“What rights do I have if I buy a defective used car?”

Q I am 24 and need to buy a car for work. I have never owned a car. My budget is only for a used car and I’m worried about being scammed or making a bad decision. What should I put attention on? And what rights do I have if something goes wrong?

Shane, Co. Louth​

A Know who you are buying from. When you buy from a dealer, you have rights as a consumer – including a new easy right of withdrawal and a full refund within the first 30 days of buying a car if you discover a fault.

This right exists in addition to the usual remedies, namely repair, replacement delivery and price reduction.

However, if you buy from a private seller, you have no consumer rights. If you go this route, be very careful and always have the car checked by a mechanic before you buy it.

Make sure you think carefully about how you are going to pay for the car. Note that Personal Contract Plans (PCPs) are particularly complicated, so you need to know exactly what you’re signing up for.

Get the full history of the car.

There are companies that will do this for a small fee and then give you a report so you can see if the car has ever been in an accident, find out the actual mileage, how many previous owners, and if there is any outstanding financing.

Do your research and don’t rush into a decision.​

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‘I’ve seen a lot of ads about stock releases lately. Should my wife and I use it or are there hidden risks?’​

Q I’ve seen a lot of stock release ads lately and my wife and I have been thinking about it to help fund some trips over the next few years. Is it a viable option or are there hidden downsides?

Pawel, Co. Wexford​

A Equity release is not something to be taken lightly. Look at the risks and consider your alternatives. Get independent financial and legal advice, do your research, and talk to your family or other beneficiaries of your estate.

There are two forms of equity release: home reversion and a lifetime mortgage. Home reversion involves selling a portion of your home for a lump sum. What you get is usually far less than the actual market value of the bet. You can live in your home for the rest of your life.

With a lifetime mortgage, you’re borrowing money against the value of your home, but the interest rates are usually significantly higher than standard mortgage rates. Please see our website (ccpc.ie) for information.

Other options include moving to a cheaper home, getting a different mortgage, renting out rooms, or transferring ownership to a family member for the money needed. Those considering an equity release to pay for nursing home care should consider the HSE Nursing Home Support Scheme instead.