Online fraud rips off £18 million from car buyers

Online fraud is costing car buyers £17.8 million a year, new research has suggested.

According to the National Fraud Intelligence Bureau (NFIB), last year there were 6,600 people who reported being ripped off having bought a vehicle online. The average cost of an online transactions was £4,078, with many of the cars never existing or not being delivered.

The current trend among consumers – regardless of the product or service they are looking for – is to shop online before hitting the high streets. However these figures illustrate the dangers associated with relying blindly of buying via the internet.

This lesson rings true for car traders who are looking to acquire an online motor trade insurance quote; while companies like ChoiceQuote can provide this service quickly and easily, it is always advisable to then speak directly to the experts to ensure you’re getting the best policy to meet your business’ needs, not merely the cheapest policy you can find.

For the online car shoppers, over a third (37 per cent) said the seller suddenly disappeared after they sent money for a vehicle. Countless others reported receiving the car and suddenly realising there were countless other faults that did not match up with the vehicle’s description.

The message that the NFIB offers is that any deal which looks like it is too good to be true often is. As such consumers must be diligent in ensuring they do not enter into any financial transactions with reputable motor traders before performing further checks on the vehicle in question.