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How to protect yourself when trying to sell your used car

How to protect yourself when trying to sell your used car

There are some things you should do to protect yourself when trying to sell your used car, we are going to touch on the most important steps to safeguard yourself.

Don’t advertise on social media

Your first thought may be to list your used car on social media, and while it can be useful for selling some things, your used car is not one of them.

The people who are on social media are not serious car buyers, most of them are just passing time online and trying to find a car they get for next to nothing.  While these lowball quotes are a pain in the neck they are not the biggest hassle associated with using social media, there are scammers actively scouring social media and you could be their next target.

When you advertise your vehicle on social media, scammers will note the make and model, some cars are highly sought after in the black market.

If your car is on the list, these scammers will wait until you are not at home, since most people post their status on social media, when you say you are “out with friends” scammers will stop by and grab your car.

Even if the scammers do not steal your entire car, they could make off with your catalytic converters. Theft of catalytic converters is running rampant all across Canada.

There are more sophisticated scams to be aware of, one is when the scammer asks you for the VIN of the car because they are expressing their interest. These scammers then harvest some of your personal information and register a lien against your car.

This may sound like insanity but it does happen, the scammer will register the lien and when you do sell your car, the lien has to be paid in full before the sale can take place.

What the scammer does is register the lien for an amount that would not make sense for you to sue them over, like a few hundred dollars. But if you do this to a few hundred people which is not hard with all of the advertisements on social media and you are talking about serious money.

Another popular scam is to use a bad check to buy your used car or use a fake bank draft. They get the bank draft from a bank in another province which will take a few days to clear, by that time your car would be long gone.

Avoiding the headaches that come with selling cars

To avoid all of the risks and hassles that come with selling a used car, you can reach out to your local car dealership.

The dealership is going to conduct a professional appraisal and let you know what the current fair market value is of your car and what they are willing to pay in cash today for it.

This straightforward process is why most people go to their local dealership when trying to sell their used car instead of taking the chance of getting ripped off by scammers.

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