BUYING A CLASSIC CAR IN THE UK - SAFEST WAY OF PAYMENT

gdev77

i'm looking to buy a classic car privately in the uk. what is the best & safest way to make payment to the seller? any ideas?

rugbyman

gdev77 wrote: »

i'm looking to buy a classic car privately in the uk. what is the best & safest way to make payment to the seller? any ideas?

if you get a bank draft from an irish bank, it is slightly cheaper than buying cash from the same bank, but the seller will not get credit for the draft for one week or so, so he may not release the car.

cash is best in this case, unless you are not going there yourself, and are having the car collected by a haulier, in which case the draft can wait to be cleared.

If you are going over and the amount is large, bring some docket from the bank with you. the chance s of you being asked at the airport or port about the cash are miniscule, but it can happen.

regards, Rugbyman

gdev77

Thanks for that.
Is bank transfer an option. Is this a safe method too?
Graham

2cv

Cash is still king

gdev77

But is it safe thru' customs etc?

Dades

I'd be surprised if the seller won't tell you what he prefers.

Cash is always better for all of you. If you don't like the car you, can walk away without having already transferred the cash. And the seller knows he doesn't have to worry about a cheque/draft being dodgy and can release the car on the spot.

I once had to wait 30 working days for a draft to clear in a Canadian bank - so no matter what anyone tells you - it ain't as good as cash.

What ya buying?

Re customs - how much are you bringing? Just carry it on your person and be sharp.

2cv

gdev77 wrote: »

But is it safe thru' customs etc?

That depends on the amount

gdev77

i'm thinking of a classic 911

2cv

I think you can legally travel with €12,000 in cash or its equivalent in local currency, as long as you're travelling within the EU.
Check with the airports maybe before you travel.

gdev77

Thanks for that

MercMad

I thought the amount was €10k, but deffo cash is easier. For a car like that I expect it may cost you more than 10k, are you travelling alone ?

gdev77

If I do decide to buy, I won't be travelling alone now

Dades

FYI, if you are getting cash to bring over - call the bank a couple of days in advance.

Otherwise they may have issues releasing that much, or like I experienced, they have no large notes and you might have carry the cash in twenties.

DJD

Just a note on the cash thing:
The limit only applies when entering or leaving the EU itself. it does not apply when traveling within the EU.
Also bank drafts count as cash from a customs point of view

See
http://customs.hmrc.gov.uk/channelsPortalWebApp/channelsPortalWebApp.portal?_nfpb=true&_pageLabel=pageTravel_ShowContent&id=HMCE_PROD1_026096&propertyType=document
Or
http://www.citizensinformation.ie/categories/travel-and-recreation/travel-to-ireland/customs_regulations_for_travellers

corktina

if you take cash , take a receipt showing you drew it from your bank to avoid customs suspecting you of money laundering or drug trafficing.Most sellers wont take anything else I suspect.

Blitzkrieger

Just FYI, don't expect an electronic transfer to be particularly fast either. When I was buying my car they said 3-5 working days, which in itself is a disgrace, but it ended up taking over three weeks. ****ing muppet bankers.....

Hifive

Is a dealer sale?
I bought my BMW 635 from a dealer in the UK with my credit card a couple of years ago:)

I obviously checked before hand with the seller and i also rang the credit card co before the transaction went through to smooth the way.

I suspect even the cheapest 911 might be over most peoples credit limit, but perhaps you could put some of the amount on the cc and so have to carry less cash.