A few years ago, if you told someone that you were thinking about buying or selling a vehicle over the Internet, they looked at you like you had just arrived from Mars. A lot has changed in the past three years. Now, when you make that same statement, people usually fire back with comments about on-line vehicle purchasing experiences of their own, or someone they know. Some of the experiences are very good, some are not so good, and some are horrific!
At this writing, well over 50% of all vehicle purchase research is performed on-line. There are now too many vehicle-selling websites on the Internet to list them herein. In fact, Internet vehicle sales have skyrocketed so quickly that an entire, brand new industry has sprung forth. There are places to sell your vehicle, companies that will locate a vehicle for you, companies that will test a vehicle, inspect a vehicle, verify a seller or buyer, buy a vehicle, negotiate the purchase price and/or delivery, and so on. No doubt, by 2010, over half of the vehicles sold will be sold over the Internet.
There is no doubt that the Internet is a great place to buy or sell a vehicle – a car, truck, motorcycle, or classic. The reasons for this are obvious. When you post your fully reconditioned 1957 Chevrolet Bel Air on the Internet, millions of potential buyers will see it. That's a whole lot better than running an ad in your local newspaper, and having just few thousand (or less) possible buyers view your car. Also, Internet vehicle buyers can search for just what they want on the Internet. In a newspaper, readers must wade through item after item seeking something of interest to them – and that cherry '57 coupe might never get seen. On the other hand, if you want to find a restored 1957 Chevy coupe for your garage, on the Internet you'll find a vast selection – as opposed to your local newspaper, where you might find one, but more likely none at all.
Unfortunately, the rapid growth of the Internet vehicle buying and selling industry has also led to some new problems, and some new on-line scams. If you are going to buy or sell a vehicle on the Internet, you should familiarize yourself with the process, and be aware of the potential for fraud – both for buyers and sellers.
Buyers of vehicles on the Internet should first make sure that the vehicle exists, is owned by the advertising party, and is legally available for sale. Seeing a copy of the title will greatly help with this. If there is a lien holder, then the lien must be paid off before someone new can own the vehicle – or the lien holder must transfer the lien to the new owner.
One of the Internet scams that has served some unscrupulous sellers quite well is selling a vehicle they either don't own, or doesn't exist. Frequently in this type of scam, the vehicle is too-good-to-be-true, or the seller has some unique, 'sad' circumstances in their life. Examples would be something like "2004 Lexus – low mileage, fully loaded, perfect condition, must sell - $18,500.00." Or, "2004 Lexus – low mileage, fully loaded, perfect condition. Serviceman with orders to leave for Iraq must sell NOW." When the excited, interested buyer contacts these sellers, they quickly find out that many are interested in the vehicle. The buyer is so excited about the great deal that they quickly agree to put down some money to hold the car for themselves. It's usually not much money – but it doesn't have to be as the fraudulent seller is collecting it from many unsuspecting buyers.
In the case of the 'sad story,' buyers feel sorry for the seller, and are willing to make payments early, or without proper verification. Again, these early payments are usually not very much – perhaps $500 or $1,000. The reasons the sellers lists for needing some 'earnest money' certainly seem reasonable, and the buyer wants to be sensitive to the plight of the seller – and so that money disappears forever.
The last scam I'll mention in this article usually involves someone who says they are acting as a professional car-buying representative for a "very interested" buyer. They will start by asking some legitimate questions about mileage, service, condition, and so forth. Pretty much no matter what you say in response to the questions, the vehicle works out to be precisely what the client/buyer wants to own. There is usually even a tad of haggling about the price. The faux agent writes to you and says that the client does indeed want to buy the vehicle – but there is a 'minor' problem. The client deposited a certified check with the agent, but the check is too big – for too much money – and the client had an emergency and had to leave town, or the country, and can't be reached to correct the error. The agent is ready and eager to make arrangements to come and get the vehicle – and pay you the full asking price by certified check BUT, before that happens, you will need to send the agent the excess amount of money deposited by the client. So, if your vehicle is for sale for $10,000.00, and the client's amount is $10,500.00 – you will need to send the agent (usually via western Union wire) $500.00. I know of one instance of this scam where the fake agent asked for $6,000.00 to cover an over-deposit on a vehicle with a price tag of $21,500.00.
Don't be put off of buying or selling your vehicle over the Internet – just be cautious. You can sell a vehicle very effectively, and usually pretty quickly, on the Internet. And if you're a buyer, you'll find a wealth of great deals on vehicles you would likely never otherwise get to view. Use common sense, protect yourself, and don't get caught up in getting an unbelievable deal, or lending some poor soul a 'helping hand' with their life dilemma.
On the Internet, it's buyer AND seller beware. Be informed, be legitimate, and be careful – you'll get a great deal on the vehicle of your choice, or get the most value for the vehicle you're selling.
