Private Sales and Deposits!

skerryman

Just a quick question. Wondering what the normal/ safest procedure for securing a car you want to buy privately if you can't collect it on the day. Going to view a car next week and most likely it will be a couple of days after the viewing that I can collect it. Providing I like the car and agree on a price, what are my options regarding securing the car. Is it a case of shake on it and hope nobody else pops up with a better offer in the meantime or should I give some sort of deposit (not cash I'm guessing) ?

Absurdum

I wouldn't give a deposit under any circumstances. Shaking on it should be enough, if the seller goes back on this then you're probably better off dealing with someone else.

-Chris-

I'd give €100 deposit to secure the car and show I'm serious about buying it.

Owen

+1 on giving a token deposit. I wouldn't trust anyone's word these days ... people are too fickle, you'd end up holding onto a car for weeks on someone's word, and then they back out.

Compton

The amount of timewasters is just insane these days. A deposit would be necessary for me to keep the car for you for example.

skerryman

So maybe a €100 token deposit if a sale is agreed? Obviously depending on how the viewing goes. I realise there are time wasters out there. I also want to be sure that once I agree on the sale and go and sort insurance etc that the sale actually goes through and nothing pops up to muck it up for me after sorting out everything my end.

shawnee

Absurdum wrote: »

I wouldn't give a deposit under any circumstances. Shaking on it should be enough, if the seller goes back on this then you're probably better off dealing with someone else.

And what if the buyer goes back on it, and you want to sell the car ?

It is essential to take a deposit when selling the car, otherwise you will waste a huge amount of time and energy in showing it

skerryman

I'm presuming I should get him ti sign something upon receipt of a deposit? Whats generally done in this case?

Reloc8

Just get him to write out/you write it :-

'Received €100 from x on [insert date] as deposit on vehicle registration number xxxxxxx pending payment in full of [insert sale price less deposit] within 7 days of today's date (or whatever you've agreed)'

and sign it.

I presume its agreed to be non-refundable ?

bazz26

Absurdum wrote: »

I wouldn't give a deposit under any circumstances. Shaking on it should be enough, if the seller goes back on this then you're probably better off dealing with someone else.

I sold my car privately last year and I would not entertain holding it for anyone without a deposit. What if you hold it for someone without a deposit, you take the car off the market, decline interest from somebody else and you then don't hear from the first guy again? This puts you at serious disadvantage when you readvertise the car.

Asking for a small deposit of €100 or so imo weeds out the window shoppers from the genuine buyers.

bazz26

When I sold my car I asked for a deposit of €100 to secure the car after we agreed a price. I gave the buyer a receipt listing agreed sale price less deposit. We both signed it and I updated the ad with "sale agreed". I met the buyer a few days later at the bank and the remaining balance was transfered to my account, we signed the change of ownership form, dropped it into the nearest post box and I handed him the keys. Got home and updated the advert as "sold".

Painless experiense for me. Taking a deposit of around €100 will weed out the window shoppers from the genuine buyers imo.

unkel

From a sellers point of view: Make absolutely sure the deposit is NOT refundable. If they back out of the deal, their money is gone.

Also, €100 is very low. Try for €250 or €500

From a buyers point of view: just shake on it, don't offer any deposit. If you are gazumped in the process (this could happen if you pay a deposit too BTW), there are plenty of other cars for sale out there

ShadowHearth

I don't understand this: I feck on a first date! Damn I mean: I newer give deposit, if he wants to sell he sill keep it.

I bought good few cars. I had given once 300eu deposit for clk200. Had no trouble at all. Seller was really cool fella, after 2 days he picked me up from mallow, got me cork so I can collect car.

Skyline - asked fell to bring car to mallow. Told him I will pay 20 quid petrol price no matter if I will or not buy car. After check up I payed money said I will take it. Asked him to bring car tomorrow to my placeso I cam pay him too. Offered him deposit over that 20 quid I promised him. He said nah it's cool, he will be here tomorrow. No problem.


I haven't sold cars in adds yet, but i can imagine how many timewasters out there, who asks to keep car and newer come back...

Anan1

If you want to know that the car is yours, then you need it in writing. That means getting a receipt from the vendor stating the deposit paid, the balance due, and the terms of sale.

skerryman

Cheers for all the helpful info guys. On another note, when paying for the car, whats the safest way to give payment. I'll be meeting him a few days before it gets to that stage so should have a reasonable impression if he's sound or not. Is cash the norm or is transferring money to his account while he's there (as Bazz mentioned above) a safer bet. Apologies for my lack of knowledge on car buying etiquette, its my first private sale

Absurdum

shawnee wrote: »

And what if the buyer goes back on it, and you want to sell the car ?

It is essential to take a deposit when selling the car, otherwise you will waste a huge amount of time and energy in showing it

bazz26 wrote: »

I sold my car privately last year and I would not entertain holding it for anyone without a deposit. What if you hold it for someone without a deposit, you take the car off the market, decline interest from somebody else and you then don't hear from the first guy again? This puts you at serious disadvantage when you readvertise the car.

Asking for a small deposit of €100 or so imo weeds out the window shoppers from the genuine buyers.

we're talking about buying a car, not selling, so I don't really care about the above scenarios

Anan1

Absurdum wrote: »

we're talking about buying a car, not selling, so I don't really care about the above scenarios

You should - they'll inform the behaviour of your seller.;)