July 31, 2021

Just Bought a Car on Facebook Marketplace? Here is What You Need to Know.

If you’re in the market for a car, chances are that you’ve noticed two things: an unprecedentedly high used car market, and buyers and sellers flocking to Facebook Marketplace to make a deal. Studies show that 78% of people use social media when making a car purchase; with 53% of buyers making their choice of new or new-to-them car entirely online. In this digital-first car buying world, avoiding scams when shopping and immediately filing paperwork after buying your new or new-to-you car can make your Facebook Marketplace a successful and stress-free experience.

With a shortage of computer chips and a lack of repossessions, and fleet cars limiting supply, the used car market is hotter than some have ever seen. Lower inventory also means that some people will look for places other than the dealership to buy a used car. More than half of shoppers discover vehicles online, with 30%…

Read full article here: www.bankrate.com