Selling a car privately

Discussion in 'General Discussion' started by olikea, Jul 3, 2003.

  1. olikea

    olikea Member

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    I will be selling my lovely '94 SL280 soon, only 66k miles.

    I have had it for 5 years but now need something with proper back seats :)

    I just wanting to ask, how much should I be expecting to get for it?

    Originally I was going to buy a brand new Merc at the dealership. I was offered £11500 part exchange one week, but when I came back next week to hammer out a deal, they said "oops we make a mistake only worth £9500 as its too old for us to sell".

    I said this was unnacceptable, and was told they would ring me back.

    They never did.

    So I took my business to carfile, and the Nottingham dealership gave me 6.25% discount on my new Merc - quite impressive for a Merc, and I don't like haggling anyway.

    Anyway I now have to sell it privately, something I have never done, but I was so annoyed with the way I was treated at the Gatwick dealership, I am determined that no dealer is going to be allowed to make an easy buck on my car!

    Just one more question, how does one accept payment, obviously bankers draft springs to mind, but these can be faked with a good modern printer, and I am not sure I am prepared to handle a large amount of cash!
     
  2. andy_k

    andy_k MB Club Veteran

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    accept a bankers draft but don't release the car until the funds are "cleared" in your account - your bank may offer an express service which only takes 24 hours. Any genuine buyer would be more than willing to wait whilst funds clear.

    If you are worried about handling large amounts of cash, get your buyer to meet you at the bank.

    Better still, get your buyer to transfer the funds to your account from their own bank. That way your bank will be able to verify the funds are cleared.

    A point worth considering is that your potential buyer may be equally reticsent about handing over large amounts of money to a complete stranger :)

    Andy
     
  3. OP
    OP
    olikea

    olikea Member

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    >A point worth considering is that your potential buyer may be >equally reticsent about handing over large amounts of money to >a complete stranger

    Well I agree this is a problem. Otherwise I could just take a cheque.

    Actually, something occured to me, how about an instant "chaps" transfer? I think this costs about £20 or so, but thats nothing really on the price, and that is meant to be absolutely instant.

    However, my experience with banks is that nothing is ever instant, and I don't want to be in a situation where the buyer is complaining that he has transferred the money, but my bank hasn't recieved it yet.
     
  4. Hunterp

    Hunterp New Member

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    CHAPS payments should take 3 minutes - in reality they take between 2-3 hours. I would go the CHAPS route and make sure you have got the money in cleared funds before releasing the keys.
     
  5. Shude

    Shude MB Club Veteran

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    When I paid for a car with a banker's draft I took the reluctant seller to the bank so he could see the draft being produced. He was happy to accept it then.
     
  6. GrahamC230K

    GrahamC230K MB Club Veteran

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    The independant dealer I use takes a personal cheque from me!

    I guess on your own you cant be too sure. It'll be good when all the banks catch up with HSBC. Instant online transfers between any two HSBC accounts.
     
  7. joe

    joe Hardcore MB Enthusiast

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    Hi Olikea,
    Although 6.25% discount on a new car sounds good, It is exactly the amount a mercedesbenz salesperson can give without going to the Manager (it allows them to mess with the figures if a part exchange is included or to close the deal quicker)
    If you are doing a straight deal with no part ex, ask for a better discount......I managed 10%......i had to wave my cheque book around to show i was serious. A friend of mine negociated a better deal than me by playing road range off against another merc outlet...........he was told that most customers just paid the asking price and never haggled....his reply was that he had to work for a living!!

    Good luck................I would only accept a electronic money transfer as a means of payment from a stranger


    Joe
     
  8. OP
    OP
    olikea

    olikea Member

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    Thanks for the replies guys.

    Interesting about the discount thing. One problem is that I hate haggling, and it can seem fairly petty to haggle over the price if you are buying a brand new Mercedes, you don't just walk into harrods and try and get a few percent off ;)

    I think I will get the buyer to do a chaps transfer, and just invite him in for tea and wait for it to clear, and tell my bank to ring me when its done.

    I think that avoids all the usual trust issue.

    Another thing is how to sell a car. I don't fancy a lot of tyre kickers coming round, and an SL may attract some attention. I am considering selling it on e-bay, anyone any thoughts on this?
     
  9. Simon

    Simon Hardcore MB Enthusiast

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    I sold my bike recently on eBay and it couldn’t have been easier. I got an email from a guy wanting to come and have a look before bidding, he came, he looked, he gave me cash there and then. Auction cancelled.

    Just for old time’s sake here it is. I miss it.



    [​IMG]
     
  10. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

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    A few weeks earlier and i would have bought it at that price!

    Ive always accepted Bankers Draft, it is easy to check for fakes, there are water marks etc...

    If your not sure, then get them to come to the bank with you to deposit the draft before you hand the car over.

    Obviuosly handling that much can be a bit daunting, and i know im always sweating untill the draft clears, but its about the safest way...

    Also makesure you get there full address, postcode, landline etc...

    Cheers

    Jay
     

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