OK Im looking to get a P1 in the next two months but realise that if I walk into a dealership with only cash and no p/ex then Im in a good position to haggle. Plus if I sell privately I 'should' get a bit more for my car so can afford a better spec P1. However Ive never done this before (only my 2nd car and p/exd last one) so Im looking for some tips from you seasoned pros as Im a little wary.

1. Ive been told only to accept payment by bankers draft (selling price is around £6k so cash not really an option). Is this right and what should I check on the draft before I hand the car over?

2. DVLA documentation. Is the V5/2 the only doc I need to send off to the DVLA?

3. Wheres good to advertise other than autotrader and SN?

Anything else?

Simon.

 

Definately check the draft with the issuing bank as its not valid until you do!!!

 

So Im guessing there is a number listed on the draft for me to call?

 

Hmm just had a look on Autotrader for what others are selling similar spec cars for and Im looking at £5k which is what Ive been offered on p/ex. Dont you Scooby owners ever whinge to me about depriciation - £13k new in sept '99, £5k in april '02 (31 months old 18k miles).

 

there might be it depends on the issuing bank, If not just ring your local branch.

 

What car are you trying to sell?

 

Nothing extravegent. A low mileage Nissan Primera. Was just a sensible car to get me a few years no claims so I can afford something a bit more powerful (ok a lot more powerful). I guess its still worth doing so that I can walk into a dealership with a wad of cash and ask for a discount.

 

Always tricky this. Officially Bankers Drafts are 'as cash' - ie a bank considers them cash as they can only be drawn on cleared funds. In the past the whole point of the Banker's Draft was that they would honour them without question (hence providing more protection than a 'normal' cheque). However, the advice given above is very wise - check with your local branch - give them the draft number - they should be able to check whether it is OK or not. I would only accept it after that has been done.

The other alternative is to request payment via electronic funds transfer (CHAPS payment). Cost is maybe a little more (maybe £25 as opposed to £15 for issuing a BD). This can be completed in 24 hours and you will be able to phone your bank to check whether the funds have been credited to your account - then you know for sure. If the person buying your car is unwilling to consider this, then I would be a little concerned - after all the banks use CHAPS themselves to make thousands of payments everyday.

Chris

 

Remember that dealers actually like doing finance too, and some may offer you a better "deal" if you take their finance.

 

If your car has aircon my parents will be interested. Send me the spec if you'd consider a private sale.

orwell_andy@hotmail.com

 

Orwella YHM.

 

I had quite a few enquiries when I advertised a car on www.findit.co.uk recently and it's free.
Allan

 

Always check with the bank with regards to bankers drafts.

Secondly, found finance through cahoot to be cheaper than through subaru IM.

Thirdly - don't make emotional decisions, play it cool and don't be afraid to walk away. Don't be too casual, show a genuine interest so the dealer knows you are not messing about.

Took me 2 weeks to put my deal through on the P1.

Also, bear in mind that if they don't budge too much on price then go for other things i.e. fresh sets of tyres, full years tax etc.

Car should be serviced before its handed over too.

Good luck.

p.s. driven to Gateshead today and I couldn't keep the thing below 100 much - gonna get me into some serious trouble this car, but I wouldn't have it any other way.....

 

Cash not an option?

I bought my scooby privately for £11,900.00 and paid in cash, which the guy did accept, although he was a bit suprised that I wanted to take the car there and then.

I must admit that I wouldn't just take the cash at home, a friend sold his EVO VI for about £20,000.00 and the chap wanted to pay cash. He drove him down to his branch in the car, paid it in, then handed over the keys. No chance of funny money this way!

Make sure you're not on your own at the time though, especially if three or four big blokes turn up!

Obviously goes without saying, don't let anyone test drive the car without you being present.

Chris

 

If you do go the Bankers Draft route take it to your bank and ask them if it's ok before you let the car go, I've done this before and they can cash it within 10 mins (may cost you extra but it's only £15 max), well worth it as people have been burnt before by them....

 

8k in 2.5 years isn't bad at all!

Make sure they have suitable insurance to drive your car. I've often wondered what would happen if they stacked your car on a test drive. I personally couldn't be doing with it!

 

Just to back up what others have said - I'd be asking for a CHAPS transfer and wouldn't be releasing the car until I'd confirmed the money was in the bank.

I sold a Discovery a couple of years ago and took a bankers draft which I "thought" was as good as cash as the banks tell you. Shortly after, the bank said the draft was stolen (along with a full book full!) and as such they would not honour it, I spent a good couple of days getting nowhere with the bank or my insurance company (they don't cover this sort of theft even though at first they said they did!) and I thought I'd lost the lot.

Luckily for me, the police actually found the car parked up a couple of days later (80 miles from home) and used it as bait for the scumbags when they returned for it along with 2 other cars.

Luckily for us 3, we got our cars back and just lost the service history and docs etc. The owners of the other hundred odd cars they'd done over the previous 2 years weren't so lucky

Needless to say when I sold it again I was ultra careful!!!

HTH

Rich

 

If you have been watching Wrong Car Right Car, they sometimes use the old p/x car to get a better deal in that they ask for more cash for it and get less discount on the new one. It's swings and roundabouts.

Personally I could not be bothered with the hassle of trying to sell it when the dealer has offered you the same as you would get if you sold it privately.

 

Drafts arent guaranteed cash until confirmed by the bank the company I used to work for got stitched up on a 140K draft because of it