure the mechanic conducts and in-depth assessment for evidence of any crash repairs including missing fasteners and overspray. These details may not be disclosed by the seller. If you find evidence of crash damage or repair, the best approach is to bypass the car and find other used cars for sale in Newcastle.
Get Your Financing Right
Before discussing the monetary part of the transaction, it is important the car is valued and an up to date assessment is determined. When you get the fair value of the car, you can then use it as the basis for negotiation so that you arrive at a pricing point that is agreeable to both of you. Remember the seller will always think the valued price is lower but you should insist that it is in fact higher.
When it comes to borrowing money, you need to do your research well. Instead of just walking in to the bank where you put your savings or simply agree with the dealer for in-house financing, you should do an independent assessment of the available financing options. It pays to shop around and take advantage of low-priced financing alternatives.