smart51
|
| posted on 27/4/09 at 04:45 PM |
|
|
Advice on selling a car
I've never sold a car to someone I didn't know or who wasn't a dealer. Can you give me some advice please. Is a banker's
draft guaranteed payment? Do car buyers want to pay by cheque and wait for it to clear? I don't want to be paid in cash except in a branch of
my bank, which is always closed except when I'm at work.
Can I get away with driving the car or will buters want to drive it themselves? Do I need to get any driver insurance? How else can I do this? How
do I guarantee a "you brake it you buy it" agreement?
Any other tips are very welcome.
|
|
|
|
|
tegwin
|
| posted on 27/4/09 at 05:01 PM |
|
|
I assume this is the kit car?
Bankers drafts are as good as cash... but I would rather have cash any day of the week.....
If its in wedges over a grand they should be sealed in tape.... specify that this is the case if you are worried....
I would suggest driving the car yourself to demonstrate how muhc care you take over driving it and what the car can do...
Only ONLY if they are seriously interested (and they SHOULD understand why) would I consider letting them have a short drive in a 30-40 limit to see
that the car didnt need any "special" techniques to make it drive... But they would have to fill me with confidence to let them have any
more than that!!!
If they are REALLY interested in getting the car they could always get insurance before they come view?....Or atleast come with the cash so if they
bend it..they pay
------------------------------------------------------------------------------------------------------------------------
Would the last person who leaves the country please switch off the lights and close the door!
www.verticalhorizonsmedia.tv
|
|
|
JoelP
|
| posted on 27/4/09 at 05:11 PM |
|
|
i would want cash unless it was a silly amount. Being in bank wraps doesnt mean its the right amount though, still needs counting and checking. I
wouldnt let someone test a kitcar without a full deposit, and proof of their own insurance.
Nearly all cars i get rid of either go to auction or friends, only remember a couple that have gone to strangers - and then always ebay.
What sort of amount of cash is involved? More than 5k would be pushing it for cash, for me.
I was also under the impression that bankers drafts arent as good as they are reputed to be. Heard they can be cancelled.
|
|
|
mookaloid
|
| posted on 27/4/09 at 05:12 PM |
|
|
Sorry but bankers drafts are not as good as cash.
They can be stopped if the buyer tells the bank that it has been stolen.
Also they can be forged.
I treat them just the same as personal cheques. You don't get the money any quicker.
I would ask them to transfer the money electronically into your account and even then wait 24 hours to make sure it stays there before releasing the
car.
Cheers
Mark
"That thing you're thinking - it wont be that."
|
|
|
bassett
|
| posted on 27/4/09 at 05:18 PM |
|
|
I have only ever used or taken cash to buy/sell a car under about 10k as ive never had any sort of loans etc. I know cash can be faked but havent
sold a car for more than £5k and all buyers have been fairly genuine at sale. If it was a cheque id guess you would generally wait till its cleared
before handing the car over.
My MNR Blog Updated Jan 2010 - Track Day Prep Begins!
|
|
|
DIY Si
|
| posted on 27/4/09 at 06:01 PM |
|
|
What ever the payment is, I would allow it to clear into your bank account before releasing the car. If it's the kit, I would take people out
for a drive first to show them what it can do, and why they won't be driving it without proof of something like a single day policy to cover
them on the car. No-one drives my car but me. It's too fast to just let any silly old bugger loose in it. Especially with me sat next to them.
And remember, you may well get a few test pilots out for a blag. I have let one mate (a biker) drive it round my village, and even he was surprised at
how sharp the throttle is!
“Let your plans be dark and as impenetratable as night, and when you move, fall like a thunderbolt.”
Sun Tzu, The Art of War
My new blog: http://spritecave.blogspot.co.uk/
|
|
|
iank
|
| posted on 27/4/09 at 06:18 PM |
|
|
A fake draft will cause the bank to pull the money back out of your account even after it's cleared. Having them pay cash straight to the
teller works because they have to check for forgeries there and then, anything else carries some risk.
--
Never argue with an idiot. They drag you down to their level, then beat you with experience.
Anonymous
|
|
|
tomprescott
|
| posted on 27/4/09 at 06:42 PM |
|
|
Agree with above, ask for cash. The cars I've bought I've always driven myself, me leaving them with keys for what I came in and cash so
they knew I wasn't gonna skip.
If its in the kit, I'd suggest you drive it with them in there and then while you're out (and in the car with them) let them take it back
while you hold the cash.
Thats how I would do it anyway.
|
|
|
Guinness
|
| posted on 27/4/09 at 07:03 PM |
|
|
I've sold several (tin top) cars in recent years, all through Autotrader.
Cash is the only way they get to take the car away on the day. I have a UV note detector. Just flash them under as you count. £20 for a note
detector is well worth it (IMHO).
I sold a couple of cars for around the £1.5k - £2.5k mark. Buyers didn't flinch at paying that in cash.
Then I sold the BMW for £8k cash. Came in used notes, in bundles, wrapped up in bags from the bank. Still counted and checked it all, then straight
down the nearest bank and get it deposited.
As far as test drives have been concerned, I have always given them the keys, let them start it up, warm it through, then I've taken them for a
drive out for 10 minutes, on a 30mph road, then a 50mph road, round a roundabout, back along a 70 stretch and back home again.
If they'd asked for a test drive themself, I'd insist on seeing either evidence of insurance or the full cash amount. No-one has ever
asked for a test drive themselves though.
HTH
Mike
|
|
|
smart51
|
| posted on 27/4/09 at 07:10 PM |
|
|
Cash paid directly into the bank or electronic transfer sounds the best bet. Can you pay money into any bank's branch or does it have to be
your own?
As for the test drive, I'll just drive them round in it myself.
I am selling the Vortx. Its been fun but between the baby and the new build I just don't get the time. I've just been out giving it a
thorough clean but there are a couple more tar spots to remove before taking photos.
|
|
|
mark chandler
|
| posted on 27/4/09 at 08:14 PM |
|
|
Cash, take them on a drive to the bank and get them to pay it into your account.
They then give you an lift home.
Its the only safe way, to easy to forge with a colour copier these days.
Regards Mark
|
|
|
stevebubs
|
| posted on 27/4/09 at 08:56 PM |
|
|
quote:
Originally posted by tegwin
Bankers drafts are as good as cash... but I would rather have cash any day of the week.....
Bankers drafts are no more reliable than a personal cheque
|
|
|
DarrenW
|
| posted on 28/4/09 at 10:02 AM |
|
|
Ive sold a car privately fopr decent money before and took the buyer to the bank. Once cash was paid in they got the car. Was rather simple and meant
the cash wasnt left lying around too.
As for test drives. Ive driven the car on a decent run before and let the buyer have a short drive back. Its always a risk, maybe should have asked
for evidence of insurance. Probs best not to accept their fully comp policy for their own car though as some dont allow you to drive other cars these
days, and the ones that do are mostly only third party (iirc) meaning your car wont be covered if it is crashed.
I believe most people are genuine and you can get a feel for them at them discussion stages. (Note i didnt say you should feel them , that might not
be appropriate).
A warning for people buying cars. I got an M3 a while ago. HPI showed it had finance owing. Guy said he needed the money from sale to pay off finance.
Sounded fair. For whatever reason i didnt push him after buying for evidence of clearing finance. He used the cash for business woes he had. 18 months
later when i came to sell the same finance came up. Very luckily he came good and settled the finance but it was a botty twitching time for me.
|
|
|
