Selling car - payment method?

grumpyawldwifey

Hi
I'm selling my car privately for, hopefully, around £6000. What would you suggest as a safe and reasonable payment method to accept for an amount like this?
I had thought about PayPal or cash only.
Any advice would be welcome.

pitkin2020

don't take paypal, they have their own rules so you could risk losing your money. Cash is by far the safest, check the notes with a marker you can get for checking notes. BACS payment would be another option but just check that the money has gone into the account and is drawable before releasing the car.

If you search the forum you will see this question has been answered several times before to give you more ideas.

verityboo

I have sold 3 cars on ebay and on each occasion asked for cash during banking hours, buyers have been happy to do this. Once the moneys checked & banked the cars theirs.

NeverAgain_2

This transaction is made for the banks' faster payments scheme:

http://www.ukpayments.org.uk/faster_payments_service/

albionrovers

If I was a legit car buyer i would expect to pay cash every time. It's the done thing. So why on earth would anything change when i become the seller?

daveyjp

Faster payment system.

benjus

Faster payments would only work if both of you have your own computers, the buyer makes the payment using their computer and you see the payment arrive in your bank account using your computer. As a buyer I wouldn't put my banking details into anyone else's computer, and as a seller I wouldn't trust that the payment had been made until I saw the money arrive. But then what do you do if the money doesn't arrive instantly? Faster Payments only gives a guarantee of 2 hours, although in practice it is normally instant.

Personally I'd stick with cash. Whether you are happy to check it yourself or if you want the buyer to go with you to pay it in to the bank is your decision.