Buying used without having the full amount 'there and then'

[maxp]

I'll be the first to admit I don't have much experience buying used cars in general, but I would love to know what peoples thoughts are.

Ive got a hypothetical situation arising and don't know if my expected course of action is 'kosher'.

Say I see something from a private seller, up for £7500 - Is agreeing a price, then offering a cash deposit, say £300 on the day, then arranging to pay the remainder on collection 5 days later for example, an acceptable practise?

The primary issue behind this is its a bit of a pain in the bum to release / extract the main 'chunk' of the necessary funds when theres the very real possibility the car I see on that day may not be 'the one'.

[Papa Hotel]

That's acceptable.

[stick100]

maxp said:

I'll be the first to admit I don't have much experience buying used cars in general, but I would love to know what peoples thoughts are.

Ive got a hypothetical situation arising and don't know if my expected course of action is 'kosher'.

Say I see something from a private seller, up for £7500 - Is agreeing a price, then offering a cash deposit, say £300 on the day, then arranging to pay the remainder on collection 5 days later for example, an acceptable practise?

The primary issue behind this is its a bit of a pain in the bum to release / extract the main 'chunk' of the necessary funds when theres the very real possibility the car I see on that day may not be 'the one'.

If you leave a deposit and you don't turn up with the money the seller is better of by 300
There's not many people who turn up to look at a car with the cash in there pockets

[taters]

Sometimes if it's a car that is in demand and doesn't come up every now and then, I find it handy to have the cash out stashed at home.

Theres been times Ive seen something come up on PH and then within hours Ive bought it and driving it home. You have to be ready to jump imho.

[Stenjay]

Completely the norm. Unless I'm buying a cheap shed I'd never carry all the cash on me when viewing.

[Buster73]

Just draw the wedge out the bank and put it in a biscuit tin at home.

It's a straightforward transaction hardly going to take 3/4 days to sort out in this day and age.

Not worrying about loss of interest are you ? You'll measure that in pennies man.

[SMcP114]

I have had at least 5 deposits where I've never seen or heard of the buyer again. A win win situation I suppose. Sadly these days a deposit does not mean a car is sold.

[sleep envy]

SMcP114 said:

I have had at least 5 deposits where I've never seen or heard of the buyer again. A win win situation I suppose. Sadly these days a deposit does not mean a car is sold.

Odd, particularly as I was about to suggest a deposit big enough to secure the sale but small enough that you can walk away from should it goes tits up for whatever reason.

[SMcP114]

sleep envy said:

Odd, particularly as I was about to suggest a deposit big enough to secure the sale but small enough that you can walk away from should it goes tits up for whatever reason.

The least I've ever taken is 100, the most 250. I can't understand it either. Not even a sob story and a request for the money back.

[Papa Hotel]

SMcP114 said:

The least I've ever taken is 100, the most 250. I can't understand it either. Not even a sob story and a request for the money back.

Maybe they just didn't want to visit Newry twice. Fair enough I reckon.

[SMcP114]

Papa Hotel said:

Maybe they just didn't want to visit Newry twice. Fair enough I reckon.

I've lived in Bessbrook and Warrenpoint, but your point still applies.

[Dr Doofenshmirtz]

£300 is way way too much IMO. A £50 deposit is acceptable for a private sale.

[SMcP114]

Dr Doofenshmirtz said:

£300 is way way too much IMO. A £50 deposit is acceptable for a private sale.

You would turn away potential buyers, confident your car was sold, for 50 quid?

[maxp]

Thanks for the replies guys. Perhaps £150 is a more sensible amount.

I take it the next step is to leave with a written receipt and take an exact note of the current mileage? Am I forgetting anything else?

[calibrax]

maxp said:

Thanks for the replies guys. Perhaps £150 is a more sensible amount.

I take it the next step is to leave with a written receipt and take an exact note of the current mileage? Am I forgetting anything else?

HPI check

[Dr Doofenshmirtz]

SMcP114 said:

Dr Doofenshmirtz said:

£300 is way way too much IMO. A £50 deposit is acceptable for a private sale.

You would turn away potential buyers, confident your car was sold, for 50 quid?

Fair point. Depends how desperate I was to sell it I suppose.
I'd agree a collection date (within a few days). If that date came and went I'd simply re-advertise it and enjoy my free £50.

[DanielSan]

I'd say the deposit partly depends on the value of the car surely? I paid 4500 for my s2000 and left a £300 deposit which I personally thought was a 'correct' amount given the price of the car. If I was selling a car for £10k I'd want more than £150 deposit personally purely to know the buyer will be back and I'm not turning any other interested parties away for no reason.

[SMcP114]

Dr Doofenshmirtz said:

Fair point. Depends how desperate I was to sell it I suppose.
I'd agree a collection date (within a few days). If that date came and went I'd simply re-advertise it and enjoy my free £50.

For me 50 is too low and would encourage people to throw it down without really committing to buy. More to hold the car just in case they don't see one better.

With a deposit, the more the better imo.

[Ray Luxury-Yacht]

DanielSan said:

I'd say the deposit partly depends on the value of the car surely? I paid 4500 for my s2000 and left a £300 deposit which I personally thought was a 'correct' amount given the price of the car. If I was selling a car for £10k I'd want more than £150 deposit personally purely to know the buyer will be back and I'm not turning any other interested parties away for no reason.

Lol, nearly exactly the deal I did, but as a seller!

I sold an S2000 for £4,250...your man arrived to view, left £300, and came back 2 days later to collect with the rest of the cash.