15 replies to this topic

[Mouldy]

Hi all,

   I'm conidering selling my 2004 vx220 Turbo.  However its been years since I last sold a car privately so...  Anyone have any guidance for the best/safest things to do to sell?

 

I'm thinking of things like do you let someone test drive?  I assume not if they have no specific insurance...

Whats the best way to get payment other than cash?

Best way to find reasonable value?

 

Brief info..

2004

Blue

Stage 1 by Thorny

Miltech exhaust

Nitron single adjust shocks

Standard wheels

Heater pipe mod

Door stud upgrades

4 point harnesses (normal ones still in too)

ABS disable switch

 

Serviced mainly by Chris Foulds motors for last 10 years or so

Previously by Thorny

 

[rabbidog]

I find the safest way of taking payment is for them to pay in cash into your account at a local branch with you beside them and sign the log book/release the keys once it's confirmed cleared in your bank account by the clerk.
Alternatively a direct payment via mobile or internet banking usually clears immediately (depending on bank) but will of course mean giving them yr account number. Just make it clear you will only release the car on cleared funds.

Best way to value your car for a private sale is to look at other similar cars (mileage, age etc) for sale privately.and price accordingly.

Its risky letting someone else test drive your car with no insurance cover for obvious reasons. Tricky one because most will want to drive themselves but not many will go to the trouble of getting fully comp ins in place to test drive a car. Im fortunate to have a very quiet, wide, long straight road nearby and usually use this for test drives. Still risky especially in high powered rear wheel drive cars.

[jonnyboy]

What's the mileage?

If its a clean car I might be able to help

[coldel]

Let me know how much you are selling for...am in the market for an NA at the moment but a reasonably priced turbo might turn my head!

 

In terms of selling, I have sold 4 cars privately in the last 7 years and thankfully the current tech and retail climate makes it very easy. In terms of your questions:

 

You do not have to let anyone test drive your car, even if they are insured for it, its your car, but obviously not letting them test drive it might put potential buyers off. If they want to test drive they need to have fully comp cover with plenty of evidence (look for homemade print outs and ask them to bring a bill with their home address on it), when I bought my last VX I got fully comp cover for a week from a provider - some people even ask for a sizeable deposit before any test drive - remember its your car, you can decide who drives it whilst you own it :-)

 

Two best solutions for money transfer is direct BACS transfer, can be done sat in your living room online with the person stood there it usually happens very quickly. If in doubt contact your bank and get their advice. I think the longest banks say it would take is up to 2 hours but I have bought two cars like this before and it was over in literally a minute.

 

You can take cash but pay it over the counter at a bank, the great thing in towns and cities now is that banks open on saturdays making it much easier to do this route also (I remember banks only opening 9-3 on weekdays!). 

 

Do not accept paypal, its not as secure as BACS.

 

I can PM you over a good receipt template as well if you want one that I made up (mashed up a template provided by autotrader and the AA). 

 

Also when I sold my Celica recently I photographed it and videoed it being driven away by the buyer, they have a time stamp on it, just in case I get any speed tickets and need supporting evidence!

[Dan r]

If doing BACS when buying a +10k car, give your bank notice as I had to wait until the next day before the bank cleared the payment.
Took my bank several hours when buying Paul's car to confirm they wouldn't release the money after a million security questions which meant hanging around then going home and coming back the next day. Could have been worse but Brighton to Suffolk on a train takes longer than you would expect.


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[Di3sel]

If doing BACS when buying a +10k car, give your bank notice as I had to wait until the next day before the bank cleared the payment.
Took my bank several hours when buying Paul's car to confirm they wouldn't release the money after a million security questions which meant hanging around then going home and coming back the next day. Could have been worse but Brighton to Suffolk on a train takes longer than you would expect.


Sent from my G8441 using Tapatalk

 

I had the same problem with my bank when I bought my vx, although I had called them twice in advance to notify them of this transfer. I ended up paying via PayPal within seconds.

[Mouldy]

What's the mileage?

If its a clean car I might be able to help

It’s about 34500. Not at home right now to check

[jonnyboy]

Drop me a PM is be interested in that.

[coldel]

If doing BACS when buying a +10k car, give your bank notice as I had to wait until the next day before the bank cleared the payment.
Took my bank several hours when buying Paul's car to confirm they wouldn't release the money after a million security questions which meant hanging around then going home and coming back the next day. Could have been worse but Brighton to Suffolk on a train takes longer than you would expect.


Sent from my G8441 using Tapatalk

 

I think this depends on the bank, Barclays is 10k, Lloyds is 25k etc.

[Dan r]

Was at barclays for me, think I remembered them saying anything above 10k needed notice.


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[rabbidog]

The bigger banks use a faster payment service regarding mobile/internet banking, generally it clears within a couple of hours, often immediately. I did have an issue with barclays once for a 16k payment but that was because it got held by the fraud unit. Id even paid the deposit previously so the large payment wasnt even the first payment to a new payee. After a quick security check with them it was released staight away.

[coldel]

Thats a good thing though, good diligence on their part to check these things 

[ChrisS1]

'How to sell guidance.'

Easy.

Guidance for sale, one careful owner. Open to offers.

[TheRealVXed]

Cash, CHAPS or Faster payment.  No other method clears same day.  If they don't want to carry cash/you don't want to give them your bank details (not that they can really do anything with them anyway) then get them to get a Bankers Draft, which they would need to go to their branch to get.  

 

Banker's Drafts are irrecoverable promises to pay from the Bank itself and in order to obtain one from the cashier the buyer's account is debited at the point.  They look like a cheque, but they are different.  Your only risk here is that the bank goes bust, but that is an extremely low risk!

 

FYI, I work in payment and financial crime compliance in the banking sector.

 

In terms of test driving, most people over 25 should be insured third party on the car, provided yours is taxed, MOT'd and insured at the time, however I would always ask them to prove this, and it is up to you whether you are comfortable to allow someone to drive without fully comp insurance.  If they cannot prove third party/fully comp, no test drive.

 

VXed

[TheRealVXed]

Let me know how much you are selling for...am in the market for an NA at the moment but a reasonably priced turbo might turn my head!

 

In terms of selling, I have sold 4 cars privately in the last 7 years and thankfully the current tech and retail climate makes it very easy. In terms of your questions:

 

You do not have to let anyone test drive your car, even if they are insured for it, its your car, but obviously not letting them test drive it might put potential buyers off. If they want to test drive they need to have fully comp cover with plenty of evidence (look for homemade print outs and ask them to bring a bill with their home address on it), when I bought my last VX I got fully comp cover for a week from a provider - some people even ask for a sizeable deposit before any test drive - remember its your car, you can decide who drives it whilst you own it :-)

 

Two best solutions for money transfer is direct BACS transfer, can be done sat in your living room online with the person stood there it usually happens very quickly. If in doubt contact your bank and get their advice. I think the longest banks say it would take is up to 2 hours but I have bought two cars like this before and it was over in literally a minute.

 

You can take cash but pay it over the counter at a bank, the great thing in towns and cities now is that banks open on saturdays making it much easier to do this route also (I remember banks only opening 9-3 on weekdays!). 

 

Do not accept paypal, its not as secure as BACS.

 

I can PM you over a good receipt template as well if you want one that I made up (mashed up a template provided by autotrader and the AA). 

 

Also when I sold my Celica recently I photographed it and videoed it being driven away by the buyer, they have a time stamp on it, just in case I get any speed tickets and need supporting evidence!

 

"Direct BACS" is a Faster Payment, different clearing system and unrelated to BACS which operates on a 3 day cycle (instruction, debit, credit)

 

Paypal operates over DD in which the payer has an unlimited time to dispute the debit to their account, and it is recoverable from the DD issuer (in this case PayPal) without recourse or question, unless PayPal can prove that they took the money legitimately (with the DD mandate that was set up and the account activity).  They cannot pass that refund (should they chose to, which they won't as unless the buyer can prove they never received the goods) onto you if you are an individual as you are protected from fraudulent reclaims.

 

My advice would be to stay away from PayPal anyway.  They are tax avoiders.

[rabbidog]

Personally I would steer clear of a Bankers draft, many people have fallen foul to forged ones in the past.