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Selling car privately - how to get paid

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Selling car privately - how to get paid

edited 30 November -1 at 1:00AM in Motoring
11 replies 2.6K views
Bean_CounterBean_Counter Forumite
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edited 30 November -1 at 1:00AM in Motoring
Hi,

I currently have my car up for sale on Autotrader. This is the first time that I have sold a car privately.

How should I look to be paid by a potential buyer? I obviously want to avoid being scammed by a dodgy bankers draft or forged notes etc. What is best practice?

Price is around £7,500, so possibly too high for cash anyway.

Thanks in advance for any advice.
Today is the first day of the rest of your life
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Replies

  • h901h901 Forumite
    163 posts
    you can get a cheque then wait till it clears then hand over the vehicle. If the buyer is genuine they should not have any problem with that or they can give you cash but if it's cash i'd take it to a bank straight away just in case the person is dodgy.
  • cyclonebri1cyclonebri1 Forumite
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    Cash every time:money:

    Just a tip, ensure you complete all the paperwork as detailed on the reg document and send your part off yourself immediately. Failurev to do so can result in allsorts of issues re speeding, parking tickets etc.

    Write a receipt detailing the payment in cash, and giving the description as you advertised, ie No implied warranty but no false info.

    £7500 is not a lot of money for a car, and anyone who's buying privately is likely to have cash or to have taken a personnal loan which will be available to them by cashing the cheque etc.:money:
    I like the thanks button, but ,please, an I agree button.

    Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)

    Always expect the unexpected:eek:and then you won't be dissapointed
  • Jorgan_2Jorgan_2 Forumite
    2.3K posts
    What about a bank transfer? It may cost £20 or so, but you have piece of mind that the money is in your account & nobody can rob you of it on the way to the bank.
  • Bean_CounterBean_Counter Forumite
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    Thanks for the replies.

    I'll try the CHAPS route and use cash as a fall back option.
    Today is the first day of the rest of your life
  • RiyaziRiyazi Forumite
    227 posts
    £7500 is a lot of money so I would complete the sale in a bank. Ideal if both of you have a common bank so that you both meet there, he withdraws the money and you deposit it in to your account. Or he meets you at your bank with the money and deposits it in to your account and you handover the key/docs etc.

    Having never done it I dont know how practical this may be eg: getting a convenient time for both of you to meet when the bank is open, gettign the car there, etc but to me this seems to be the safest way.
    I have learnt that living life to the fullest gives you a much better high than alcohol or drugs !
  • bclarkbclark Forumite
    882 posts
    I sold my Car privately last year for £8500 and we used cash. The buyer came around to my house and we drove the Car to the nearest branch of my bank and we paid the cash in there and then. £8500 in cash really doesn't look as impressive as it should in £50's!
  • cyclonebri1cyclonebri1 Forumite
    12.8K posts
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    Forgot to add;
    :T Best of luck with the sale, it's a bit difficult
    out there at the moment
    I like the thanks button, but ,please, an I agree button.

    Will the grammar and spelling police respect I do make grammatical errors, and have carp spelling, no need to remind me.;)

    Always expect the unexpected:eek:and then you won't be dissapointed
  • WigWig Forumite
    14.1K posts
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    If you are both in the same bank, then an account to account transfer will be (or should be) free.

    If different banks tell them to bring cash and the transaction will be done in your branch, after the money has been paid in issue the reciept and keys and V5 slip, complete the rest of the V5 and send it yourself to DVLA.

    Cheques and bank draft cheques can both be reclaimed by the payee after they have been paid and cleared into your account, so any arguement about you should accept a cheque bla bla bla you tell them, I don't accept cheques, only cash in my bank branch.
  • Bean_CounterBean_Counter Forumite
    1.5K posts
    Part of the Furniture Combo Breaker
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    Thanks again for the replies.

    It gives me useful information if and when a buyer appears.
    Today is the first day of the rest of your life
  • Smi1erSmi1er Forumite
    642 posts
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    h901 wrote: »
    you can get a cheque then wait till it clears then hand over the vehicle..

    Are you aware cheques can still bounce after they've appeared to clear?

    For that sort of money I would be asking the buyer to buy the car during banking hours, you drive the car to the bank, they pay the money (cash) or do a CHAPS transfer, you hand the keys over, and they give you a lift home:D
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