Ebay’s Used Car Lot
By Michele Blandino
Since bursting onto the online commerce scene in the last decade, eBay has quickly established its position as one of the leaders in online auctions. Originally conceived as a place where people can quickly unload unwanted antiques and collectibles, its business has grown to include virtually any item you can think of, including cars.
That’s right, you can buy a car online. Imagine, no high-pressure salespeople, no haggling over price, and no anxiety over whether or not to purchase the extended warranty.
Sounds like a can’t miss opportunity, right? Well, before you whip out your credit card and log onto your computer, there are a few things you should know.
Check their Feedback
First, whether you are buying a used book for $3.00 or a $30,000 automobile, you should never purchase from someone who has any negative feedback. Similarly, you should look for merchants who have successfully completed several similar transactions.
While there are some exceptions, most cars listed on eBay are being sold by used car dealers who are attempting to broaden their market. As a result, they should already have a proven track record.
Think about it; just how comfortable are you with the prospect of paying several thousand dollars for something virtually sight unseen from a someone you have never met and who lives half-way across the country? While a positive feedback rating isn’t an ironclad guarantee that the deal is going to go without a hitch, it certainly means you stand a better chance of a good outcome.
Location, Location, Location
The seller’s location is a key component. Remember, if you win the auction, you will need to figure out a way to get the car; it’s not exactly something the UPS man can leave on your doorstep. Certainly, there are automobile transporters who will do the job for you, but it will come at a pretty stiff price. And, if you’re lucky enough to find one who will complete the task at for a reasonable price, you will still need to worry about their reliability. The only other option then is to get the vehicle yourself.
Unless you intend to fly you will probably want the car to be within a day’s drive from your home so that you can complete the round trip within the same day. There’s another big advantage to going yourself: should you not like what you see when you arrive, chances are, unless you have already paid for the car, you won’t lose your money. If, on the other hand, you have paid for the vehicle and it is being delivered to you, you will have little recourse.
That brings us to our final point.
The 10% Rule
It stands to reason that the seller is just as suspicious of you as you are of are of him. As a result, it isn’t unreasonable for the seller to expect some sort of cash deposit as a gesture of good faith. This is fine, but it should not exceed 10% of the purchase price. If the seller asks for more, politely refuse, and stick to your guns. The more the seller pressures, the more likely it is that they have something to hide.
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