Payment in instalments - should I do it?

[FieldAtlanta]

I got a message regarding a car that’s for sale on FB marketplace. Of course, being FB marketplace the initia message went along the lines of: “hiya mate will you take ___ (20% less than advertised)”.

I responded that I wouldn’t, but would be open to discuss reasonable offers once they’d seen the car. In response, I got a “okay, can do ” (about 5% less than advertised) “but can’t pay it all at once. Can I pay X at the end of April, X at end of May and X in June?”

I gave the buyer a ring and he sounds like a fairly genuine bloke. Lives locally, knows a bit about the car and has viewed a few…I explained that he could come and see it at the weekend and we could discuss a price and potential for payment intervals but made it clear that the car wouldn’t be going anywhere until I received the full amount. Now, I’m not in an immediate rush for the money, but am keen to get the car sold. It’s been listed in a number of places including AT, FB and gum tree since Friday but this is the first bite I’ve had.

Question: am I being daft and should I hold out and tell this fella to jog on and come talk to me when he’s got all the cash?

[Wacky Racer]

I think you already know the answer.

[anonymous-user]

I agree with catch the pigeon.

[The Road Crew]

You must be out of your mind.

Would you like to buy any of my magic beans?!

[AAD44H]

Wacky Racer said:

I think you already know the answer.

Not even worth entertaining.....

[DanL]

No. If he wants instalments then he can borrow from a bank, rather than you…

[p4cks]

He'll be the type to come back to you as soon as it needs some work doing, irrespective of the time that's elapsed since he bought it

[Andy665]

I would not rule it out as long as you had an agreement in place

Similar thing happened with the purchase of my TVR, started looking (researching) before I had the funds in place and made that clear with my posts on the various TVR sites / pages

I was contacted by someone with a car that met my requirements but I made it clear I was not in a position to buy immediately.

As it was early summer he wanted a few more months with the car so it ended up with me paying a deposit of a couple of thousand, an agreement he could put 700 miles on the the clock and subject to a further once over I would pay balance and take ownership 4 months later - worked out perfectly for both of us

[Canon_Fodder]

OP it sounds ok as long as - as you mention - you don't hand over the car until he's made the final payment.

(edited as I see the OP has mentioned this)

Edited by Canon_Fodder on Tuesday 29th March 15:57

[SydneyBridge]

Canon_Fodder said:

OP it sounds ok as long as - obviously perhaps - you don't hand over the car until he's made the final payment

This is the only way that it will ever work...

[Zetec-S]

SydneyBridge said:

Canon_Fodder said:

OP it sounds ok as long as - obviously perhaps - you don't hand over the car until he's made the final payment

This is the only way that it will ever work...

Still sounds like more hassle than it's worth. Next month the buyer will still be a bit short, ask for an extra month. Or you'll hear nothing for a few weeks, then he'll change his mind and want the money back.

In the meantime the OP has to store and insure a car he wants rid of. Answer is... no, don't do it.

[Turtle Shed]

Sounds like a world of trouble to me.

The chap in question should just save up his payments and buy a car when he has the funds.

[FieldAtlanta]

Zetec-S said:

SydneyBridge said:

Canon_Fodder said:

OP it sounds ok as long as - obviously perhaps - you don't hand over the car until he's made the final payment

This is the only way that it will ever work...

Still sounds like more hassle than it's worth. Next month the buyer will still be a bit short, ask for an extra month. Or you'll hear nothing for a few weeks, then he'll change his mind and want the money back.

In the meantime the OP has to store and insure a car he wants rid of. Answer is... no, don't do it.

Yep, think that’s the concern i had… if I was 5 weeks into the listing and no bites - maybe I’d think differently!

Thanks all, mind made up and notified the guy (who understood).