Perfect private buy scenario

Jimbob 83

So buying soon and abit nervous about the pitfalls that come from buying a 2 litre turbo car second hand privately.

So after all the pre checks for clocking/no finance outstanding are done and you have brought along a mechanically gifted friend to view the car and give the thumbs up and you negotiate a price, what in your view is the best way to seal the deal which makes both parties feel at ease and walking away happy ?

Been going over this in my mind for the last week and im thinking something like.

1. Once price is agreed on drive to the nearest bank you are with and either withdraw a cash amount(this can have a daily limit)/bank draft or mix of the two and allow the seller to verify it's validity and lodge it etc before you leave.
2. Both sign a simplified receipt that states car type/reg/date and sellers intent to sell with both signatures as you hand over payment and both are happy with it.
3. Bring along a stamped adressed envelope for the seller to post on the log book while you go to the bank or after when you are dropping them home (A4 size?)

Basically im just setting out to keep things as legal as possible while making sure the seller is comfortable with the whole thing so there is no nasty suprises which is the reason for the receipt and a bank draft as part of the transaction for it's receipt which will back each other up if the seller is a nutcase.

Just having last minute jitters as i cannot afford the car im buying from a main dealer and i want everyone to walk away from the transaction feeling they got a good/secure deal with no nasty suprises while not looking like a plonker/timewaster.

Our man in Havana

Bank drafts take time to clear. Seller is unlikely to take a draft. Cash is king.

Go with the seller to the postbox. Make sure it is posted in your presence.

Jimbob 83

Our man in Havana wrote: »

Bank drafts take time to clear. Seller is unlikely to take a draft. Cash is king.

Go with the seller to the postbox. Make sure it is posted in your presence.

I would expect as much after just paying for the car and having brought a SAE so there is no excuses.

fasttalkerchat

I would just withdraw the cash beforehand. You don't want to have to make a snap decision because the banks close in half an hour. If its more than 5k or so you could leave the cash at home and pick it up if everything's okay.

Jimbob 83

Will be buying anywhere in the country really so going home might not be an option

Could bring just over half along and take out rest i guess, we are talking 08 golf gti money though

+ I like the idea of a cash/draft mix as it gives me a receipt with there name.

fasttalkerchat

Jimbob 83 wrote: »

Will be buying anywhere in the country really so going home might not be an option

Could bring just over half along and take out rest i guess, we are talking 08 golf gti money though

+ I like the idea of a cash/draft mix as it gives me a receipt with there name.

Personally If I was the seller I wouldn't take anything that isn't cash. If you were say EUR500 short and gave me a cheque for the 500 I might take your word for it but I would keep the car in my name until I had the money in full.

ShadowHearth

What I do op:

I newer ever take full amount of money with me, when going to check a car for a few reasons. One is safety, second one is making hasty purchase.
If I like the car and I really see it tick all the boxes I will leave deposit to seller, if I am having some doubts I just walk away.
So if I put down deposit, then I will arrange a date, when I bring the rest of the money. Allways cash.
Before giving cash I will check log book and make sure sellers name is on log book, then I will get a receipt where it will say the sum the car was bough, who sold it and when it was sold. Preferably 2 witness. Someone from my side and someone from seller ( reason you make a second date to pick up a car, sellers home, where he can have someone with him)
After all is done, I fill in log book, take keys and go home.

Jimbob 83

Haha say 10k cash 1k bank draft would have to be acceptable, anyone who would expect to hang on to the car and 10k cash would imo be abit mad in the head, give and take etc

Just curious as to what other people have done buying 10k+ cars private or when selling

Our man in Havana

Why the fascination with bank drafts?

Jimbob 83

Our man in Havana wrote: »

Why the fascination with bank drafts?

Not too mad about carrying a heap of money across country and you get a receipt from them, two main reasons.

fasttalkerchat

Jimbob 83 wrote: »

Haha say 10k cash 1k bank draft would have to be acceptable, anyone who would expect to hang on to the car and 10k cash would imo be abit mad in the head, give and take etc

Just curious as to what other people have done buying 10k+ cars private or when selling

Would you expect them to fill in and send off the log book though?

bazz26

Sold my last car privately, agreed a price with the buyer once he was happy after the test drive, poking around, etc. He left a €100 deposit. A few days later I went to my bank with the buyer and the funds were transfered electronically to my account, which we both prearranged with our banks before hand. Once I confirmed with my bank that the funds were transfered I handed the keys over to the buyer, he signed the change of ownership form and we dropped it into the nearest post box.

No way I would accept a bank draft these days but I would not expect a buyer to arrive with €9k in notes either. It is too risky from both the buyer and the seller's perspective. Electronic transfer is the way to go in my experience anyway.

Jimbob 83

Thanks bazz