Are you in the market for a new or used car sooner rather than later? The good news is that there are many ways to find, purchase, and own a vehicle.
According to Statista, around 15.5 million light vehicle units were sold in the U.S. last year. Nearly 12.4 million were light trucks, while around 3.12 million were passenger cars.
While many still go to car dealership lots to find a new ride, others have turned to the internet to buy vehicles online. Purchasing vehicles online has its risks, but it’s an option.
Many People Hate Going to Car Dealerships
According to an article on CarScoops, around three in four Americans don’t trust vehicle dealerships. 76% of consumers believe car dealers are loosey-goosey with the truth, especially concerning pricing. Moreover, 84% say dealerships lack price transparency, and 86% have concerns about hidden expenses.
That said, the article notes that many respondents find their car dealership experience isn’t as bad as expected. But “not as bad as they had expected” isn’t the same as “great.”
Buying Online is a Thing
ConsumerAffairs says the global online car buying segment could be worth $722.79 billion by 2030 compared to $237.93 billion in 2020. It adds that about 3% of consumers say they’ve bought a car online, and around three in 10 would be open to buying a car online. Interestingly enough, an estimated 39% of car dealers allow people to pursue car buying entirely online.
Is Online Buying for You?
While you’ve probably bought things online before, there’s a good chance you haven’t purchased a car over the internet. If you’re considering it, you should exercise caution. That’s especially true if you’re buying from an online site like Facebook Marketplace, eBay, Craigslist, or some other platform where you can’t always be sure who you’re dealing with.
Don’t Let That Frighten You
Don’t let the potential risks frighten you from buying a car online. Your odds of success are good as long as you’re careful and don’t take unnecessary risks. With that said, here are 12 things to be mindful of when purchasing a new or used vehicle over the Internet.
Research Reputable Sites
Using reputable sites can considerably reduce your risks of buying a car online. Some sites have a reputation for being reliable online platforms. Examples include but aren’t limited to, AutoTrader and Carvana.
Read Reviews
While online reviews should be taken with a grain of salt, it’s a good idea to check out what buyers and sellers say about different online platforms. You’ll want to see how people who’ve been through the process gauge the overall experience, particularly from the seller’s perspective.
Verify the Seller
Another way to safeguard yourself when buying a vehicle online is to verify the seller to the best of your ability. Some online platforms do a lot of the vetting for you so you can be reasonably confident that the person you’re dealing with is who they claim to be.
Otherwise, tap into your inner Sherlock Holmes and get the seller’s name, physical location, and contact information. If the seller insists on restricting communication to messaging apps and email, it’s a red flag. Look at this LinkedIn post about verifying someone’s identity online so you can interact responsibly.
Check Vehicle History
Ask the seller for a detailed vehicle history report. When you get it—and you may want to look elsewhere if the seller won’t cooperate—check for information on possible liens and accidents.
Watch for Scams
When buying online, be on the lookout for scams. If something seems too good to be true, it’s a red flag. Don’t ignore your gut feeling or your spidey senses if they suggest something’s wrong. Ask questions. And don’t proceed unless the answers put your concerns to rest.
Get a Virtual Tour
If you’re buying a vehicle online, ask the seller for a virtual tour of the car in question. The video should show the vehicle—inside and outside—from all angles. You’ll get a better feel for its overall condition and verify that the seller has access to the car they’re selling. Ask them to show proof of vehicle ownership during the virtual tour in real-time.
Look for Buyer Protection
Another vital consideration is using online platforms that offer buyer protection. Doing so is worthwhile since you’ll have access to a money-back guarantee should the car fail to meet your expectations.
Review Payment Options
Before buying anything, check out the payment options. Secure payments include escrow services and credit cards. If there’s fraud, you’ll have safeguards when using secure payment options. But you won’t get that protection if you wire money directly to the seller.
Consider Certified Pre-Owned
Buying a certified pre-owned vehicle is one option if purchasing a used vehicle online. Such cars are thoroughly inspected before being sold and come with warranties. So, if you’re buying a used car and want to eliminate possible surprises, buy certified pre-owned cars.
Double-Check the VIN
Don’t just accept anything the seller tells you. You should double-check the information regarding the vehicle identification number (VIN) provided by the seller. Cross-reference the VIN with what’s listed on the vehicle title, the car itself, and the vehicle history report.
Request Maintenance Records
If buying a used vehicle, request maintenance records. You don’t have to bail on a deal if there are no maintenance records, but you’ll want to be more careful. Don’t take the seller’s word for granted. If they say work has been done without proof, proceed cautiously. You need proof rather than just words.
Request a Mechanic’s Inspection
Before buying a vehicle, you should have a mechanic check it out. A pre-purchase inspection will uncover what the seller missed or chose not to tell you. You’ll know whether it’s worth proceeding with the transaction and how much a fair offer is.
Keep These Tips in Mind
If you do things correctly when buying a car online, you’ll have a better experience. Following these tips will help you avoid buyer’s remorse. Who knows, maybe you’ll enjoy the experience.
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