Save Money by Using the Personal Property Securities Register (PPSR)
Who doesn’t like to save money? Well, you can do just that by using the Personal Property Securities Register (PPSR). We aren’t talking about getting items cheaper on the PPSR (though that could be an outcome – we’ll show you how). We are looking at the unconventional ways you can save money by using the Personal Property Securities Register (PPSR).
What is the Personal Property Securities Register (PPSR)?
As the name suggests, the Personal Property Securities Register (PPSR) is the Australian national online database of registered personal items. To be registered on the site, there must be some form of secured interest in the particular personal property for another party.
Both individuals and companies can use the PPSR. As a property register, any personal property that has a loan, hire purchase agreement, consignment arrangement, etc., assigned to it should be registered on the PPSR. This is how preference is now determined for disputes where there may be concerns about who owns the asset or who should be first in line to be repaid if there is a bankruptcy or liquidation matter. The PPSR is also used by companies to check encumbrances before offering loans and other financial facilities to individuals and other businesses.
While the PPSR is geared at all personal property, this post is about PPSR for vehicle purchases. There are more than 4 million vehicles registered in the PPSR. If the vehicle you plan to buy isn’t there, you may need to reconsider. When you run a PPSR search through certain sites, you get VIN check information in addition to PPSR details on a vehicle.
One thing to note is that it’s not possible to get PPSR free. That’s because of the revamped system by the Australian government. So, while you can’t search the PPSR for free, there are affordable options to get a detailed PPSR report and PPSR certificate.
4 Ways to Save Money with PPSR
Information is power. And with the information that the PPSR report and PPSR certificate provide, you as a buyer can use this power to save you some money either now or in the long run.
Let’s look at 4 of the top ways that you can save money with a PPSR report.
Avoid expensive repairs
When you run a PPSR search, you will get information such as damages that happened to the car. Now, depending on the type of damage, the car may have been written off and then subsequently repaired. If these repairs weren’t up to par, you could see yourself spending a lot on additional repairs after you buy the car.
So, treat the information from the PPSR search with importance. It could save you a lot of money in future repairs.
Not receiving stolen property
Vehicle theft in Australia is constantly rising. In certain states, a car is stolen almost every hour. You don’t want to be that unlucky victim that ends up receiving a stolen car. Not only will you lose your money after paying for that stolen car, but, you could also end up in trouble with the authorities which will cost you in legal fees.
After all, you had the option of checking the stolen vehicle status and chose not to. Remember, ignorance is no excuse, especially when you have the means to get the facts.
Negotiating the costs of a used vehicle
Let’s say you got a PPSR report and realised that the vehicle had been damaged before. It’s not damage that was significant, but it was enough that it was recorded. You aren’t averse to buying the car based on the report. But, you can use this information to negotiate a better price with the seller. This is one way of using the PPSR to get an item cheaper.
Running multiple PPSR Searches
Buying a used car means shopping around. In doing so, you might find several cars that you like that meet your basic requirements. How you can further narrow them down is by reviewing their individual PPSR reports and eliminating the ones that have issues you don’t want to deal with. Now, if you have 5 cars shortlisted, it could get a bit costly trying to run reports on all 5.
What you can do, is find an affordable PPSR report service so that you can run several reports for cheap.
Get affordable PPSR Reports
Did you find these methods useful to save money with an affordable PPSR Report? Now, it’s time for happy hunting as you start your used car search. And let us know, did your PPSR search stop you from buying a lemon.