Private Selling first time

geek1981

Thinking about selling my car privately first time and have two questions if you can help:

1) what's the best way to receive payment? Cash on collection or bank transfer. My car is worth near 6k so not sure what's best. If it is bank transfer what if seller revert payment after driving off the car?

2) I prefer not to complete the sale on my driveway, cos i prefer to hide my address/identity. There's absolutely nothing wrong with my car but just don't want seller to know where i live. I live on a new estate, can i just complete the sale on a near-by street.

cheers.

jonj123

You can but I for one wouldn't be comfortable dealing with someone who tries to hide where they live.
If you're the owner of the car, your identity and address is mentioned on the V5 document so buyer will find out anyway.

BlueC

1) I always insist on cash. I have even asked the buyer to accompany me to the bank to deposit it in the past - it was about £8k - and they were very happy to do so. I guess if they weren't then you'd smell a rat

2) Good luck with that. I wouldn't buy a car from anyone trying to hide their address, much less hand over £6k of cash in the street to someone. As stated above, the new owner will have your address from the V5. I would never even buy a car from a private seller where the address I bought it from was not that listed on the V5.

Why so secretive/paranoid? Something doesn't add up.

Chopper_Read

But won't the buyer get a V5 with your name and address on?

geek1981

OK, Thanks for your replies, there is no secret with my address i'm worried about.

I thought the small green slip i give to the new buyer won't have my address on it. Anyway I feel more safe to sell my car at home now.

worried_jim

geek1981 wrote: »

OK, Thanks for your replies, there is no secret with my address i'm worried about.

I thought the small green slip i give to the new buyer won't have my address on it. Anyway I feel more safe to sell my car at home now.

It won't, but when the new v5 is sent through to the new owner your address will be on the front so if you've been naughty during the sale (and if I am honest, reading your first post it sounds like you are planning something dodgy) they will know were to go to ask for recompense.

breton_2

Kind of understand why you do not want to do it at your address but that information is not a secret anyway. I would meet the interested buyer a few blocks away and the deal should be in cash.

andygb

breton wrote: »

Kind of understand why you do not want to do it at your address but that information is not a secret anyway. I would meet the interested buyer a few blocks away and the deal should be in cash.

This goes totally against all the good advice which is given to potential buyers.
NEVER, EVER buy a car from someone unless it is at their address and they can prove that they are the registered keeper of the vehicle.
Sorry OP but if I was faced with this situation then I would be looking at other cars.

ellingtj

In opposition to Bluec's reply, don't insist on cash. You may open yourself up to forged notes or miscounting tricks (folded notes, missing a few etc). Get them to bank transfer to you via the faster payments scheme, this will normally appear within a few minutes for the sum proposed. Faster payments can't be recalled unlike BACS, and you don't let the car go until the figure is showing in you bank account. All they can do with your bank details is pay in, they can't pull withdraw with the information. However, if you do go for cash then follow what BlueC says and get them to hand it to the bank who will count and check the notes.

kcheetx6

Go for a bank transfer of some sort. speak to your bank they can advise a suitable way. don't release the vehicle until the funds are in your account. anyone who is reasonable and legit won't mind the wait. Also the new owner will know your address as the previous owner is always listed on the v5.

wba31

When I sold my car privately we met at a bank and the money was paid directly into my account. It turned out that the buyers banked with Natwest, as did I, so they didnt even need cash, it was done as a transfer by the bank cashier and we both got receipts. Natwest then gave us a room to sort signing the V5 and handing over the documents and info, then i got the train home and they drove off in the car.
When people contacted me offering cash (which happened at least 4 times in 6 weeks) i would say "that's fine, but ill meet you at the bank for them to count it and check it..." and amazingly the buyers would then get cold feet...