Selling an expensive car privately?
Discussion
havoc said:
Buyer does - straightforward request to their bank. Difference between BACS and CHAPS is that CHAPS is (nearly) instant and costs ~£20 to do.
As I say, I THINK it's irreversible (straightforward bank transfer is reversible under some circumstances), but I'd check with someone who knows for sure.
yep just checked, sounds like the way to go. ok next job, find a buyer As I say, I THINK it's irreversible (straightforward bank transfer is reversible under some circumstances), but I'd check with someone who knows for sure.
MattVXR87 said:
Thats my worry. is there a market for cars of this price bought for cash? i could sell it to a dealer, but it would be 3k less than market value.
I would do this - for the sake of 3k you could sell the car tomorrow have the money in your bank and no hassle with purchasers etc. OK 3k is a lot of cash, but compared to the value of the car I think it's a price worth paying.Edited by PhilipAlfa on Tuesday 10th August 13:28
PhilipAlfa said:
[quote=MattVXR87Thats my worry. is there a market for cars of this price bought for cash? i could sell it to a dealer, but it would be 3k less than market value.
I would do this - for the sake of 3k you could sell the car tomorrow have the money in your bank and no hassle with purchasers etc. OK 3k is a lot of cash, but compared to the value of the car I think it's a price worth paying.MattVXR87 said:
How do you go about iniating a chaps payment? both of your suggestions are good thanks.
I sold my Cayman S about 2 years ago now for somewhere north of £25K. Buyer and I went to a local branch of his bank near me where he had warned them about the potential purchase. They drew up the CHAPS forms there and then and the money was moved to my account. I was able to ask a few questions about the account the money was moving from and was satisfied with the answers...."effectively this bloke is loaded don't worry".Mosty expensive car I sold privately was my CSL.
Buyer viewed the car, didn't even testdrive it and gave me a 10% deposit in cash (circa £2500).
We then met a couple of days later at my flat. I took the V5 and the keys to the bank and he duly followed.
He had already transferred the money in the morning with a view to it having been cleared by the time we popped into the bank.
As if by magic, this happened and i handed him the keys and the V5 and he went on his merry way with his new car.
I guess the only issues were that I didn't give him the keys or V5 but his advantage was that he knew where I live.
I think this is by far the optimal method for selling a car.
Buyer viewed the car, didn't even testdrive it and gave me a 10% deposit in cash (circa £2500).
We then met a couple of days later at my flat. I took the V5 and the keys to the bank and he duly followed.
He had already transferred the money in the morning with a view to it having been cleared by the time we popped into the bank.
As if by magic, this happened and i handed him the keys and the V5 and he went on his merry way with his new car.
I guess the only issues were that I didn't give him the keys or V5 but his advantage was that he knew where I live.
I think this is by far the optimal method for selling a car.
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