Considering buying your next vehicle privately? Here are some hints to buy privately like a boss!
1. Narrow down the perfect vehicle for you
If you know exactly what you want, you are already ahead of the pack but it helps to understand exactly what you want from your next vehicle. Do you need roof racks for those weekends away, 4wd to help you get to the snow, or a tow bar to help your mates move house every now and again. Put together a list of “must haves” for your next car.
Once you have had a good look around you will need to decide on your budget for the car and don’t budge from it. If you are considering finance you can calculate your loan repayments based on your budget. Now is also a good time to apply with us so you know exactly what you can spend with our pre-approval.
Now you have narrowed down what you want buy and you know your budget you will need to compare your choices and that which is available to buy. Remember to compare apples with apples though, just because a car is cheaper than another there might be a reason for it so make sure you do your research thoroughly. Key things to compare are:
- Year Model
- Fuel Type
- Manual and Automatic
- NZ New or Imported
- Auction Grade
Once you have compared it’s time to check some of them out and take them for a spin.
4. Check the vehicle history and its current legal status
The good news is that if we are looking after your finance we will do all this for you taking the hassle out of doing it yourself. If not, then here are a few of the key things you will need to check:
- Is the registered owner selling the vehicle
- Is the vehicle stolen?
- Is there money owing on it? If there is then ensure you pay the finance company before the seller (otherwise it may be towed)
- Any Road User Charges Outstanding?
- Is the vehicle a damaged import?
- And plenty more.
5. Mechanical inspection
Because you are buying privately there are very few protections for you as a buyer, so it is very important to have the vehicle inspected mechanically. You can do this at any VTNZ click here for more information or maybe your best friend is a mechanic bring them along and be sure that the car is everything it should be because once you drive away, its yours.
6. Stop Sign! Before you drive away
You should sign a sale agreement with the private seller. If you are dealing with us for finance we will have already done this for you. Before driving away make sure you are insured for Comprehensive Motor Vehicle Insurance to protect your investment. Shop around a bit to find the best deal for you. Last but not least; just because you are purchasing privately does not mean that you cannot purchase a mechanical warranty you can get cover for up to 4 years on your vehicle for even further peace of mind just give us a call and we can set it up.
7. Change the ownership details
You will need to complete a MR13B from the New Zealand Transport Authority to register a change of ownership. You can do this in branch or online. You will need to take along identification to do this. You can use your licence or another approved ID that shows you date of birth, name and signature.
Please note: By law, you are required to complete these forms within seven days. This prevents both you and the seller becoming liable for each other's fees, charges or traffic fines. Your new Certificate of Registration (rego) should arrive by post within 10 working days.
Speak to our team today and we'll make all your finance needs easy.
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