WEBVTT - Life Hacks: Tips for buying a second-hand vehicle privately

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<v Speaker 1>In Life Acts.

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<v Speaker 2>Today we want to take a closer look at what

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<v Speaker 2>you should consider when you're buying a used car from

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<v Speaker 2>a private seller, and I guess also what you should

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<v Speaker 2>consider if you're selling in a private deal. I know

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<v Speaker 2>it's appealing you can save money by doing it privately

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<v Speaker 2>rather than going through a dealership, but of course that

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<v Speaker 2>process comes with quite significant risks if you don't know

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<v Speaker 2>what you don't know to need to ask. So I

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<v Speaker 2>hope today we're going to inform you a little bit

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<v Speaker 2>more about some of the absolutely essentials that must be

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<v Speaker 2>in place before you consider a private deal and to

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<v Speaker 2>help us navigate the process. It's a great pleasure to

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<v Speaker 2>welcome back to the show Ernest North, the co founder

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<v Speaker 2>of the Naked Digital Insurance platform. Probably fully closed in

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<v Speaker 2>the very cold conditions this afternoon, but Ernest always love

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<v Speaker 2>me to have you on the show.

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<v Speaker 3>Welcome back, Thanks Papa, it's nice to be chatting again.

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<v Speaker 1>Courd.

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<v Speaker 2>Obviously, buying a used car privately puts an onus of

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<v Speaker 2>some legwork on the buyer that a dealership would normally

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<v Speaker 2>shoulder for you at a cost. So of course some

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<v Speaker 2>people say I'll rather save the money and do it

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<v Speaker 2>all myself, but not knowing what is essential to do

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<v Speaker 2>yourself is a potential very expensive stumbling block if you

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<v Speaker 2>don't get it right. Ernest, the one thing a lot

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<v Speaker 2>of people struggle with immediately out of the gate is

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<v Speaker 2>is how do I determine the right price to ask

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<v Speaker 2>for a vehicle? What do you suggest around the kind

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<v Speaker 2>of homework that needs to be done on pricing?

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<v Speaker 3>Yeah, I think it's you're spot on the difference between

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<v Speaker 3>buying from a dealer versus buying privately. They are definitely

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<v Speaker 3>pros and cons. More often than not you can get

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<v Speaker 3>a better deal, and I think that, but it does

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<v Speaker 3>come with some risks, and so you do need to

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<v Speaker 3>be careful. The most important thing is that I think

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<v Speaker 3>it's become easier than ever before to shop around comprehensively,

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<v Speaker 3>and the majority of that shopping you can do online.

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<v Speaker 3>It's become increasingly easy to go through the four or

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<v Speaker 3>five big sites that less cars online, and very quickly

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<v Speaker 3>you will start forming a pattern by seeing what is

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<v Speaker 3>the right price that you should be paying for a

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<v Speaker 3>particular car, for a particular model, for particular mileage. Of course,

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<v Speaker 3>those things one must always remember for the averages, So

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<v Speaker 3>if you're buying a car with slightly higher mileage or

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<v Speaker 3>it's in a slightly worse condition, you should be paying

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<v Speaker 3>less and so make sure that you do comprehensive online research.

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<v Speaker 3>But then the one and very importantly, you don't have

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<v Speaker 3>to limit yourself to your current geographical region. I think

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<v Speaker 3>that's one mistake people make when they when they browse online,

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<v Speaker 3>is they say, I don't want to buy a car

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<v Speaker 3>outside of my own city. But no, you you have

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<v Speaker 3>to look across the holl of South Africa to get

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<v Speaker 3>the to investigate the price points so that you can

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<v Speaker 3>get comfortable that you're buying at the right price. But

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<v Speaker 3>then the one that you that you are actually considering,

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<v Speaker 3>you have to see that one in person so that

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<v Speaker 3>you can evaluate whether the mileage and the actual condition

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<v Speaker 3>the tiers, et cetera are better or worse than what

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<v Speaker 3>you deem to be average.

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<v Speaker 2>Ernest I cannot emphasize this point enough, and I know

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<v Speaker 2>Wendy Nola, our consumer journalist, would be echoing you at

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<v Speaker 2>full throttle. You must see the vehicle and ideally you

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<v Speaker 2>must drive the vehicle before you consider handing over your money.

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<v Speaker 2>It's staggering to me how many consumer complaint cases we

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<v Speaker 2>receive that start with I didn't take it on a

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<v Speaker 2>test drive, or I sent a friend to take a look,

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<v Speaker 2>or I just bought its sight unseen. Do you want

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<v Speaker 2>to just elaborate a little bit more about why it's

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<v Speaker 2>so important to physically lay eyes on the vehicle.

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<v Speaker 3>Yeah, I think it's verity important to remember that when

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<v Speaker 3>you're buying from another business, you are protected by the

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<v Speaker 3>Consumer Protection Act, which means that if there's something wrong

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<v Speaker 3>with the car which they misled you, or in fact

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<v Speaker 3>they didn't even if it's just accidental they didn't know

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<v Speaker 3>about it. If something goes wrong in the first six months,

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<v Speaker 3>you have the right to go back to them and

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<v Speaker 3>demand your money back, or to demand that the car

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<v Speaker 3>gets fixed. When you're buying from a private individual, you

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<v Speaker 3>have no such rights, and so the responsibility you have

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<v Speaker 3>to make sure that you are comfortable that the car

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<v Speaker 3>is in good condition is so much greater because realistically,

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<v Speaker 3>to fight with a private individual afterwards to dry and

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<v Speaker 3>get your money back is almost impossib And I very

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<v Speaker 3>strongly recommend that if you are going to save twenty

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<v Speaker 3>or thirty thousand rand by buying a car directly, not

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<v Speaker 3>through a dealership, then rather spend a portion of that,

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<v Speaker 3>let's say two or three thousand rand, getting a professional

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<v Speaker 3>to look at the car before you actually buy it. DECRA,

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<v Speaker 3>the AA, a number of other service providers make it

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<v Speaker 3>very easy for you to take the car there. Some

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<v Speaker 3>of them even come to you, but most of them

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<v Speaker 3>it's easy to go there, have a one hour inspection

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<v Speaker 3>done where they check the detail of the car and

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<v Speaker 3>someone independent can tell you, yes, I don't see anything alarming.

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<v Speaker 3>It really is something that if you spend that one

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<v Speaker 3>or two or three thousand rand, it's something that saves

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<v Speaker 3>you a lot of money in the long term.

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<v Speaker 2>Ernest can that process also identify if this is perhaps

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<v Speaker 2>a stolen vehicle, or if all is not right with

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<v Speaker 2>the paperwork, would they pick up for example, if something

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<v Speaker 2>wasn't in order.

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<v Speaker 3>Typically those same those in the vils don't perform the

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<v Speaker 3>sort of the more the mechanic service is separate from

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<v Speaker 3>the administration service. So if you the most important thing

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<v Speaker 3>to get there is to consider the actual green registration certificate.

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<v Speaker 3>I think one check. The most important check that you

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<v Speaker 3>can do that most people forget to do is to

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<v Speaker 3>the seller has to show you the original green certificate,

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<v Speaker 3>not not a black and white copy. It has to

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<v Speaker 3>be the original. And then you have to open the engine.

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<v Speaker 3>Have you have to open the bonnet and go look

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<v Speaker 3>on the engine itself. That's the ven number matches and

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<v Speaker 3>chack very very carefully. You have to check that the

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<v Speaker 3>ven number matches on the engine, that which is on

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<v Speaker 3>the green registration certificate.

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<v Speaker 2>Okay, that's such an important advice. Okay, so absolutely essential

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<v Speaker 2>to check that the because I mean, you are if something.

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<v Speaker 2>If you buy that car Erneston a month later the

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<v Speaker 2>police are knocking on your door saying we believe you're

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<v Speaker 2>in possession of a stolen vehicle.

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<v Speaker 1>You going to be in a really difficult position.

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<v Speaker 3>It's not something that happens super super frequently, Papa, but

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<v Speaker 3>it's something that will be very inconvenient if it does.

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<v Speaker 3>The more likely scenario is if you've driven that car

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<v Speaker 3>for a couple of months and now it gets stolen

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<v Speaker 3>or it gets written off, then your insurer will do

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<v Speaker 3>a very detailed check and that's where we often find

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<v Speaker 3>that someone had innocently been driving a car that was

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<v Speaker 3>actually stolen. And then the process of sort of reversing

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<v Speaker 3>the original sale and all sorts of administration that goes

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<v Speaker 3>with that is very very burdens and so the more

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<v Speaker 3>you can protect yourself up front, the better.

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<v Speaker 2>We're talking to Ernest North, the co founder of Naked Insurance,

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<v Speaker 2>about the perils and pitfalls, but obviously, of course the

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<v Speaker 2>potential benefit of buying a car in a private deal

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<v Speaker 2>as opposed to buying through a dealership, and if you're

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<v Speaker 2>going to do it privately, just making everybody aware of

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<v Speaker 2>the risks you run and how to sort of buffer

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<v Speaker 2>yourself against those risks. Ernest, let's talk a little bit

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<v Speaker 2>about the kinds of questions you should be asking the seller.

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<v Speaker 2>Is what is it essential to ask?

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<v Speaker 3>I think obviously the service history is critical understanding. I mean,

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<v Speaker 3>we all buy a car thinking that it's going to

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<v Speaker 3>smell very nice and these legacyeds are going to be

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<v Speaker 3>very comfortable, especially in the first couple of hours that

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<v Speaker 3>I drive it. But then as you continue to own it,

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<v Speaker 3>the risk of something breaking down increases, and you need

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<v Speaker 3>to be comfortable that you understand how big that risk

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<v Speaker 3>is and that you're not in for a surprise when

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<v Speaker 3>you take it in for the first service or that

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<v Speaker 3>something doesn't break. So like checking the service history very

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<v Speaker 3>carefully is important and it's a significant wait, certainly for

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<v Speaker 3>a car that was within its first one hundred and

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<v Speaker 3>twenty one hundred and fifty thousand kilometers having been serviced

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<v Speaker 3>by an accredited a service provider. So if it is

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<v Speaker 3>a specific brand, I'm always worried if a car as

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<v Speaker 3>only sixty or eighty thousand kilometers but it wasn't on

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<v Speaker 3>time serviced by the official brand of that service provider.

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<v Speaker 3>So that's one of the most important things I recommend

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<v Speaker 3>people look into. Then you have to you have to

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<v Speaker 3>underst stand also the mileage that this car is done.

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<v Speaker 3>If you can sort of work on the rule of

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<v Speaker 3>thumb of fifteen to twenty thousand kilometers a month a year,

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<v Speaker 3>and if it's done significantly more than that, I would

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<v Speaker 3>want to know why is that? What kind of trips

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<v Speaker 3>has it done? Has this car been sort of on

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<v Speaker 3>more off road conditions. Has it been used in sort

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<v Speaker 3>of commercial use, maybe transporting equipmental material, that sort of thing.

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<v Speaker 3>I would want to know that. And then very importantly

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<v Speaker 3>the accident history. There's you have to get that person

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<v Speaker 3>to confirm to you in writing. And yes, the other

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<v Speaker 3>mistake that people make then when they're buying private or

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<v Speaker 3>for that matter. From a dealership. You can't just ask

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<v Speaker 3>people questions and then six months later say, oh no,

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<v Speaker 3>but remember you told me this and that and that.

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<v Speaker 3>You have to get them to confirm in writing a

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<v Speaker 3>whole bunch of things that you want. So if they're

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<v Speaker 3>giving you details on the service history, get them to

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<v Speaker 3>put it in writing. If they're giving you confirmation that

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<v Speaker 3>this car hasn't been in an accident according to their knowledge,

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<v Speaker 3>get it in writing. It's a small one to two

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<v Speaker 3>page addition to the standard paperwork, which really makes it

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<v Speaker 3>serves as a checklist for you. And I think going

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<v Speaker 3>on to the Naked blog will help you formulate that checklist,

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<v Speaker 3>but very importantly it helps you protect you a little

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<v Speaker 3>bit more when you are or maybe a couple of

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<v Speaker 3>weeks later, and something seems to be out of place,

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<v Speaker 3>like having the conversation based on something that is black

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<v Speaker 3>and white is always easier than just words.

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<v Speaker 2>Okay, you've mentioned a checklist on your blog, so Ernest,

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<v Speaker 2>everything we're talking about here and additional information that we

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<v Speaker 2>might not have time to cover, is that easily accessible?

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<v Speaker 2>Where do listeners go to find that?

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<v Speaker 3>Absolutely? Just google the Naked Insurance blog and you can

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<v Speaker 3>you can find all sorts of car buying tips, how

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<v Speaker 3>much which cars costs to maintain, et cetera.

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<v Speaker 2>Okay, now we've spoken a little bit about the car

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<v Speaker 2>inspection and how ideally it pays to have that done

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<v Speaker 2>by a professional who's going to check everything from the

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<v Speaker 2>tires to the lights, to the windscreen, wipers and all

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<v Speaker 2>of that. But let's talk a little bit more about

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<v Speaker 2>the test drive. Ernest interesting comment here from Dennis, who

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<v Speaker 2>reckons you should get the driver to do a test

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<v Speaker 2>drive with you and get an impression of how they

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<v Speaker 2>have driven this vehicle and notice what their their habits

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<v Speaker 2>are like, especially manual shifts that clutch abuse, bad breaking,

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<v Speaker 2>et cetera. Are quite like that Dennis, spying on the potential.

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<v Speaker 2>But it's not a bad point. You have no idea

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<v Speaker 2>how this person has treated the car before you.

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<v Speaker 3>Yeah, it's absolutely I think it's a nice suggestion from Dennis.

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<v Speaker 3>I think in practice anybody can can can can fool

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<v Speaker 3>you a little bit though, so I think getting getting

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<v Speaker 3>a mechanic to have a look at the actual clutch

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<v Speaker 3>plate will probably tell you more than the driving behavior.

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<v Speaker 3>But it is a nice tip as well. The I

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<v Speaker 3>think the first thing I want to say when it

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<v Speaker 3>comes to the test drive is obviously number one priorities

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<v Speaker 3>your own personal physical safety. Unfortunately, people make the mistake

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<v Speaker 3>of entering into dangerous situations, either doing it in a

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<v Speaker 3>place where where there's not a lot of other people around,

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<v Speaker 3>or doing it in a place where they're driving through

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<v Speaker 3>a sort of a dangerous area, or they're sort of

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<v Speaker 3>being scanned by a person that professionally pretends to be

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<v Speaker 3>a car seller. So I always prefer to do this

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<v Speaker 3>in majority of test drives. I think you can do

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<v Speaker 3>in a public space like a big shopping center's parking lot.

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<v Speaker 3>Maybe you can go up and you can quickly go

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<v Speaker 3>out one block, but I would I would remove the

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<v Speaker 3>risk of significant physical safety a damage just by being

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<v Speaker 3>in a public space where there's lots of other people

0:11:49.559 --> 0:11:50.400
<v Speaker 3>around you.

0:11:50.559 --> 0:11:53.520
<v Speaker 2>Absolutely echoing what our listener Keith wrote, as you uttered

0:11:53.559 --> 0:11:55.640
<v Speaker 2>those words, make sure the place where you go to

0:11:55.720 --> 0:11:58.840
<v Speaker 2>view the vehicle is safe and or take somebody with you.

0:11:58.920 --> 0:12:00.360
<v Speaker 1>That's good advice, Keith. Thank you.

0:12:01.200 --> 0:12:04.800
<v Speaker 2>Right, we've spoken about the absolutely essential elements of checking

0:12:04.800 --> 0:12:09.520
<v Speaker 2>that they have the original registration of this vehicle. Are

0:12:09.559 --> 0:12:12.080
<v Speaker 2>you what can or can't you ask for or must

0:12:12.160 --> 0:12:15.240
<v Speaker 2>you ask for in terms of proof of their identity ernest.

0:12:15.240 --> 0:12:18.240
<v Speaker 2>Are you allowed to demand copies of the seller's ID

0:12:18.400 --> 0:12:18.960
<v Speaker 2>for example?

0:12:19.880 --> 0:12:22.840
<v Speaker 3>Absolutely? So when you are it's always is. So there

0:12:22.840 --> 0:12:25.719
<v Speaker 3>are two forms. There are two forms that need to

0:12:25.720 --> 0:12:28.920
<v Speaker 3>be filled out when people are doing a private car transaction. Yeah.

0:12:29.000 --> 0:12:33.080
<v Speaker 3>The one is the actual sale transaction form and the

0:12:33.120 --> 0:12:35.680
<v Speaker 3>other one is the notification of change of ownership, so

0:12:36.240 --> 0:12:40.360
<v Speaker 3>or sort of a registration document. The seller needs to

0:12:40.559 --> 0:12:43.600
<v Speaker 3>You need to jointly sign one of those papers together,

0:12:44.120 --> 0:12:47.000
<v Speaker 3>and you are completely within your right. When they are

0:12:47.080 --> 0:12:52.120
<v Speaker 3>signing their part, which includes their identity details, you are

0:12:52.280 --> 0:12:55.160
<v Speaker 3>within your right to ask, may I just verify that

0:12:55.240 --> 0:12:57.520
<v Speaker 3>this ID number and this name which you've given me

0:12:57.640 --> 0:13:00.280
<v Speaker 3>he is actually the name of a real person. Please

0:13:00.280 --> 0:13:03.079
<v Speaker 3>show me your ID document or your driver's license. That

0:13:03.200 --> 0:13:06.199
<v Speaker 3>is a very good tip, So I strongly recommend that.

0:13:06.320 --> 0:13:10.440
<v Speaker 3>And it's always good to do that paperwork in advance.

0:13:11.320 --> 0:13:17.720
<v Speaker 3>So very often people sort of rely on the one

0:13:17.840 --> 0:13:20.680
<v Speaker 3>party to oh no, lets, I just want the call urgently,

0:13:20.720 --> 0:13:23.720
<v Speaker 3>even though we haven't done all the paperwork. In practice,

0:13:24.000 --> 0:13:25.959
<v Speaker 3>a sealer, once they've given you that key and once

0:13:26.000 --> 0:13:28.560
<v Speaker 3>they have the money, getting hold of them and getting

0:13:28.600 --> 0:13:30.960
<v Speaker 3>them to actually do the paperwork is very difficult and

0:13:31.000 --> 0:13:34.120
<v Speaker 3>administratively that becomes a big issue on your part. Then,

0:13:34.520 --> 0:13:37.200
<v Speaker 3>so don't take the key, don't give them the money

0:13:37.280 --> 0:13:40.479
<v Speaker 3>until you've actually done the paperwork right there on the spot.

0:13:40.840 --> 0:13:43.280
<v Speaker 2>And when we say the money, ideally that's money in

0:13:43.400 --> 0:13:44.240
<v Speaker 2>electronic form.

0:13:44.280 --> 0:13:46.360
<v Speaker 1>Not so, ernest. I know you very cautious about the

0:13:46.480 --> 0:13:47.760
<v Speaker 1>use of cash.

0:13:47.800 --> 0:13:50.240
<v Speaker 3>Absolutely no. I think we live in an age now

0:13:50.320 --> 0:13:55.240
<v Speaker 3>where it should be almost unthinkable to buy a car

0:13:55.440 --> 0:13:59.000
<v Speaker 3>in physical, hard, cold cash. And I think, I mean,

0:13:59.000 --> 0:14:01.200
<v Speaker 3>if we've mostly been talking about you as a buyer,

0:14:01.720 --> 0:14:04.040
<v Speaker 3>I think if you're the seller and somebody rocks up

0:14:04.080 --> 0:14:09.400
<v Speaker 3>with cash, I would be very very careful. I would

0:14:09.480 --> 0:14:14.120
<v Speaker 3>recommend that you go into that that transaction then happens

0:14:14.160 --> 0:14:17.959
<v Speaker 3>in an actual bank where you can only receive. If

0:14:17.960 --> 0:14:20.720
<v Speaker 3>you're ever to receive more than three or four thousand

0:14:20.760 --> 0:14:23.320
<v Speaker 3>RAN in cash, you should agree with them that you

0:14:23.720 --> 0:14:27.000
<v Speaker 3>only want to receive that in the actual bank branch

0:14:27.440 --> 0:14:30.120
<v Speaker 3>where the bank can check that cash on the spot.

0:14:30.600 --> 0:14:32.840
<v Speaker 3>You never want to be walking around with the cash

0:14:33.120 --> 0:14:35.960
<v Speaker 3>because that's dangerous, but also you want to verify the

0:14:36.040 --> 0:14:38.600
<v Speaker 3>validity of that cash. So I would I mean, I

0:14:38.640 --> 0:14:40.840
<v Speaker 3>think in the year twenty twenty five that should almost

0:14:40.840 --> 0:14:41.400
<v Speaker 3>never happen.

0:14:42.200 --> 0:14:44.400
<v Speaker 2>Ernest, You've given us so much food for thought. Thank

0:14:44.440 --> 0:14:46.600
<v Speaker 2>you very very much, and we didn't touch on quite

0:14:46.640 --> 0:14:49.160
<v Speaker 2>everything on the checklist, so I want to finish by

0:14:49.200 --> 0:14:52.680
<v Speaker 2>reminding listeners that if you google Naked Insurance blog, you

0:14:52.760 --> 0:14:55.720
<v Speaker 2>will find so much more information to help advise you

0:14:55.760 --> 0:14:59.200
<v Speaker 2>through this process, whether you are the buyer or the seller. Ernest,

0:14:59.240 --> 0:15:01.000
<v Speaker 2>thank you though for the time you've given us today.

0:15:01.040 --> 0:15:04.800
<v Speaker 2>As always, very very practical and super helpful. Appreciate your time.

0:15:05.480 --> 0:15:07.320
<v Speaker 3>Thanks Papa. I hope everybody drives safe.

0:15:07.480 --> 0:15:10.120
<v Speaker 1>You too. Ernest North, co founder of Naked Insurance,