Selling a vehicle privately. Payment?

[Brandane]

I am in the process of trying to sell my motorbike, but it's been a long time since I sold any vehicle privately. It's advertised on Gumtree and Facebook marketplace, so I'm anticipating a number of potential thieves and fraudsters looking at my ad..
I am by nature suspicious of being ripped off, but I'm out of touch with the modern ways of receiving payment.
Cash would be the obvious option, but even then open to being paid with a pile of counterfeit notes. What are the other options? Bankers draft, is that still a thing? Direct bank transfer, is that open to fraud once the bike is away? What about PayPal? Any advice gratefully received!

 

[Archie_tect]

Would prefer bank transfer - would need to check if the payment can be rescinded without the payee's agreement to see how safe it is.

 

[Slick]

Pay Pal friends and family thingwy seems like the way to go as not all can organise a transfer.

 

[HMS_Dave]

These days direct transfers can be achieved immediately using the banks phone app. You can even pay cheques in by scanning them in with the phones camera in relation to the app. At least I can with Halifax.

 

[I like Skol]

I bought a car via eBay in 2015.

Rocked up at the sellers house, logged into my banking on his PC, transferred the amount (£3.5k) then logged out. He logged into his bank, checked the balance to confirm receipt then handed over the keys and paperwork. Job done.

Only risky bit was using his computer. If I had used a smart phone I could have avoided that easily.

Bought another car in 2017 from a reputable dealer (if there is there such a thing?) For a considerably larger sum. Arrived for a test drive with my kindle tablet in my bag. Drove the car, agreed to take it so did the transfer again via online banking using the Kindle and their WiFi. No problems and drove away in the car about 30 minutes later having phoned my insurer.
Inline BACS transfer is the way to go, just check you have the money in your account before releasing the vehicle.

 

[I like Skol]

Just remembered, the car I sold when the new one arrived in 2017 was sold privately and the buyer used my home PC to make a BACS transfer to my account.

 

[I like Skol]

Slightly off topic, I once tried to pay £22k for a brand new Merc van on my switch card from a personal acc. The money was there but the switch system rejected the abnormal payment due to its size and locked my card out.... The dealer then accepted an unguaranteed check (my £50 guarantee card didn't quite cover it ) and let me take the van anyway. I could easily have then cancelled the cheque had I wanted to!

 

[bikingdad90]

Don’t sell the car after 7pm as then you can’t transfer the car online. When I sold the Skoda, lady turned up, transferred the money, I checked it arrived and then before I handed the keys over I did the online forms and checked she received the email to confirm ownership as she needed to tax the car before driving away... it no longer transfers with the car.

 

[Slick]

Slightly off topic, I once tried to pay £22k for a brand new Merc van on my switch card from a personal acc. The money was there but the switch system rejected the abnormal payment due to its size and locked my card out.... The dealer then accepted an unguaranteed check (my £50 guarantee card didn't quite cover it ) and let me take the van anyway. I could easily have then cancelled the cheque had I wanted to!

I switched a 35k BMW some years back, I kept the receipt for years although I think it's gone now.

 

[ianrauk]

Under no circumstances use PayPal friends and family as there is no payment protection.

 

[Drago]

Bank Transfer, or cash (and makes sure you have another large gentleman on hand to ensure no funny business - I usually ask my friend the Swede to assist).

 

[Ridgeway]

Just sold my wives car (roughly £3k) and i took cash off the seller. I familiarised myself with a few key anti-counterfeit points and they all looked good (some were 1000 notes) and then i took them off (with the buyer) to my local post office which is luckily only a few hundred yards away and asked the cashier to check them, she confirmed they were OK. Cash still works just be careful and do your checks.

 

[Cycleops]

If you have telephone banking you can transfer it directly over the phone.
Might even be able to do it if you don't. You'll just have to jump through the security hoops.

 

[Ming the Merciless]

If you have telephone banking you can transfer it directly over the phone.
Might even be able to do it if you don't. You'll just have to jump through the security hoops.

Telephone banking. Did the 1990s call?😁

 

[irw]

Telephone banking. Did the 1990s call?😁

They did. But they won't let you do anything without the 2nd and 4th digits from your security number and the last letter of your special word...