Advice on how to sell and take payment for car

beckysbobbles1

I'm considering selling my BMW 1 series and think Auto Trader is the best option. I should be able to get about £12,000 for it however I'm trying to work out the safest way to take payment.


I really don't want to take £12k in cash so how else would you usually do it please?


Thanks.

neilmcl

Bank transfer on a week day.

EdGasketTheSecond

You might find bank transfers limited to £10K without additional checks

beckysbobbles1

That's exactly what I was thinking, bank transfer is usually limited to £10k without paying a fee. I would be willing to take £2,000 in cash but not the whole lot.

neilmcl

beckysbobbles1 wrote: »

That's exactly what I was thinking, bank transfer is usually limited to £10k without paying a fee. I would be willing to take £2,000 in cash but not the whole lot.

Generally, online transfers are much higher than that. I'd check with your bank as mine is £20K plus the limit is per transaction so there's nothing stopping you from splitting the transaction and receiving two payments.

http://www.fasterpayments.org.uk/about-us/personal-transaction

shinytop

Two transfers one after the other worked for me.

lopsyfa

As mentioned above, you can take bank transfer for that amount but the other thing you need to consider is, it will be difficult to sell a car private at that price. I know I won't be prepared to buy a 12k car privately because of the risks involved and I will have no comeback if there is any issue with the car.

Also, many people buying from a private seller will expect some discount (compared to trade sellers) compared to dealership prices to compensate for the risk and the fact they won't be able to buy on finance/credit card. If I were you, I will look to sell to we buy any car, we want any car (usually better price compared to we buy any car), evan halshaw etc and reduce the stress. It is possible you won't achieve better selling private.

hareng

Quite a few unscrupulous traders on Car Trader and prices quite high but once in a while bargains can be had.
Have a look at FaceBook Market place, private and trade sell on their. Lasst 3 cars have sold within a day, 2 of which BMW's plus bought my son a 120D 2011 £3150 but prepared for dozens of enquiries.