private sale : payment method?

lostinsuperfunk

I'm probably going to be buying a used car from a private seller today. What's the best way to pay - cash, cheque or bank draft, or does it make any difference? The seller is trustworthy (known by my mechanic and also is a relative of someone at work).

[PS: Apologies as I'm almost sure this has come up on this board recently, but search is disabled and I couldn't find it in the archive.]

Lord Nikon

1. If the car is expensive ie, 6,000euro i would recommend bringing a a cheque or bank draft. I wouldn't carry lots of cash around, unless it was handcuffed to my wrist.

2. If you bring cash, I guess you could haggle a bit. Won't be able to haggle with a cheque in hand.

3. Paypal.

Good luck with the new car.

prospect

When I bought the MX5, the asking price was €4600

So, I had a CU draft done for €3800 and brought €600 (€100 in each front pocket and €200 in each back pocket) in cash.

Haggled hard with the seller, and got him to €4400, then handed him the draft and told him I had another €400 in cash, take it or leave it. I produced €400 (from my back pockets so he didn't know I had another €200 in my front pockets), and he took it happily. Got car for €4200, everyone was happy.

Big Nelly

I have sold alot of car to people and always ask for cash! cheques and so on are useless!! it takes 2-3 days to clear so there is no backup for the seller.....also someone wit cash on hand always gets a better deal.....cash in hand is always sweet!!

Lord Nikon

Get them to make the cheque out to Cash. Works for everyone, or Paypal.

Big Nelly

neuromancer wrote:

Get them to make the cheque out to Cash. Works for everyone, or Paypal.

Cheque can still bounce!!! thats the problem with cheques......also cant see how you are going to use paypal???????? paypal is ok(I think it is crap to be honest) for small ebay deal but for large deals, few grand, you would get seriously ripped off by them.....what % do they take off seller now for deals?????

Also can you imagine going to buy a car....agree a price and then ask them for there paypal id.......they would look at you like you have 10 heads!!

RainyDay

If you pay by draft, expect the seller to want to verify the draft with the bank by phone - so you'll be restricted to business hours.

lostinsuperfunk

Thanks for the advice folks. It's a relatively small purchase (around EUR 3,000), from the above it looks like cash is the easiest and most flexible option. I also like the idea of having a roll of 50's, even if it is for only half an hour

Big Nelly

lostinsuperfunk wrote:

Thanks for the advice folks. It's a relatively small purchase (around EUR 3,000), from the above it looks like cash is the easiest and most flexible option. I also like the idea of having a roll of 50's, even if it is for only half an hour

Go cash then!! you will get a better deal.....once they see cash and you offer a price they will most times take.....looking at a wad of notes is always tempting!!

Eoin

lostinsuperfunk wrote:

I'm probably going to be buying a used car from a private seller today. What's the best way to pay - cash, cheque or bank draft, or does it make any difference? The seller is trustworthy (known by my mechanic and also is a relative of someone at work).

[PS: Apologies as I'm almost sure this has come up on this board recently, but search is disabled and I couldn't find it in the archive.]

It is generally the seller who should specify the payment type, and the question is usually if the buyer is trustworthy, not the seller. Has the seller not told you what payment s/he expects?

jhegarty

RainyDay wrote:

If you pay by draft, expect the seller to want to verify the draft with the bank by phone - so you'll be restricted to business hours.

drafts aren't what they used to be... too many floating around that even banks think are real (until a week after you cash them)....

lostinsuperfunk

the question is usually if the buyer is trustworthy, not the seller. Has the seller not told you what payment s/he expects?

No, will ask. But cash seems better than cheque/draft from a seller's point of view too.
[edited: meant to say 'seller', not 'buyer']

Eoin

lostinsuperfunk wrote:

No, will ask. But cash seems better than cheque/draft from a seller's point of view too.
[edited: meant to say 'seller', not 'buyer']

Yeah, it's really the easiest for everyone. This is very obvious, but if you have 3K cash on you, meet somewhere public and well-lit etc...

5500

Tbh i wouldnt accept a bank draft/cheque for a sale of a car only cash.

If the person was worried about carrying a large sum with them id simply ask that they either pay a deposit and then i would deliver the car to there address or else just meet in a fairly big public place to be sure

fletch

AIB 24 hour online banking.....provided you both have an AIB account.....least that way you can verify then and there that the money has been transferred to his account.....used this method to pay for my car and it worked really well....although I'm sure all the other suggestions are fine too.....just a thought

Lord Nikon

or Paypal.

Big Nelly

neuromancer wrote:

or Paypal.

Again as mentioned above Paypal is not an option for buying a car,........please explain how you could use Paypal????? you work for them or something!!