Selling car privately - deposit?

BridgeJ

Hi,

I'm selling a car for the first time and don't know how much deposit I can ask for and how to handle it.

I've got people viewing my car on the weekend. The car will be available for collection only 5 days later. As I'm selling because I'm moving abroad at the end of the month, I can't have the interested person change their mind days later so want to ask for a cash deposit.

Car is advertised for £1,400. How much deposit is appropriate? On the receipt, would I just write the names, car make and model, registration and say received £xxx as deposit for the purchase of my car with agreed collection date xx November?

Thank you!

B

MX5huggy

I would not be willing to leave a deposit on a private sale under any circumstances. A dealer only get a deposit because you can use a credit card.

Hintza

I have to agree with both the above. You are the one that is in a hurry don't put folk off saying they have to wait a week if they offer you close to what you want bite their han off and wave goodbye to the car.

If necessary hire one or use taxis to cover you.

blued

Unbelievable how untrusting people are these days! I sold a car 2 weeks ago. The first guy that came to see it left a £100 deposit and didn't ask for a receipt. It was him that suggested the deposit because he obviously wanted the car and didn't want anyone else to buy it before he could pick it up. He then came back and paid the balance at the weekend. Sale was £1000 so I'd think you'd be fine with a £100 deposit. Give a receipt exactly as you've stated above if the buyer wants one. Add the date you receive the deposit.

I've left a deposit on 2 occasions with no problems. There will obviously be cases where a seller seems dodgy so you wouldn't leave a deposit - but would you really want to buy a car from this sort of person?

leosayer

Ask for 10%. Make sure they sign an agreement states what happens to the deposit if they don't pay the balance by the date you specify.

Mankysteve

blued wrote: »

Unbelievable how untrusting people are these days!

I give you £100 you disappear along with car,
car get stolen/vandalism/car accident.

Then they lost the money/are a bit short and already spent it. You could be month before you get anything back and if they haven't got any assets you could well never see the money again.

Wig

leosayer wrote: »

Ask for 10%. Make sure they sign an agreement states what happens to the deposit if they don't pay the balance by the date you specify.

AFAIK such agreements are worthless, the seller is only entitled to recover their losses from the deposit. If they have had no losses they cannot go on to keep the deposit just because they have a bit of paper that says they will.

This applies as much to retail dealers as it does to a private sale.

It's because of lack of understandings like this that people should never leave a deposit with a private seller, getting it back could easily turn into a nightmare.


OP,

More than likely your buyers will want the car straight away, next day perhaps, if they do, you should sell it. If you say to them, "you can have it next week and I want a deposit" they will most likely walk away. If they say they want it next week then asking for a deposit is much more logical and you will be lucky because they are the ones who want it next week - but the chances of this happening are unlikely.

colino

Don't leave cash deposits full stop. Privateers are much slippier to deal with than dealers with premises and you really should go buying privately with a big wad of cash. Even today few people are used to seeing large cash amounts and it's amazing what discount can be acheived counting cold, hard cash into a sellers hand.
If you are selling, if you must, take a substantial deposit and give a receipt. If the amount is small enough (in comparison to the price of the car) to walk away from, then you can have put real buyers off waiting for a chancer to reappear.

charlearose

we left 100 deposit on a motor bike recently for stepson we didnt want the bike to be sold but couldnt get it for a week as it had to be mot
we went to the sellers house we asked to see his passport /driving licence and a bill in his name at the address and he showed us this when we arrived

We went on our gut instinct that he was a genuine seller ( and he was ) but it worked both ways as he wasnt prepared to mot the bike untill he had a serious seller

op i woudnt ask for a deposit unless they are saying that they cant pick it up for several day ect
most people who are buying a car at that amount will have the cash with them when they arrive and wont want to make another trip in a weeks time

BridgeJ

Thanks for all your responses. Justed wanted to let you know about my experience. I've sold the car which will be available for collection at the end of the week. Very positive experience. Buyer offered a deposit themselves and we agreed on £50 (out of £1,400).

Had someone else offering a deposit in case they were to buy it but I haven't heard from them and sold it to the first person who definitely said they would and paid the deposit.

I myself would have paid it too because it is a reasonable request (unless I had a bad feeling). Glad it all went so well and there were no problems with asking for a deposit.

On another note, was very surprised at people not trying to persuade me to let them drive when they said they had forgotten their insurance document as proof that they can drive other cars or not being covered by their own insurance. They were happy to sit next to me while I was driving and were not bothered at all that they couldn't test-drive the car themselves. I would never ever buy a car without test-driving it myself, listening as a passenger for potential "strange" noises coming from the engine would not be enough for me.