Also called: Private party sale
Private sale
A private sale is the purchase of an asset from a party that is not a dealer or licensed trader, typically another business or an individual. Financing one requires extra verification of the seller and the asset.
What is a private sale?
A private sale is the purchase of an asset from a party that is not a dealer or licensed trader, typically another business or an individual. Financing one requires extra verification of the seller and the asset.
Example
Buying a used skid steer from another contractor for $48,000 requires a PPSR search, seller verification and often an inspection.
Why it matters
Prices are often lower, but there is no dealer warranty, settlement takes longer and GST credits depend on the seller's registration.