Don’t Pay Cash For A Used Car
Research from the team behind the AA Car Data Check reveals that 20%* of used car buyers would pay three quarters of the value of a car in cash to secure a potential dream purchase.
Why should you not do that?
Simple. Cash is a ‘gift’ for scammers who could then be keen to vanish into thin air after the dodgy deal has been completed.
“Despite continued warnings to people about the potential consequences of paying in cash for vehicles, it’s clear from our survey that consumers continue to place their trust in sellers. This is particularly true if it looks like they will get their ideal car for a bargain price, which is a time when they should be on their guard the most,” explains Jeremy Tiffany of the AA. “Paying in cash to complete a deal is a risky decision to make and one that is not really necessary.”
The AA advises car buyers that they have a couple of payment options available to them today – banker’s drafts are still generally accepted or, the most common method of transferring money in the modern age – simply transferring funds via online banking.
Tiffany continues, “If you have cash burning a hole in your pocket there is the temptation to make an impulse purchase before you have had time to conduct the proper research. But bringing cash with you to collect a vehicle leaves you open to several threats. The most obvious one is that carrying a large amount of money is always dangerous, as the seller could simply take the money with no intention of handing over the car. More importantly, there is no ‘Proof of Purchase’ when you pay for a vehicle in cash, meaning you have no comeback with the seller should something go wrong.”