Protect yourself. Read these important car-buying tips before you sign!
There’s a common expression shared by carpenters: measure twice, cut once. In other words, do your research before you act. That’s good advice – especially when the action involves making an expensive purchase – like a car. Unfortunately many consumers get caught up in the emotion of buying a new set of wheels and make decisions without doing all their research – they only measure once – and that can lead to “buyer’s remorse.”
It’s one of the most common complaints OMVIC receives – a consumer signed a contract to buy a car but a few hours or days later, has a change of heart…or mind; and wants to back out of the deal. Often it happens when the buyer works out the myriad of extra costs that are attached to car ownership – some, like insurance, can come with a monthly cost as similar to (or greater) than the car loan payment.
Sending a ‘child’ off to university or college can be traumatic – for the parents of course; the kid will be just fine. So to make it easier to keep ‘em coming home for more than just Thanksgiving and spring break, some parents will head out with their teens on an elusive hunt for a decent, but cheap, set of wheels. It’s worth noting decent and cheap can be difficult to find in peaceful coexistence in the automotive jungle.
“Many consumers looking for an inexpensive vehicle assume their best bet is to buy privately,” explained Terry O’Keefe, Director of Communications and Education for OMVIC ...
So you think you’ve found a great deal on a car. The price is right … and mileage isn’t too high. But it’s for sale by a private owner. You know there are some risks involved with a private sale, but do you know how to protect yourself? What happens if you end up with a real lemon … or worse?
Buying A Used Car Privately Can Be Risky
Keep in mind that there are no "lemon laws" in Ontario and no consumer protection legislation that covers private transactions. According to Terry O’Keefe, OMVIC Director of Communications and Education, “Should a person purchase privately and something goes wrong, that consumer would unfortunately be on their own.”
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