arekkusu Posted May 10, 2011 Share Posted May 10, 2011 Basically in the title really. Buying a Zed will be the most amount of money I've spend on a car by a long way and as it will more likely be a private deal just wondering how people have paid for theirs privately, cash, bank transfer, other options? Cheers! Quote Link to comment Share on other sites More sharing options...
andlid Posted May 10, 2011 Share Posted May 10, 2011 car cost = 8k (example) bring a bank draft for 6k, rest cash for haggling possibly a deposit of 10% prior to that... Quote Link to comment Share on other sites More sharing options...
BulletMagnet Posted May 11, 2011 Share Posted May 11, 2011 When buying privately, then cash is king. Nothing works more when haggling than a stack of notes. Quote Link to comment Share on other sites More sharing options...
choptop Posted May 11, 2011 Share Posted May 11, 2011 Depending on where the car is in relation to where you live does make money option the best solution, but would not advise walking around with £1000's in your pocket Ideally, a £250 cash deposit with a Building Society cheque to follow (depends if you have a BS Account). BS Cheque as good as cash but some dealers now request payment by debit card. Quote Link to comment Share on other sites More sharing options...
Will370z Posted May 11, 2011 Share Posted May 11, 2011 Put it on your credit card, get extra protection and air miles. Then just pay it off before next months cc payment date. Quote Link to comment Share on other sites More sharing options...
slimjim Posted May 11, 2011 Share Posted May 11, 2011 Just lots and lots of cash... As BulletMagnet says... Money talks. Got my Zed for quite a bit less than asking, which I am SURE is linked to the fact I used £20 notes, rather than a faceless check that could bounce. Also meant I could drive away right there and then. Although andlid's idea of a 90% bankers draft and the rest in cash is a very good one. Saves carrying all that money around with you! Quote Link to comment Share on other sites More sharing options...
narcotix Posted May 11, 2011 Share Posted May 11, 2011 I bought my Zed privately and paid via Bank Transfer ... Quote Link to comment Share on other sites More sharing options...
Adam rs Posted May 11, 2011 Share Posted May 11, 2011 Always take someone with you when carrying cash and dont let the seller know you have some with you untill you are satisfied they are trustworthy.This obviously doesnt apply with dealers but they will take payment by debit card anyway. A good friend of my dads who is an ex rugby player in his 50s went to collect a car from a private advert,the seller said he would collect him from the station and take him to the car.He was collected as discussed but was taken out of town where another car was waiting in a layby.He was robbed at knifepoint of £6000 in cash. The seller continued advertising cars but the police were not prepared to put a plain clothed officer posing as a buyer with cash incase the officer was stabbed! Nothing was done. This was quite recently and he is still shaken up. I have never had any problems like this myself but if you are travelling a long way to view a car the best thing to do is both parties go to a bank and transfer the money and get the keys and log book signed while you are there. Quote Link to comment Share on other sites More sharing options...
TimFF Posted May 11, 2011 Share Posted May 11, 2011 I've been on both sides of this in recent years, most recently when I bought my Zed in March. I also sold a car for cash a few years ago; both deals were well into 5 figures... Cash can be dud, and Bankers Drafts can also be well counterfeited. I didn't have the time to check every single note and no way would I be able to detect a dodgy draft. (I'm not paranoid but I KNOW I'm being watched...) So when buying the Zed I made sure I had a substantial cash deposit - enough to prove I was real, not enough to get too worried about carrying it. When it came to the day of acquisition I had my seller accompany me to a local bank where he saw me draw the draft - I then kept it until I got the keys and docos. The catch here is that it needs to be withing banking hours. When it came to the sale, I made the buyer come with me to the bank where we paid it in - once the notes were accepted by the bank (now their fault if dud) and I had a paying in slip I gave him the keys. I'd suggest if anyone didn't like either method then I'd be wary of doing a deal... cheers Tim Quote Link to comment Share on other sites More sharing options...
slimjim Posted May 11, 2011 Share Posted May 11, 2011 I'd suggest if anyone didn't like either method then I'd be wary of doing a deal... Well said that man... Quote Link to comment Share on other sites More sharing options...
andlid Posted May 11, 2011 Share Posted May 11, 2011 I wouldn't like gettin a wad load of cash... who says that's not fake or been robbed. I actually went to the bank and did a international bank transfer straight into my agents account.... Quote Link to comment Share on other sites More sharing options...
James B Posted May 11, 2011 Share Posted May 11, 2011 When buying privately, then cash is king.Nothing works more when haggling than a stack of notes. BE VERY CAREFUL GOING ANYWHERE WITH £9k IN YOUR SKY ROCKET! Seriously though, its down to the individual but I would NEVER walk around with that money to hand. Bankers draft or CHAPS transfer. I've heard too many stories of people going to look at cars, envelope full of cash only to be greated by some eastern europeans more than happy to relieve you of it. Cash isnt insured! Quote Link to comment Share on other sites More sharing options...
Ian Posted May 11, 2011 Share Posted May 11, 2011 When I bought my car I paid a cash deposit & then the rest by debit card. When I sold it, i took half payment by paypal & the rest in cash Quote Link to comment Share on other sites More sharing options...
Cookbot Posted May 11, 2011 Share Posted May 11, 2011 Just lots and lots of cash... As BulletMagnet says... Money talks. Got my Zed for quite a bit less than asking, which I am SURE is linked to the fact I used £20 notes, rather than a faceless check that could bounce. Also meant I could drive away right there and then. Although andlid's idea of a 90% bankers draft and the rest in cash is a very good one. Saves carrying all that money around with you! £12,800 in £20 notes. He was originally asking £14,000, nuff said... Quote Link to comment Share on other sites More sharing options...
Sarnie Posted May 11, 2011 Share Posted May 11, 2011 As a seller I wouldn't accept more than about a grand in cash. And as a buyer i wouldn't walk around with a load of cash on me. Safest option for all concerned is to take/pay a small deposit and then meet the buyer/seller at their/your bank with either a Bankers Draft or the cash so the Bank can confirm authenticity. Also, don't pay anything with a written receipt stating the amount payable in total, whats it's for and dated and signed by both parties. Quote Link to comment Share on other sites More sharing options...
Husky Posted May 11, 2011 Share Posted May 11, 2011 Quote Link to comment Share on other sites More sharing options...
DP7657 Posted May 11, 2011 Share Posted May 11, 2011 I bought mine privately in April and paid by bank transfer, it was Barclays - Barclays online so we could both see the money go in and out of each other's accounts instantly. Obviously if you walk into a room looking like an underground computer hacking hub and you don't trust it, then you don't want to go for that method. A guaranteed bank draft written in branch with both parties present has got to be the safest method of payment though. Quote Link to comment Share on other sites More sharing options...
sasha@lazytrips Posted May 11, 2011 Share Posted May 11, 2011 With the advent of technology, the simplest way is just to do a bank transfer - that's what I did. They are instantaneous with most banks now, so you go off your phone and make the transfer, the other person checks their account and sees the money. Pretty straight-forward. Quote Link to comment Share on other sites More sharing options...
stuRS Posted May 11, 2011 Share Posted May 11, 2011 I recently sold an audi and did it via bank transfer. It's good to ask who the buyer/seller banks with as most UK banks offer 'faster payment' systems now, giving instant transfers (whereas CHAPS is batched and sent once a day normally). I've bought various vehicles in various ways, I always scope out the seller and make my decision based on instinct...the audi buyer was a commissioner for the BBC, so I was happy to use bank transfers. If he was an undesirable type, I would have insisted on cash and passed every note under a UV light before handing over the keys. Top tip though - always always have someone else with you, never buy or sell a vehicle on your own. Quote Link to comment Share on other sites More sharing options...
arekkusu Posted May 11, 2011 Author Share Posted May 11, 2011 Cheers for the tips guys. Walking around with 8k of cash is probably going to be an issue seeing as I am going to have to travel about 6 hours +/-- to pick one up. Always get a better choice looking England way with cars. However I hear some of you with the bargaining ability that stacks of cash carries with, guess its finding a happy medium like some of you have suggested. Always going to take a second pair of eyes for an impartial opinion too, that can stop you from convincing yourself that the problems you've just discovered are 'ok' and the best decision is to walk away. Quote Link to comment Share on other sites More sharing options...
HaydnH Posted May 12, 2011 Share Posted May 12, 2011 I know someone who bought a rolls royce silver cloud iii with about £28k cash, this was a long time ago though and got a huge discount for using cash. He called his bank manager and got the bank to deliver the cash to the garage... I wish I had that sort of relationship with my bank! Personally I bought my Z on debit card. Quote Link to comment Share on other sites More sharing options...
ioneabee Posted May 12, 2011 Share Posted May 12, 2011 I sold a merc C220 on ebay with about 3 days still to run on auction buyer came from Leeds to SW Wales - thats about 7 Hours !! he wanted to knock it down by 1K - but my thinking was he'd travelled all that way and was unlikely to go away empty handed - so stuck with my asking price. he asked me to drive him to the bank (about 12 miles away).....i got a bit nervous at this point ..but carried on anyway all worked fine, he transferred 9K straight into my account from his (luckily he banked with Halifax too), we drove back to my place and off he went tip here then is don't let the seller know how far you've travelled Quote Link to comment Share on other sites More sharing options...
Matt L Posted May 12, 2011 Share Posted May 12, 2011 Paid the prior owners finanace company off on my debit card. Quote Link to comment Share on other sites More sharing options...
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