Thinking about buying a car from a private seller? If you’ve seen an ad online or found a good option on a site like Autotrader, there are some benefits to going down this route. But there are also certain risks to be aware of compared to buying from a trusted dealership.
Here are the pros and cons to help you make the right decision for you.
Pros of buying from a private seller
- Lower prices: One of the main draws is the potential for lower prices. Private sellers don’t have the overhead costs that dealerships do, so they should be able to sell cars at a more competitive price.
- Room for negotiation: Private sellers are generally more open to negotiation compared to dealers. This flexibility can give you significant savings, especially if the seller is in a hurry to flog the car.
- Less pressure: Buying from a private seller may be a more relaxed experience. Some dealerships have pushy salespeople trying to pressure you into making a quick decision. Without this, you might have the chance to inspect the car thoroughly and make a more informed decision.
- Direct knowledge from the owner: Private sellers should have more insight into the car they’re selling. A chat with the current owner gives you valuable details about little quirks and issues that a general dealer might not be aware of.
Cons of buying from a private seller
- No warranty: You won’t have the safety of a warranty from a private seller. If you run into any issues once ownership has been passed over, you could be left financially responsible for a money pit.
- Limited legal protection: The Consumer Rights Act 2015 provides limited protection if you’re buying a car privately versus from a registered dealership. It must still be as described and fit for purpose, but you and your money aren’t as secure.
- Risk of scams: The used car market can be rife with scams, and private sales are no exception. Be wary of common tricks such as clocking (tampering with the odometer), cloning (using the identity of another vehicle) and stolen car sales.
- No financing options: If you don’t have cash to hand for a car purchase, you won’t have the option of financing agreements with a private sale. This might be enough to sway your decision altogether.
Things to consider when buying from a private seller
If you are going to buy a car privately, always conduct a thorough vehicle history check using online services. Some in-depth tools can reveal any outstanding finance, whether the vehicle has been reported stolen and proof of its car insurance status.
You may also want to consider having it inspected by a professional mechanic before finalising the purchase and completing a test drive to check for any clear issues.
Ensure all the necessary documentation is in order, too. This includes the V5C registration document, service history and most recent MOT certificate.
When it comes to exchanging money, try to use a payment method other than cash which can’t be easily traced. A bank transfer is safer and at least gives you a record of the transaction.