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BMW 3-Series (E90 E92) Forum
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Private selling advice sought
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05-20-2011, 09:56 AM | #1 |
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Private selling advice sought
First off, apologies for this question being non-3 series specific, but there's a much greater UK following here than on the F10 forum.
Having spent the last 10 years of my working life overseas, I'm a bit out of touch regarding private selling. I bought my AUC 1 year old E92 from a BMW dealer in May '09 and traded it in against a new F10 last September. I knew at the time that, had I sold privately and approached the dealer with 100% cash, I'd have got a much better deal, but I wasn't all that comfortable with the thought of conducting a private sale. It's something I used to do frequently when I was younger, but at 62 one begins to imagine things like a bunch of dodgy characters turning up on your doorstep and disappearing with the car. I'm now considering another trade-in, this time for an F12, but I won't be in such a hurry and I'd appreciate any advice on the safest way to conduct a private sale. Many thanks, Jon D. |
05-20-2011, 10:04 AM | #2 |
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Jon.
Two things - cash is not always king these days at the dealer, especially if you have an in-demand car to trade in. Dealers also like to finance (as they get a cut) and there's nothing to stop you paying off the finance in full a month later. If you do go private then the safe way (especially with the sum you'll be looking at) is to go together to the buyer's bank and witness him do a CHAPS transfer (non reversible) to your account. Give it 15 minutes and go together to your bank and verify the funds are there. Then give him the V5 and keys. I've done this twice and it's 100% safe and nowhere near as much agg as it sounds.
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05-20-2011, 10:04 AM | #3 |
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Make sure money is via a CHAPS payment, unless the buyer is happy to allow funds to clear in the normal time. I personally would't trust a banker draft.
Or both go to the bank together. Bugger cross thread with Ian |
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05-20-2011, 10:15 AM | #4 |
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I bought my e92 by doing a CHAPS transfer.It was no bother to me as i'd do exactly the same when it came to moving the car on again
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05-20-2011, 01:20 PM | #5 |
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I have sold a number of cars and accepted a bankers draft or building society cheque. To avoid the fraud risk I have asked for a copy of the draft to be sent to me in advance of the car being collected.
Then I have approached the bank branch which issued the draft and checked, using the draft number, whether it was genuinely issued by them. If they confirm the draft is genuine then I've happy to let the car go once I have the original item. |
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05-21-2011, 01:52 PM | #6 |
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Thanks guys; it wasn't so much the financial side I was worried about, as I'm familiar with CHAPS transfers. It was more the thought of a couple of dodgy geezers not only nicking my car, but casing up my house as well.
With this in mind, I was wondering if there were any alternatives to selling on your doorstep. |
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05-21-2011, 02:02 PM | #7 |
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I know what you mean, a couple of guys turning up to test drive a car can be a bit concerning. You do tend to get a feel for whether someone is genuine and if you have any doubts don't let them test drive etc.
Problem of course is if your judgement is wrong and you put of a genuine buyer. |
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05-21-2011, 03:32 PM | #8 |
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you need to have a couple of sons/nephews/friends there with you who are 6'2" and 18 stone, and have tattooed knuckles.......
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05-21-2011, 04:15 PM | #9 |
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Presumably if someone comes to buy a car, there would be two of them.
Or else, how does he get his/her ride back home
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05-21-2011, 05:17 PM | #10 |
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Girlfriend tried to sell her car and received a fake bankers draft. I wouldn't touch either.
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