I've forgotten how to buy a car
Discussion
I'm shopping for a Mk2 MX-5.
Assuming I find one privately how do I buy it? The last few cars I've bought from a dealer and that's been done with a card reader and the dealer has sorted out temporary insurance.
If I buy one privately do I take cash? My budget is c.£3,000 so that's possible, although I'm not sure how I'd get it. My daily limit from an ATM is £500. Are banks open?
Then how do I insure it to drive it home? My policy will let me drive anything I don't own, third-party, so a test drive would be fine, but once I've bought it I'm not covered.
It must be an understood problem, just one I'm not familiar with.
Assuming I find one privately how do I buy it? The last few cars I've bought from a dealer and that's been done with a card reader and the dealer has sorted out temporary insurance.
If I buy one privately do I take cash? My budget is c.£3,000 so that's possible, although I'm not sure how I'd get it. My daily limit from an ATM is £500. Are banks open?
Then how do I insure it to drive it home? My policy will let me drive anything I don't own, third-party, so a test drive would be fine, but once I've bought it I'm not covered.
It must be an understood problem, just one I'm not familiar with.
simonrockman said:
Maybe I agree with the seller that it only becomes mine when I get it home.
Maybe they could drive the car to your home for you if you are nearby? I've done similar in the past, and had other sellers do similar for me too.I wouldn't fancy trusting a seller not to end their policy as soon as you have left.
simonrockman said:
I'm shopping for a Mk2 MX-5.
Assuming I find one privately how do I buy it? The last few cars I've bought from a dealer and that's been done with a card reader and the dealer has sorted out temporary insurance.
If I buy one privately do I take cash? My budget is c.£3,000 so that's possible, although I'm not sure how I'd get it. My daily limit from an ATM is £500. Are banks open?
Then how do I insure it to drive it home? My policy will let me drive anything I don't own, third-party, so a test drive would be fine, but once I've bought it I'm not covered.
It must be an understood problem, just one I'm not familiar with.
Agree a price and pay with bank transfer. Do not take cash.Assuming I find one privately how do I buy it? The last few cars I've bought from a dealer and that's been done with a card reader and the dealer has sorted out temporary insurance.
If I buy one privately do I take cash? My budget is c.£3,000 so that's possible, although I'm not sure how I'd get it. My daily limit from an ATM is £500. Are banks open?
Then how do I insure it to drive it home? My policy will let me drive anything I don't own, third-party, so a test drive would be fine, but once I've bought it I'm not covered.
It must be an understood problem, just one I'm not familiar with.
Transfer V5 online using DVLA website. Tax car online.
Phone your insurer and add it, paying over the phone. They will insure it instantly.
Perhaps you know someone with a mobile telephone?
You could use it to ask the seller if he'd like cash or a bank transfer? If he wanted a transfer you could use said device to call your bank and arrange it. If he wants cash then go into a branch and withdraw your money.
You could even use the same device to contact an insurance company to buy insurance. Many are open 24/7, particularly if you buy online via an Internet.
What on earth is the point of waiting until you get home to buy insurance? Plod will see straight thru your daft idea.
You could use it to ask the seller if he'd like cash or a bank transfer? If he wanted a transfer you could use said device to call your bank and arrange it. If he wants cash then go into a branch and withdraw your money.
You could even use the same device to contact an insurance company to buy insurance. Many are open 24/7, particularly if you buy online via an Internet.
What on earth is the point of waiting until you get home to buy insurance? Plod will see straight thru your daft idea.
The Road Crew said:
Perhaps you know someone with a mobile telephone?
You could use it to ask the seller if he'd like cash or a bank transfer? If he wanted a transfer you could use said device to call your bank and arrange it. If he wants cash then go into a branch and withdraw your money.
You could even use the same device to contact an insurance company to buy insurance. Many are open 24/7, particularly if you buy online via an Internet.
What on earth is the point of waiting until you get home to buy insurance? Plod will see straight thru your daft idea.
I'm planning on doing this on Sunday, but I expect that the insurance company will be open, I know that I can call the bank and do a transfer as it has a 24hr phone service.You could use it to ask the seller if he'd like cash or a bank transfer? If he wanted a transfer you could use said device to call your bank and arrange it. If he wants cash then go into a branch and withdraw your money.
You could even use the same device to contact an insurance company to buy insurance. Many are open 24/7, particularly if you buy online via an Internet.
What on earth is the point of waiting until you get home to buy insurance? Plod will see straight thru your daft idea.
My day-job is mobile phones, but I think I'll take a laptop.
Everything can be done quickly an easily on your phone.
Just be careful with the mobile banking apps as they often have limits on transfers. The guy who bought my car recently tried to do a bank transfer on his phone and found it would only allow £2k at a time. Car was just under £6k so he made 3 transfers, first 2 went fine but the 3rd was stopped by his bank. It took him half an hour on the phone to sort out. If you have an iPad or tablet then take that so you can transfer the money on your bank's main site. Ask to connect to the sellers WiFi if necessary. This could be done on the driveway.
Cash is okay but more risky nowadays. Seller may want to accompany you to the bank to pay it in which could be difficult with lockdown although I'm sure banks are still open.
V5 transfer and tax are quick and easy online. Insurance just give them a call. Buy the car then just go and park round the corner while you do it.
Or buy from a dealer and they'll do it all for you!
Just be careful with the mobile banking apps as they often have limits on transfers. The guy who bought my car recently tried to do a bank transfer on his phone and found it would only allow £2k at a time. Car was just under £6k so he made 3 transfers, first 2 went fine but the 3rd was stopped by his bank. It took him half an hour on the phone to sort out. If you have an iPad or tablet then take that so you can transfer the money on your bank's main site. Ask to connect to the sellers WiFi if necessary. This could be done on the driveway.
Cash is okay but more risky nowadays. Seller may want to accompany you to the bank to pay it in which could be difficult with lockdown although I'm sure banks are still open.
V5 transfer and tax are quick and easy online. Insurance just give them a call. Buy the car then just go and park round the corner while you do it.
Or buy from a dealer and they'll do it all for you!
Go and look at the car. If you like it, agree to buy it and agree when you’re going back to collect it.
Agree with the seller how they’d like paying, check you can do it that way on the day, at the time, and make arrangements. Do insurance in advance and tax and v5 on the day.
Personally I wouldn’t leave a deposit, but if the seller wants one and you’re happy you could do so as a gesture of goodwill / peace of mind.
Agree with the seller how they’d like paying, check you can do it that way on the day, at the time, and make arrangements. Do insurance in advance and tax and v5 on the day.
Personally I wouldn’t leave a deposit, but if the seller wants one and you’re happy you could do so as a gesture of goodwill / peace of mind.
Payment
Best to agree the method with the seller in advance
- online banking is easiest, I paid £15k for a car last month from my mobile banking app (Barclays) with no issue
- cash possible, yes banks remain open as essential services although some (eg NatWest) have reduced hours. You can go into your bank to withdraw £3k cash
- if banks are open at the time you buy you can go with the seller into the nearest branch of your bank and do the transfer to his account from yours at the counter together.
Insurance
I would *not* risk driving home uninsured
- If you know you're going to buy the car you can set it up in advance. Note that if you cancel an insurance policy within 14 days you only have to pay for the days on cover pro rata, so very little cost if you set it up in advance and then cancel on the Monday.
- Otherwise if the insurer is open you can do it over the phone at the time
- Otherwise the online comparison sites (moneysupermarket) will bring up loads of cheap options that you can buy on a laptop with immediate effect, should be fine unless the car's significantly modded, imported or your circumstances are unusual.
Tax
Do it online before driving home
(Very little risk to leaving it to the next day especially if seller is posting the V5 back, it'll remain on the system as taxed by them until the DVLA get the form, but better safe than sorry)
V5
The seller needs to initiate the transfer of keeper, not you. Give your name and address to the seller (on the designated section of the V5 or otherwise), and they do this. Make sure you get the V5 new keeper green slip completed to take away with you.
Best to agree the method with the seller in advance
- online banking is easiest, I paid £15k for a car last month from my mobile banking app (Barclays) with no issue
- cash possible, yes banks remain open as essential services although some (eg NatWest) have reduced hours. You can go into your bank to withdraw £3k cash
- if banks are open at the time you buy you can go with the seller into the nearest branch of your bank and do the transfer to his account from yours at the counter together.
Insurance
I would *not* risk driving home uninsured
- If you know you're going to buy the car you can set it up in advance. Note that if you cancel an insurance policy within 14 days you only have to pay for the days on cover pro rata, so very little cost if you set it up in advance and then cancel on the Monday.
- Otherwise if the insurer is open you can do it over the phone at the time
- Otherwise the online comparison sites (moneysupermarket) will bring up loads of cheap options that you can buy on a laptop with immediate effect, should be fine unless the car's significantly modded, imported or your circumstances are unusual.
Tax
Do it online before driving home
(Very little risk to leaving it to the next day especially if seller is posting the V5 back, it'll remain on the system as taxed by them until the DVLA get the form, but better safe than sorry)
V5
The seller needs to initiate the transfer of keeper, not you. Give your name and address to the seller (on the designated section of the V5 or otherwise), and they do this. Make sure you get the V5 new keeper green slip completed to take away with you.
I'm picking up a car later. Will bank transfer the seller, tax it with the new keeper slip, then drive it home with this dirt cheap temp insurance https://www.cuvva.com/ at which point I can see about insuring it properly. Friends and I have used this quite a few times when collecting cars and its painless. No point in prearranging anything with a proper insurance policy in case I turn up and the thing's a dog and I don't buy.
Edited by chungasarnies on Friday 8th January 12:23
chungasarnies said:
...drive it home with this dirty cheap temp insurance https://www.cuvva.com/ ...
Note that they don't cover cars more than 20 years old, nor modified cars - so may or may not cover a Mk2 MX-5. But good shout in general, I recall temp cover only being for borrowing other ppl's cars but that's clearly changed which is good.simonrockman said:
Maybe I agree with the seller that it only becomes mine when I get it home.
So you have paid the money, signed the forms and driven it away, but you don't own it?You can agree what you like with the seller, but I suspect you will have fun convincing an insurance company should you need to claim... (or if you get stopped on the way home)
I'm with Admiral who allow you to add a temp car to your policy, for a few hours up to days/weeks etc.
Whenever I've viewed cars I've added a day temp cover for the car in question, the amount, say £15 gets spread across the remaining payments.
I'm sure your current insurer does similar.
As said previously check how the seller would like to be paid, I prefer cash but others may not.
Whenever I've viewed cars I've added a day temp cover for the car in question, the amount, say £15 gets spread across the remaining payments.
I'm sure your current insurer does similar.
As said previously check how the seller would like to be paid, I prefer cash but others may not.
The govt certainly don't make it easy to buy a car privately. God help you if you're in the middle of nowhere with no phone signal. Even if you drive the car round the corner you're still breaking the law until it's all set up. As soon as the money changes hands the cars illegal if it's parked on the street.
Its almost like they actually want you to break the law. And of course it's not like you haven't got enough on your plate already with inspecting the car, checking for outstanding finance and write off and checking the v5 and vin numbers tally , sorting the payment etc. Youve certainly got to keep a hell of a lot of plates spinning.
Its almost like they actually want you to break the law. And of course it's not like you haven't got enough on your plate already with inspecting the car, checking for outstanding finance and write off and checking the v5 and vin numbers tally , sorting the payment etc. Youve certainly got to keep a hell of a lot of plates spinning.
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