ECONOMY & WORK
MONEY 101
NEWS
PERSONAL FINANCE
NET WORTH
About Us Contact Us Privacy Policy Terms of Use DMCA Opt-out of personalized ads
© Copyright 2023 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.
MARKETREALIST.COM / NEWS

BBB Sounds Alarm for Buying Cars Online, Says Car Scams Are on the Rise

Wilkinson fell for the advertisement as it was posted by a fake Facebook account of somebody he knew.
PUBLISHED APR 9, 2024
Cover Image Source: Online car scams on the rise (representative image) | Pexels
Cover Image Source: Online car scams on the rise (representative image) | Pexels

Scammers have found yet another way to target car buyers. Now, the Better Business Bureau is sounding the alarm for online car scams saying that there were more than 696 reports of car buying-related scams nationwide from 2021-2023. Therefore, if you are somebody looking to buy a car online, it's important to watch out for these scams, which are especially prevalent on social media sites like Facebook, and X. Something along the lines happened with a social media user, Bud Wilkinson, who was browsing through his Facebook when he came across a Facebook ad. In the ad, a woman was seemingly selling a 2012 Honda Accord for $2,000. 



 

"These things happen, and this could happen to anyone," Wilkinson told WFSB. “What decent car sells for $2000 these days? It was way below market value,” said Wilkinson who now knows that the price was a major red flag. "This should have raised a bell in my head, the seller said can you send the money to my cousin?" said Wilkinson. However, Wilkinson fell for the advertisement as it was posted by a fake account of somebody he knew. The whole incident serves as a reminder that scams can happen to anybody at any time. 



 

Experts say that scammers are taking advantage of the fact that they can't see the car.  "One of the hallmarks of this scam is that the person is unable to see the car in person. Always see the car in person. At the very least, do a video chat," said Kristin Johnson with BBB Serving Connecticut. It is not only through these ads, that the scammers are trying to fraud people. Some are even targeting customers by posing as a car research company.

"They are creating websites that look like accident report websites where you can look up a car’s history. This happened to a woman here in Connecticut. She paid $1 to look up a car’s history. Soon she received a $30 charge on her credit card and an email saying that she was now going to be charged $30 every two weeks for a subscription she unknowingly signed up for," said Johnson.

Another business owner spoke to News 5 and expressed his concern over the whole matter. "It’s out of control," said David Heinrichs, owner of Heinrichs Vintage Car Shop. Heinrichs, too, lost money when he went online to buy a classic car. 

Negative Space | Pexels
Negative Space | Pexels

"I let my website expire and then some scammers picked it up after the domain became available, and what they did is they used my home page with all my information, my phone number, and my business address, and if you clicked on their sales, it went to a completely new website," Heinrichs told ABC News 5. Moreover, he talked about the sheer volume of these scams saying that he has known six people who have been scammed over $200,000. 

So what can we do as consumers? Experts recommend everyone to be cautious at all times and verify the seller. Experts also insist on paying with credit cards as that makes the reversal of the transaction easier. Remember, if something looks too good to be true, it probably is!

MORE ON MARKET REALIST
'I have to say that I haven't seen very many of these,' expert Bill Harriman said, before revealing its potential value.
9 hours ago
This coin survived the Titanic, but it was too expensive for Rick Harrison to bag.
11 hours ago
The guest had preserved her great-grandmother's necklace for 35 years, unaware that it was a rare Louis Comfort Tiffany piece.
12 hours ago
Even though contestant Vicki Rowe took the loss gracefully, fans weren't happy with the unsual Bonus Round puzzle.
13 hours ago
Even though Rick Harrison made a bold bid for the car that was verified, the guest decided to keep it.
15 hours ago
According to the expert, personal letters and a signature from Tolkien himself added to the value of the book.
1 day ago
Chistina and Katie Currie won over $88,000 in cash and two exotic vacations with their stunning performance.
1 day ago
After everyone backed out, the billionaire Shark stepped up to help the founder of Diaper Dust.
2 days ago
Sun kept repeating the incorrect phrase but couldn't identify the error in time.
2 days ago
After almost closing a deal with Mr Wonderful, the founder of 'Simply Good Jars' pivoted hard.
2 days ago
The host thought it was the "worst possible answer" to give even as the team felt it was good enough.
3 days ago
Adding to the controversy, the owner of Dr. Mudd's lapdesk asked Harrison for $100,000.
3 days ago
With just milliseconds to spare, Sarah LaPilusa pulled off an incredible Bonus Round win.
3 days ago
Ozark Trail 64 oz Water Bottles were recalled after the lids of faulty bottles forcefully ejected.
4 days ago
The player laughed and giggled her way through the puzzles to win prizes worth over $57,000.
4 days ago
Scott Riccardi placed an unbelievable wager during Final Jeopardy! to win a massive amount in a day!
4 days ago
The guest got a 200% return on investment on her sculpture that she bought from Macy's.
4 days ago
Jennings had a record-setting winning streak as a contestant before he became the host.
5 days ago
The player, Ron Wheeler, tragically got no clues after his letter picks for the final puzzle.
5 days ago
The former kids champion, Skyler Hornback knew what was coming.
5 days ago