How do people buy cars privately these days?
Discussion
I'm looking at buying a new motor in the next few weeks and in all likelihood will have to travel to see the car and make payment. I sold the Elise a few weeks ago and I went into a branch with the guy and he made a BACS payment (which can't be cancelled or reversed once made) on the spot which I was happy with.
Is that the easiest way these days, or is cash still king?
Is that the easiest way these days, or is cash still king?
Edited by Bada Bing! on Friday 4th June 16:25
I wouldn't accept someone turning up with 20k in notes unless I saw it come over the bank's counter, so that's another option I suppose. Take them to the nearest branch of my bank and just withdraw the money and hand it over?
Suppose it all depends on sellers preference as has been said.
Suppose it all depends on sellers preference as has been said.
BACS all the way for me.
I don't want to shake hands and put £10k of used notes in my pocket. For one they could be fake. Also the buyer could have a mate round the corner ready to clobber me over the head with something blunt and heavy.
When selling cars I've made it clear: no cash, no cheques, BACS only and the car is released when my bank confirm the money is safe and sound.
I don't want to shake hands and put £10k of used notes in my pocket. For one they could be fake. Also the buyer could have a mate round the corner ready to clobber me over the head with something blunt and heavy.
When selling cars I've made it clear: no cash, no cheques, BACS only and the car is released when my bank confirm the money is safe and sound.
I bought a car last autumn and paid by BACS from my current account into the dealer's a/c. I had set up the payee previously and had to use the little card reader thingy to do it (NatWest) but the bank saw it go through on the day and stopped it. By the time I'd got home with the car my answering machine was beeping madly because the bank wouldn't pass the payment through until they spoke to me first. Luckily the trader trusted me and took it on trust that as he'd seen me do the transfer on his own computer, the money was in his account. That's where the whole thing fell down because the bank's computer centre picked up the different ISP and rang the alarm bells. Next time, I was told, warn them that it's going to happen. Obviously it couldn't be my computer as I was on site viewing the car. 
Easiest way if buying from a dealer is put the money in your current account and pay with a debit card. No problem, no fees.
I'd be extremely wary of a private seller wanting cash, there was a guy jailed last year for setting up car sales at posh upmarket locations. He'd meet the buyer under the auspices of guiding him to where he lived (nice address, all very safe feeling) and then him and his mates would rob the poor bloke of the cash, quite violently in many cases.
Personally bank transfer seems safest if a private purchase, debit card (as mentioned) if dealer.
Oh, and as a seller, beware fake/stolen bank drafts, banks will not honour them.
I'd be extremely wary of a private seller wanting cash, there was a guy jailed last year for setting up car sales at posh upmarket locations. He'd meet the buyer under the auspices of guiding him to where he lived (nice address, all very safe feeling) and then him and his mates would rob the poor bloke of the cash, quite violently in many cases.
Personally bank transfer seems safest if a private purchase, debit card (as mentioned) if dealer.
Oh, and as a seller, beware fake/stolen bank drafts, banks will not honour them.
Edited by Ari on Friday 4th June 17:46
With *most* banks these days BACS isn't used for amounts under £10,000. These go via the "Faster Payments System" which should be instant rather than the 3 days BACS takes. This is the best method, as you can transfer the money and the seller can log in and straight away see the money in their account.
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