Paying for a used car privately

plebeian

Hi all,

Currently looking to buy a used car, I have bought one before however this was through a dealer and now I'm also looking at buying one privately to try and save some ££. I've read all the standard used car buying guides, what to check, HPI checks etc (will probably get an AA man to do this lot for me) but nowhere does it say the best way to actually pay when buying privately.

Credit/debit cards - doubt anyone would have a card machine in their house, might be concerned if they did (unless they were a trader perhaps)
Cheques - I don't actually have a chequebook as I don't have any other use for one, do they even still exist? Is it worth getting one? Also the buyer would have plenty of concern that it would bounce.
Bank transfer - is it really practical as it can take a few hours, or even a few days? Granted most will be done by faster payments but can this be guaranteed?
Cash - will my bank quite happily let me take out £2k in cash? From a buyer's perspective, is there a danger of a bunch of fake notes?

Any feedback or suggestions would be very welcome, apologies for all of the questions but as I've said it's the first time I'm looking at buying privately. The one I'm looking at is at least £300 cheaper than similar from a dealer, and with lower mileage. Seems from the pics to be pretty well cared for, FSH, 12 months MOT with test history, 2 keys.

Thanks all,

Pleb

Ultrasonic

You'll need to do whatever the seller wants to some extent. If I was selling a car I'd ideally want to go with the buyer to their bank to then get a Banker's Draft to pay me (that way I could be sure it was genuine).

If someone insisted on turning up with cash then I'd want to go with them to my bank to pay it in to be sure that it the notes were genuine.

Lots of sellers would be less cautious than me though.

Edit: Your bank will let you take out thousands of pounds in cash if you really want to, but above a certain ammount you'll need to arrange this with then in advance. How much this threshold is will depend on the branch, but I'd probably check for anything above £500.

warwicktiger

I agree, check what the seller will accept.

I have bought and sold privately several times. If you intend to cash a cheque for several £000 ring your bank first, they will appreciate it and also advise if you might need to bring any identity evidence or other documents with you.

One of my sales was for £6000, did not want to carry that sort of cash so we went to his bank, queued together and handed over his cheque made out to cash with a paying in slip for my account. That way no need to carry cash or risk a bounced cheque.

Even if the seller has a card machine (As I do for business) remember they will be billed around 2%, so haggle!

Cazza

OH bought a new van this time last year, privately via an Auto Trader ad. We weren't happy paying cash as it was (just) a five figure sum, so we did internet transfer at the sellers house when we went to pick the vehicle up. I think we might have done it as two payments toake sure it went through as a taster payment. The seller then checked their bank account, the money was there so off we went.

We did the full checks via AA a couple of days beforehand, HPI and mechanical, and made sure we jumped through all the hoops to ensure the guarantees were valid. We were really happy with the service and felt the cost was reasonable relative to the amount we were spending and our knowledge of vehicles!

kevin0410

Brown envelope.
Full of cash.

neilmcl

I usually go for online bank transfer these days. It often only takes a matter of minutes these days with most banks.

Ultrasonic

Cazza wrote: »

...so we did internet transfer at the sellers house when we went to pick the vehicle up.

This may sound paranoid, but I would only do that if I took my own laptop, as it would be possible for a seller to install key logging software on their PC to enable them to susbsquently transfer additional cash from your account.

mgdavid

for 2k - yes cash , in used 20s. (forgeries are more likely with 50s IIRC)

Ultrasonic

mgdavid wrote: »

for 2k - yes cash , in used 20s. (forgeries are more likely with 50s IIRC)

Also many people aren't used to handling 50s and so don't know what genuine ones look like! I'd never seen one before I worked as a bank cashier as a summer job when at university (a good few years ago now sadly).

MX5huggy

mgdavid wrote: »

for 2k - yes cash , in used 20s. (forgeries are more likely with 50s IIRC)

Fake £20 are way more likely. The £50 is treated with such suspicion that there it little use I forging them.
http://www.bankofengland.co.uk/banknotes/Pages/about/counterfeits.aspx

plebeian

kevin0410 wrote: »

Brown envelope.
Full of cash.

In a box with a pie?