Best way to negotiate a second hand car

frost500

339 1 year old cars on auto trader as of now under £10k.1 year old cars still have the balance of manufacture warranty.

You don't have to use a dealer if you are only spending £10k.

Grumpy_chap

I would not buy a 1yo car privately.

sweetsand

Years ago we sold one year old cars with little mileage - buyers were wary re low miles and why we were selling that was when you had the years warranty - I recall my dad doing it this nice family had doubts - before you had the webuyyourcar and all that.
Dad made sure the bankers dragt was put into the bank with the buyer pesent and only then hand over the keys - so much better with all those firms buying your car now we do not px, well rarely

noitsnotme

sweetsand said:

Dad made sure the bankers dragt was put into the bank with the buyer pesent and only then hand over the keys

Well that was silly seeing as bankers drafts (or “dragts”!) don’t clear immediately and can be cancelled or fake so should be treated in the same way as cheques - https://www.moneyadviceservice.org.uk/en/articles/using-cheques-or-bankers-drafts#what-is-a-bankers-draft

Car_54

noitsnotme said:

sweetsand said:

Dad made sure the bankers dragt was put into the bank with the buyer pesent and only then hand over the keys

Well that was silly

Seems to be in the genes ....

sweetsand

Grumpy_chap said:

I would not buy a 1yo car privately.

why not.

Grumpy_chap

I understand a bankers draft cannot bounce and cannot be stopped unless physically returned by the recipient (or never given to them in the first place).  So it is more secure than a normal cheque.  It can be reported stolen, but that will show as fraud if it has already been deposited by the correct named recipient.
https://www.chequeandcredit.co.uk/information-hub/faqs/bankers-drafts#:~:text=If you've requested, received,been reported lost or stolen.

I would imagine very few people use cheques or bankers drafts these days if buying a car privately because of the ease of online banking - instant send and receive - though even that can be abused.

sweetsand said:

Grumpy_chap said:

I would not buy a 1yo car privately.

why not.

Because not everyone is as trustworthy as you.

frost500

I wouldn't buy a 1 year old car period. It can only be a lease, hire or demo car, unless it was bought privately.

noitsnotme

Grumpy_chap said:

I understand a bankers draft cannot bounce and cannot be stopped unless physically returned by the recipient (or never given to them in the first place).  So it is more secure than a normal cheque.  It can be reported stolen, but that will show as fraud if it has already been deposited by the correct named recipient.

Certainly safer than normal cheques but there are still risks so nobody should be handing over car keys until the draft has cleared.

The advice in the link I posted above says...

• Be careful when accepting a banker’s draft. Especially for larger sums, due to the number of instances of fake drafts being presented. For example, for the payment of cars.

In your link it states...

“This is why you should only accept a banker’s draft if you absolutely know and trust the person giving it to you.

You are best advised not to part with goods and services until you have certainty at the end of the sixth working day after paying in the banker’s draft, that the funds are yours to keep.”

frost500

Agree, hand over goods when funds are clear.