auto

Are you being scammed in classic-car deal?

Tara Baukus MelloDear Driving for Dollars,
I've been reading ads for classic cars for sale on a very reputable classic car website. I found a great deal and have been corresponding with the seller who tells me the car is being sold so cheaply because the seller is trying to raise money for his mother's medical expenses. I've seen pictures and the car looks great.

He tells me Yahoo will be an intermediary, not releasing payment until I have the car in my possession with the title and paperwork I need to register it. It all seems legit, but the low price for a classic car makes me wary. Could it be a scam?
-- Peter

Dear Peter,
I can tell you that it almost assuredly is a scam. Scammers have been using similar techniques, supposedly selling both late-model used cars and classic cars for years now.

Yahoo does offer buyer protection programs as do other auction sites, including eBay Motors, but only for items that are purchased through their auction sites, and then it does so with restrictions such as not covering certain fees or payments made using methods other than through their sites. Because these companies offer buyer protection programs, it is easy for unsuspecting consumers to get tripped up, thinking they can get the protection for a classic car transaction that occurs outside of the website.

Unless you are making a purchase directly through one of these reputable sites, your best bet is to negotiate your classic car deal long distance but make the actual purchase in person at a local bank.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

Ask the adviser

If you have a car question, email it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories. Follow her on Facebook here or on Twitter @SheDrives.

Bankrate's content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate's Terms of Use.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Most kids out of boosters too soon

A new study found that 90 percent of parents are letting their children ride in a seatbelt without a booster seat before it is safe for them to do so.  ... Read more


Connect with us