Research from the team behind the AA Car Data Check in the UK reveals that 20 percent of used car buyers would pay three quarters of the value of a car in cash to secure a potential dream purchase. What's more, 14 percent said they would actually pay the total asking price in cash.
Bringing cash with you to collect a vehicle leaves you open to several threats, the most obvious being that carrying a large amount of money is always dangerous as the seller could simply take the money with no intention of handing over the car.
Paying cash for a car means the seller can disappear without a trace. And there is no 'Proof of Purchase' when you pay for a car in cash, meaning you have no comeback with the seller should something go wrong.
So if that bargain turns out to be officially recorded as stolen, an insurance write-off or on outstanding finance, the seller will be long gone and so will your money.
They advise car buyers of payment options available to them - banker's drafts are still generally accepted, or the most common way of transferring money today - simply transferring funds via online banking.
The lesson is to always get a vehicle history check before you buy and never pay in cash. Here in Ireland, there are a few companies who will do this vehicle check for you - AA Ireland offer sound advice on buying a used car, and Motorcheck.ie will check a vehicle's history for you as will cartell.ie
