Buying a car by bank transfer - good or bad idea?

Jenni_D

What's the company name/website? (People will be able to check how long they've existed and whether they seem financially "sound").

And what's the vehicle? (People may have experience of the vehicle and be able to offer specific advice re. any potential pitfalls).

On the face of it I wouldn't proceed with this transaction without some sort of fall-back protection.

Britannia12345

I've cancelled the inspection. I really don't want to risk not having the backup of the credit card. 

Herzlos

RogerBareford said:

Even with an RAC inspection i wouldn't be buying a car without seeing it myself and test driving it first. There are many horror stories online explaining why this is a bad idea.

That's because no-one really comments on the times it goes well, so you only see the horror stories.

Most cars these days seem to be bough remotely and delivered - it made sense with covid and it's just easier to do.

Obviously, some due diligence is required before buying blind though.

RogerBareford

Herzlos said:

RogerBareford said:

Even with an RAC inspection i wouldn't be buying a car without seeing it myself and test driving it first. There are many horror stories online explaining why this is a bad idea.

That's because no-one really comments on the times it goes well, so you only see the horror stories.

Most cars these days seem to be bough remotely and delivered - it made sense with covid and it's just easier to do.

Obviously, some due diligence is required before buying blind though.

That's true you only see the Horror stories but your far less likely to buy a car with an obvious issue when buying in person than buy remotely.

I would be surprised if most cars are bought remotely and delivered. If i'm comitting to buying a car i will want to test drive it first atleast to see if it feels right for me because some cars are nicer to drive than others simply due to their design and not because of any issues.

Grumpy_chap

Herzlos said

Most cars these days seem to be bough remotely and delivered

Is that true?
Do you have data to verify that?

Jenni_D

With the amount of ads seen for Cazoo, Cinch etc. then it's probable that a high percentage of sales these days are remote. Whether that is >50% (thus "most") I can't say.

Herzlos

RogerBareford said:

Herzlos said:

RogerBareford said:

Even with an RAC inspection i wouldn't be buying a car without seeing it myself and test driving it first. There are many horror stories online explaining why this is a bad idea.

That's because no-one really comments on the times it goes well, so you only see the horror stories.

Most cars these days seem to be bough remotely and delivered - it made sense with covid and it's just easier to do.

Obviously, some due diligence is required before buying blind though.

That's true you only see the Horror stories but your far less likely to buy a car with an obvious issue when buying in person than buy remotely.

I would be surprised if most cars are bought remotely and delivered. If i'm comitting to buying a car i will want to test drive it first atleast to see if it feels right for me because some cars are nicer to drive than others simply due to their design and not because of any issues.

Plenty of people buy lemons in person too.

Most sales being remote may be hyperbole, but most dealers seem to offer delivery and contact free collection, you can order a new car from any manufacturer completely obline and from talking to dealers pre-covid most sales are already decided from the ad before seeing the car. The reality is that the vast majority of people just don't care about cars.

I can't find any up to date figures, but this article from before Covid reckons 27% of people would buy online sight unseen, growing to 46% of younglings. https://www.motortrader.com/motor-trader-news/automotive-news/27-uk-consumers-buy-car-online-without-viewing-13-06-2019

Throw Covid in the mix and I wouldn't be surprised if the figure was much higher, though I don't know if it'd pass 50%.

RogerBareford

Herzlos said:

RogerBareford said:

Herzlos said:

RogerBareford said:

Even with an RAC inspection i wouldn't be buying a car without seeing it myself and test driving it first. There are many horror stories online explaining why this is a bad idea.

That's because no-one really comments on the times it goes well, so you only see the horror stories.

Most cars these days seem to be bough remotely and delivered - it made sense with covid and it's just easier to do.

Obviously, some due diligence is required before buying blind though.

That's true you only see the Horror stories but your far less likely to buy a car with an obvious issue when buying in person than buy remotely.

I would be surprised if most cars are bought remotely and delivered. If i'm comitting to buying a car i will want to test drive it first atleast to see if it feels right for me because some cars are nicer to drive than others simply due to their design and not because of any issues.

Plenty of people buy lemons in person too.

Most sales being remote may be hyperbole, but most dealers seem to offer delivery and contact free collection, you can order a new car from any manufacturer completely obline and from talking to dealers pre-covid most sales are already decided from the ad before seeing the car. The reality is that the vast majority of people just don't care about cars.

I can't find any up to date figures, but this article from before Covid reckons 27% of people would buy online sight unseen, growing to 46% of younglings. https://www.motortrader.com/motor-trader-news/automotive-news/27-uk-consumers-buy-car-online-without-viewing-13-06-2019

Throw Covid in the mix and I wouldn't be surprised if the figure was much higher, though I don't know if it'd pass 50%.

Ofcourse people buy lemons in person too, but if you see a car in person most people will be able to rule out the one's leaving a path of oil drips behind, one's with vibrations through the steering wheel and the one's with strange sounds.

These are all issues i've seen had when looking at used cars for myself of with others that a person buying remotely wouldn't know about.

The only time i would buy a car sight unseen is a new car that i have test drove a similar model.

Even people who don't care about cars surely want to see if they are nice to drive. I'm quite surprised by how high those figures are.

biscan25

The back street dealer I bought the last car for myself from, I paid the whole thing by CC (It was only £1,200 back then- used cars were cheap!). 1% of this is £12, so the CC fee is insignificant compared with how much I'd already negiotiated off the price.

I would never buy a used car without a significant test drive and inspection. Testing for all aspects of performance, comfort and safety. E.g. Does it feel fast, or is it reluctant? Do I feel engaged with the road, is visibility good, does the engine sound right through the entire RPM range etc. I also read the obd fault codes whilst they were not looking, as these are often reset prior to sale.

castle96

Personally I think you have to be a little daft to buy  a car sight unseen !