Buying Car Privately Victoria - How Safe?

Mark1159 on 04/05/2023 - 17:58
Last edited 04/05/2023 - 18:32 by 1 other user

Hi, haven’t bought privately this century in Victoria.

Looking at $60k car privately in Melbourne. Even if I get the clear title PPSR re finance certificate - how can I be sure there is not a lien or covenant on the vehicle? Possibly from a failed business that an administrator is imminently interested in, a family court legal dispute or other similar matter.

And how do I pay these days? Don’t believe banks even have $60k cash these days - don’t wanna carry it around either.

Bank cheque with owners name and BSB account details on it? Having of course sighted VIC Driver licence and original sale invoice from dealership?

Not expecting anyone to give me keys until bank cheque clears or BSB transfer into their account is verified.

Do I go to their bank and do it with them? Conduct exchange there?

Nightmare scenario; is it possible a look-a-like mate or dodgy twin brother could pass off car as his own and supply me with his own BSB details, not the legitimate owner’s, then skip the country. Pujit Paneen used his mate’s passport to flee to India while facing culpable driving charges. VicRoads and Police will only say it’s a “civil matter”.

Seems fraught with few issues. Any ideas to make it safer?

Thx.

Automotive

Comments

  • Pelicannn on 04/05/2023 - 18:00
    +3

    It’s about as safe as you are diligent.

  • Hybroid on 04/05/2023 - 18:02

    Have you carried out a pre-purchase vehicle inspection?

    Example: https://www.mynrma.com.au/cars-and-driving/car-servicing/mob…

    • Mark1159 on 04/05/2023 - 19:46

      Fairly confident - it’s still under new car warranty

      • thatonethere on 04/05/2023 - 20:03

        Yeah id get the inspection for $60k

      • brendanm on 05/05/2023 - 06:26

        Does warranty fix damage caused by the previous owner?

  • deme on 04/05/2023 - 18:15
    +1

    $60 k cash these days

    60,000 used car wow

    • magic8ballgag on 05/05/2023 - 13:00

      You'd be even more surprised when you learn how much new cars can set you back!

  • capslock on 04/05/2023 - 18:17
    +1

    Payment method debate here.

    https://www.ozbargain.com.au/node/724238

    Seems to be split between bank cheque and cash.

    • pegaxs on 05/05/2023 - 08:03

      $60k cash? Yeah, I’m not carrying that around, nor am I going to stand around and wait while some bogan counts it out 1 note at a time and gets to the end and miscounted by $50, so they start again.

  • Euphemistic on 04/05/2023 - 18:34
    +3

    Payment: ask the seller. I’d prefer instant transfer as a seller. It could be instant or, like my experience on the weekend, it took 24hrs because ‘system issues’

    PPSR is your guarantee. Is it infallible? No, but it’s the best you’ll get. If you get fraud vibes from the seller just don’t buy it. If it’s a business or family court matter, then unless you’ve paid 10% market rate you’ll be clear, and the interested party will have to chase the cash from the seller. If you’ve paid way under market value there could be an argument against you legitimate ownership

    If you’re that paranoid about it, buying privately isn’t for you.

    • Mark1159 on 04/05/2023 - 19:45

      All good points - different to old days of acquisition and disposal notices off to MRB

    • dtc on 04/05/2023 - 22:02

      PPSR is ‘infallible’ in that if you have a registerable interest and haven’t registered it, then you cannot enforce it against a good faith buyer.

      Family court or business disputes are irrelevant to the buyer. If the seller is getting rid of his assets to hide them from the ex, that’s on the seller and it doesn’t ‘attach’ to the asset

      That’s the whole point of the PPSR. Register your interest so a buyer knows about it, or lose your interest

  • Typical16-bitEnjoyer on 04/05/2023 - 18:49

    I'll help, but disclose the Make and model of vehicle first.

    • [Deactivated] on 04/05/2023 - 19:04

      Why? Are certain car makes/model dodgier to buy privately than others in Vic?

  • Mark1159 on 04/05/2023 - 19:44

    2020 Mustang GT hardtop - looking to pair it with my 17 GT convertible

    The more I look on CarSales it seems the dealers have the more realistic prices.

    • Typical16-bitEnjoyer on 04/05/2023 - 19:50
      +3

      Crapload of dealer cars in that price range. Don't forget Vicroads costs post buying privately.

      • magic8ballgag on 05/05/2023 - 13:03

        Crapload of dealer cars in that price range.

        What's your point?

        I'd personally prefer to buy privately after my experiences with dodgy car dealers.

        • Typical16-bitEnjoyer on 06/05/2023 - 07:58

          Well you've stalled at the simple part of the buying process, the payment. Might be better, easier, less time for you to simply go to a reputable dealer.

          • magic8ballgag on 06/05/2023 - 09:43

            @Typical16-bitEnjoyer: That's true, although they both have their pros and cons. I guess my opinion is biased due to my recent experiences.

    • cloudy on 05/05/2023 - 06:04
      +1

      Well done, 3 years ago you were looking for Newstart allowance now you’re looking to spend 60k on a mustang as a side car with your convertible.

      Can I ask what you’ve been doing?

      https://www.ozbargain.com.au/node/529144

      • Ash-Say on 05/05/2023 - 06:36
        +2

        Can I ask what you’ve been doing?

        Probably Milking Centrelink

      • pegaxs on 05/05/2023 - 09:39

        What everyone else does on Centrelink… sells meth.

      • Mark1159 on 05/05/2023 - 11:17

        Lived Vietnam 5 years prior Covid

        Stuck in Oz during pandemic - wouldn’t mind some casual dollars

        Self funded retiree - tax free income
        Maxxed out DB after 35 years plus contributions/salary sacrifice/savings.
        Rent out Melbourne houses

        Current living Luzon with girlfriend - studies Nursing degree local University

        Yeah, I want a hardtop coupe to match my soft top

  • apple2016 on 04/05/2023 - 20:13

    Bank cheque. Its the best if you dont want to carry cash.

  • Mishgy on 04/05/2023 - 22:19

    With used cars regardless of what they cost, ensure you get a pre-purchase inspection and are diligent when looking a the car. You must check the vehicle if it's been ridden off and do a PPSR check, you do not want a vehicle with someone else's finance on it. If you are buying the vehicle on finance make sure you have terms in the purchase contract like "subject to finance" so that you have a way out if the car loan falls through. Good luck!

  • trashcan on 05/05/2023 - 12:56

    Here is what I did in a similar situation.

    • Opened a bank account in my name with the same bank as the seller.
    • Transferred money to the new bank account from my existing bank account.
    • Met the seller at the bank.
    • Withdrew money from the new bank account.
    • Exchanged documents.
    • Deposited Cash to the sellers bank account.

    Did not have to handle cash and did not have to wait for cheque or electric transfer to clear. Saved money getting a Banker's Cheque as well.

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