Did you just buy a car from the Facebook market? Here’s what you need to know.


If you’re in the market for a car, chances are you’ve noticed two things: an unprecedented used car market and buyers and sellers flocking to the Facebook Marketplace for a deal. Studies show that 78% of people use social media when buying a car; with 53% of buyers making their choice of new or new car entirely online. In this digital foremost car buying world, Avoiding scams while shopping and completing paperwork immediately after purchasing your new or new car can make your Facebook Marketplace a successful and stress-free experience.

With a shortage of computer chips and a lack of repossessions, and a car fleet limiting supply, the used car market is hotter than some have ever seen. Lower inventory also means some people will be looking for places other than the dealership to buy a used car. More than half of buyers discover vehicles online, 30% of whom use their smartphone or tablet to do research. On Facebook Marketplace, cars can be found in new and used condition, from private sellers and dealers.

Overview of bank rates

  • Shop smart by reviewing the seller’s profile before committing, buying only locally, and checking vehicle history.
  • Beware of scams, never buy gift cards to buy a car, meet in well-lit public places, and consider taking someone with you to complete the transaction.
  • Update insurance and title documents immediately after buying or selling a vehicle to avoid fines, penalties, and possible suspension.

Buy a vehicle on Facebook Marketplace

While you can’t actually buy a car from Facebook Marketplace, you can search for one and connect with a seller to buy a car. How it works depends on the type of seller and whether or not the car has an existing loan that must be repaid for the seller to transfer title to you as the new owner.

What is the Facebook marketplace?

The Facebook marketplace was launched in 2016 as a competitor to Craigslist. Integration within the existing Facebook platform has helped Marketplace gain popularity, as Facebook has the trust factor that Craigslist lacked. In 2018, Facebook started allowing car dealers to advertise new and used cars on Marketplace. With Facebook Marketplace, one of the nation’s most popular places to search for used vehicles, dealerships and private sellers can have the edge over other online search engines.

Facebook Marketplace allows both private sellers and dealers to advertise new and used cars for sale. Many choose to search for a car on Facebook Marketplace because they want the best price and are hoping for a deal. Facebook Marketplace rules are straightforward when selling a car; make sure description and photos match and follow community standards. Buyers and sellers should also be respectful and genuine in their buying and selling practices.

Buy smart

When shopping for a used car online, be smart about your approach. Buy only locally and check the seller’s profile or company page to check for warning signs like a few friends or a newer profile. If you’re buying a car from a dealership, look for reviews and recommendations outside of Facebook and make sure the dealership’s name matches what’s on Facebook.

It is also important to know that pre-existing damage is not covered by auto insurance. Pre-existing damage can be minor, like scratches and dents, but it can also be serious and signal a past accident that the seller may not be aware of. It may be worth getting the seller’s VIN to purchase a CarFax or some other VIN-based history report to check if the car has been in an accident before you meet in person to purchase the car.

Watch out for scams

With a popular used car market, scammers are probably trying to make a quick buck. If a deal for a car sounds too good to be true, it probably is. SEO used cars at low prices Almost guarantees a lot of views on the ad, which increases the likelihood that someone will fall for the trap. Dealers are sometimes involved in scams, with crooks posing as dealers and taking money from unsuspecting buyers.

To avoid car buying scams on Facebook Marketplace:

  • Never buy gift cards to buy a car
  • Ask for the VIN to verify that the car matches the photos and description in the listing
  • Check that the information matches if it is a dealership ad
  • Never send money in advance without seeing the car in person

Be careful

Even with a good deal, buying a car can get expensive. Buying a car from an unknown person can pose a security risk, especially when meeting face to face to complete the transaction and exchange money. Facebook market does not offer purchase protection on vehicles, it is therefore important to be diligent as a buyer and seller:

  • Take a friend or family member with you
  • Go to a well-lit public space, preferably with other people around. You may even consider meeting at a police station
  • Check that the VIN, description and photos match the car
  • Consider making the monetary transaction at the DMV or at a bank
  • Make sure all documents (title, lien release, bill of sale, etc.) are correct before releasing money

I bought my car. Now what?

Now that you’ve purchased your car, you need to take immediate action to drive it. The steps to transfer your car from the seller to you include:

  • Declaration of sale to your insurer
  • Insure the car according to the minimum state guidelines
  • Change the title to the DMV from the previous owner to you
  • Take it for inspection if needed in your state

Insurance and Liability

The process of transferring title to the car from the previous owner to you may vary by state, but you will need to go to the DMV to complete the transaction. You may need to provide:

  • A deed of sale
  • VIN and Odometer Verification Form
  • Title with transfer of ownership and signatures of buyer and seller
  • A privilege release
  • Title and ownership transfer fees

If you don’t, the seller can be held responsible for your actions as the buyer. If you sold a car in the process, you must remove the sold vehicle from the police. Some states require tags to be surrendered prior to pickup, while others do not. Failure to do so in a timely manner could result in fines, penalties, and license and registration suspension.

Before you start to drive the car, you must take out an auto insurance policy for the car. You can find the best auto insurance deal by looking for quotes to compare rates and coverage. The rate you pay for auto insurance depends on several factors, including your age and driving record, and may be higher or lower than the average annual cost for full coverage auto insurance, which is $ 1,674. per year.

Document pre-existing damage

If there is any pre-existing damage to the car, it is important to document and submit the damage to your insurance company. This way you have the best chance of covering future claims. Your insurance company will not cover any pre-existing damage.

The bottom line

With a popular used car marketplace, Facebook Marketplace could be a great place to find a deal on a used car or sell one for a profit. Sellers should be honest about pre-existing damage, ensure photos and descriptions match, and offer a fair price. Buyers should be aware of scams, consider a VIN report to verify car history, and take steps to stay safe during the transaction. Check your state’s DMV and insurance requirements before selling or buying a new or used car to avoid possible fines, penalties, or license and vehicle suspension.


Source link

Previous TE Connectivity Fosters Diversity in Technology with $ 3.5 Million African Heritage Scholarship Program
Next Opinion: How to hang on to your money when stocks are going down