Safely selling a used car

jedhead85 · 29-12-2022 3:35pm #1

There is a good tips post I found here but it's a few years old so would appreciate modern answers.

We are downgrading to a 1 car household, and hoping to get the most we can out of selling a 2020 car.

If selling privately what's the best way to receive a large sum?

Dealers offer silly small money compared to what it's worth.

Cash feels dodgy as open to a fake money, and a lot to handle for both parties.

PayPal fees for seller, and no cover for autos for buyer doesn't make that an attractive option.

Revolut or any other form of immediate transfer I can understand a buyer being concerned over. I'm honest but they don't know that.

Having an unbiased intermediary with ability to check for fake notes seems a way to go. If that's a good option, who's the intermediary that won't charge an arm and a leg?

Would it be reasonable to have a buyer come to a bank with you as the bank checks and lodges the cash?

Atlantic Dawn · 29-12-2022 3:49pm

A bank transfer or get them to deposit the cash in to your account, this should be protection for you and buyer, there will be a trail of the transaction to back up their purchase. Bank will check the notes for duds. Bear in mind that large deposits of cash €10k plus will be reported by bank to Revenue, no issue for you as you will have record of sale of car to verify source, buyer may have issues as to where they obtained it.

I wouldn't touch PayPal, if buyer accounts are hacked you are left standing with zero.

Buffman · 29-12-2022 4:27pm

From the buyers point of view I doubt most would be willing to carry around large amounts of cash to pay you so I don't think that would be an issue.

You say a form of immediate transfer like Revolut would be concerning for the buyer? I don't see how, it suits everyone to get the payment done instantly, you get the money, they get the car, no messing around waiting for bank transfers. Your choices are something like Revolut or get the buyer to meet you at your bank with a bank draft.

Also bear in mind, to attract private buyers at that level, you'd have to price it very competitively when compared to a dealer.

NewbridgeIR · 29-12-2022 4:51pm

Bank transfer but when advertising specify which bank you have your account in. Restrict buyers to account holders of that bank only. Avoids delays in waiting for funds to be credited.

Del2005 · 29-12-2022 5:56pm

Very few people will buy a 3 year old car on a private sale as they will have no comeback if anything goes wrong. If its an expensive car then the amount of potential buyers will be drastically reduced. You will have to drastically under cut the dealer prices for any interest.

User1998 · 29-12-2022 6:21pm

https://www.boards.ie/discussion/comment/120044134#Comment_120044134

Adding ‘restrictions’ like this will result in the car taking a very long time to sell.

If the buyer is willing to transfer the money and come back the next day to collect the car then happy days. If not then they can transfer the money through Revolut for an instant payment. Better yet if you’s are with the same bank that will be instant too.

A bank draft is very handy too. It’s guaranteed and can’t bounce like a cheque can.

Forget about PayPal and an intermediary checking the notes

I’d try a few car buying sites and local dealers to see what offers you get. You will have to be pricing the car competitively as it is

wandererz · 30-12-2022 4:29am

What I've done when buying and selling cars in the past is ask the seller to accompany you to the bank. That way money is immediately deposited without you having to carry large sums.

It helps if both of you belong to the same bank such as AIB. That way they can do a withdrawal / deposit with the cashier with their bank card.

Vic_08 · 30-12-2022 2:59pm

https://www.boards.ie/discussion/comment/120044385#Comment_120044385

Bank drafts can bounce and worse than that, they appear as cleared then subsequently bounce if the issuing bank rejects them.

Buying cars and other high value items privately with dodgy/fake drafts was a relatively common scam at one point for this reason, the unwary would be fooled by the apparent clearing by their own bank only for the money to then disappear from their account a few days later.

I'd take a cheque on the basis of the car only being handed over post-clearance rather than a bank draft any day.

I do agree with the previous comment, there would want to be a substantial savings over a dealer to even consider buying such a new car privately.

secman · 30-12-2022 3:12pm

Any potential buyer will need proof that there is no outstanding finance due on the car.

Spark Plug · 30-12-2022 10:22pm

Cash all the way…the buyer can ask their bank to order a brick of €100 or €200 notes to keep the “bulk” down…yeah the Bank will ask you the source of funds, but your selling your car a legitimate and lawful transaction. You and buyer go to your Bank the cash is lodged…deal done. Any buyer will want a good discount vs the dealer but well spec’d cars are in short supply so going the dealer route may not be an option for some buyers.

GusGus · 03-01-2023 6:39pm

Agree with mostly what is said above . I did it recently with a car that was selling in dealers for €65k.

the best I could hope for imo was around €59k for same car .

have to take a hit if you want to sell privately. In fact most people who got in touch were private garages so they have to get their bit too.

CryanGame · 03-01-2023 9:33pm

Hi all. Just reading the thread and it contains some great advice. I'm looking to sell a 191Skoda Superb Style model. Based on the thread above would it be best to try and sell it to a dealer or car buying website? I am looking at buying another car privately.

JimmyCorkhill · 13-01-2023 8:01pm

About to sell a car privately, less than 7k altogether.

From reading above and other threads on here, I am best off seeking cash and looking to deposit the cash at a bank with the said person.

If they come to test drive the car, should I inisist on being in the car with them if they test drive?

What if they don't have insurance to drive other cars?

SEPT 23 1989 · 13-01-2023 8:08pm

Sports bag full of cash denomination notes

Del2005 · 13-01-2023 8:35pm

https://www.boards.ie/discussion/comment/120104820#Comment_120104820

If they don't have insurance then they don't drive it. Even if you sit in the car on a test drive they can stop and tell you to get out.

The way it's done with bikes is if you want a test ride then asking price in cash is handed over, make sure to verify the money is real, then you do the deal after the test ride. Everyone knows that the asking price is negotiable and so handing over the asking price doesn't lessen your ability to do a deal.

JimmyCorkhill · 13-01-2023 9:07pm

https://www.boards.ie/discussion/comment/120105005#Comment_120105005

Thanks for your advice.

Do they need a specific type of insurance to drive another persons car? Third party/Fully comp etc?

My insurance has expired, so I cannot currently drive my car.

Del2005 · 14-01-2023 5:22am

https://www.boards.ie/discussion/comment/120105165#Comment_120105165

If your car has no insurance then they will need to have a policy that allows them to drive it, there's a few companies who don't allow driving other cars if they aren't insured so you'll have to ask to see their insurance policy and documents. Very few companies offer fully comp driving other cars, if they crash they buy it.

User1998 · 14-01-2023 12:42pm

Realistically if you want to sell a car privately your going to have people driving the car who probably aren’t insured. They may think or say that they are but most likely they are not. If your not comfortable with this then its better to just scrap the car or trade it into a garage

PsychoPete · 14-01-2023 7:02pm

People really overthink selling. Advertise it,meet the person, do the deal and job done. The chances of anything bad happening are fairly slim

CiniO · 16-01-2023 7:21pm

I personally think best and easiest way to proceed with the sell/purchase is with cash.

Even for 2020 car.

Just be prepared to check notes in case they are forged, but that's relatively easy thing to do.

Casati · 18-01-2023 9:39am

Unless your the type who drives with no insurance yourself, then allowing somebody else to drive your car uninsured is madness. Electronic funds transfer is probably the best bet - read up on it to see if any scams are active though. Cash is very dodgy unless they are handing it over in the lobby of a bank and your depositing it straight away. Bank draft fraud is widespread so best avoided.

Best bet with a new car like that imo is to go around the main dealers and see what they will offer you for it

elperello · 18-01-2023 10:23am

Try ZuCar.

JimmyCorkhill · 20-01-2023 7:33pm

Thanks folks.

About to sell my car to a person coming from the other end of the country.

However, meeting at the weekend as they cannot make it up midweek.

Selling car for less than 7k, buyer is offering cash, revolut or bank transfer. As banks wont be open at weekends, I cannot go to bank with them and lodge nor can they withdraw close to 7k cash from an ATM in my presence. So the cash they have is presumably already withdrawn from bank.

Thinking of going with revolut for payment at this stage. If I get cash, not sure how I would check it - dont see those pens anymore for checking cash.

Want car gone and if buyer cant do midweek meet due to 7+ hour round trip, only option is weekend.

CiniO · 21-01-2023 12:04am

https://www.boards.ie/discussion/comment/120135866#Comment_120135866

That's pretty good guide

https://www.ecb.europa.eu/euro/pdf/material/Quick_Guide_EN_Specimen.pdf

Getting a ultraviolet bulb might be handy, and probably easy to get.

Don't get too paranoid.

Safely selling a used car

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