Selling (and getting paid for) An Expensive Car

[DSLiverpool]

Not as easy as I thought ....
Advertised in pistonheads, then ebay then classic car then Autotrader
When the Trader mag came out I got a lot of interest and 2 strong potential buyers.
Buyer A wanted to chop in a S2000 Honda which I was quite keen on but spoilt his chances by offering £37500 and the 2004 S2000 (worth £10k) when the car was up for £57500 (later upped substantially but too late)
Buyer B is a cash buyer who was out of the country for a week on enquiry, seems genuine, seems to have the money quite easily and asked my bottom line - £55k.
The video on you tube was a strong selling tool and I advise it very much as neither buyer looked at the car before deciding they wanted it.

Nerves Buyer B`s communication is not as I would expect, is always from a blackberry and seems unemotional and very business like without considering the things I need to feel comfortable with the sale. Things like offering address, details, suggesting methods of payment etc. All of which I have had to raise.

Payment Well as it has not happened as I write this things may change but after long thought I have decided to take a switch card through my business, chip and pin and cctv coverage with photo id. Note as the chap hasnt seen the car and may still decide not to take it (and is coming up from London by train) we cant pre arrange a chaps payment and a chaps on the day wont hit my bank till 5.30pm earliest. To complicate thigs further I owe about 22% to a finance company and they will ONLY take payment from myself by switch is ok, the buyer will not buy the car until the finance company say its clear so thats a further pain in that I have to make the money appear before he pays for it.

So as of today Im a bit nervy, my uncommunicative buyer is genuine Im sure but probably of a differing psyche to myself and we dont communicate well, I prefer to talk lots and understand loads. My friend owns our local Lexus dealer and I suggested he offers and escrow service for a small fee, buyer gives him car, seller pays him - he decides if all is well as a dealer can easily do and thats it - potential huge biz opportunity ?

Im also 25% unsure weather to sell the Aston at all (which doesnt help)

Will update as it happens ...

 

[Spin_bowler]

Good luck, it sounds like there's a lot going on in your mind. Hopefully when you meet the guy things will become easier as you'll be able to make a character judgement on evidence which isn't restricted to two-line emails from a blackberry which should make it easier for you to make the right decisions.

 

[Londonscottish]

Are you sure you have exhuasted the CHAPS route?

When I sold mt C43 saloon I want to the bank with the buyer, he requested the CHAPS transfer and IIRC we tracked the money as it left his account and hit mine. It wasn't instantaneous but was pretty quick.

No?

 

[nimishashar]

if the seller has a std bank account you can ask for what is known as "faster payment" it is a new way of sending money which reaches your account within 3-4 hours of asking. I use this with the natwest regulary and with natwest there are no limits for the amount you want to send. Other banks have this facility as this is a government forced way of banking, although some banks have limits on the amounts that can be transferred

 

[DSLiverpool]

Hi guys yes we have looked at chaps and we can do it but 3/4 hours is a lot of time to have a chap hanging around you lol, I thought with switch it would be quicker.
However we have "texted" today (still not spoke to the guy) and we can do a nat west to nat west transfer as my company is with natwest - this is what I will be happy with (I think) lol

 

[grober]

Have you got his " registered keeper "address yet- required for vehicle V5C transfer details? I like to to know where people live.

 

[C240Sport97]

I think it's very peculiar for a buyer and seller of an expensive car like that not even to have spoken.

 

[nick mercedes]

I think it's very peculiar for a buyer and seller of an expensive car like that not even to have spoken.

The out of the country thing is a bit suss too.

 

[Palmball]

Sounds very complicated, especially when you add in the outstanding finance challenge.

I have only once sold an expensive car privately and that was to the person who bought my black C63.

I was VERY lucky as we weren't total strangers and the buyer did pay me directly and allowed me to settle he finance...which I did promptly!

It would've been nigh on impossible for me to sell it privately if the buyer wasn't so flexible (trusting?) and getting payment cleared immediately isn't easy unless it's cash...which has it's own risks!

The buyer is a member of this forum so, Amar....thanks for making it easy!

DS Liverpool...good luck with your transaction!

 

[LTD]

'Seller beware' is the catchphrase of the day IMO

 

[vincenz]

Its because everyone is mortgaged to the eyeballs and believe they can afford things they cant'.

I imagine there was once a time when only people who had cash in the bank could afford aston martins, but now most people believe they 'deserve it' for £799 a month with £9000 down and an optional final payment of £45678932091392131.

Its the reason the country is in so much of a mess

/rant

 

[Palmball]

Its because everyone is mortgaged to the eyeballs and believe they can afford things they cant'.

I imagine there was once a time when only people who had cash in the bank could afford aston martins, but now most people believe they 'deserve it' for £799 a month with £9000 down and an optional final payment of £45678932091392131.

Its the reason the country is in so much of a mess

/rant

It must be great on that high horse to be able to pay for everything, including your house in cash.

For us mere mortals with a monthly income, we have to rely on things like mortgages and car finance. Indeed, my employer pays me a car allowance which, unfortunately, is paid monthly and not up front for the whole car which means I have to pay monthly for my car.

The country is in a mess because people over borrow so their monthly income cannot sustain their lifestyle so you'll find that finance, whilst being one of the reasons why the country is in a mess due to the above, is also one of the main things that makes the country....and the world....go round!

My rant over!

Sorry DS for encouraging this to go off topic!

 

[vincenz]

It must be great on that high horse to be able to pay for everything, including your house in cash.

For us mere mortals with a monthly income, we have to rely on things like mortgages and car finance. Indeed, my employer pays me a car allowance which, unfortunately, is paid monthly and not up front for the whole car which means I have to pay monthly for my car.

The country is in a mess because people over borrow so their monthly income cannot sustain their lifestyle so you'll find that finance, whilst being one of the reasons why the country is in a mess due to the above, is also one of the main things that makes the country....and the world....go round!

My rant over!

Sorry DS for encouraging this to go off topic!

Palmball I think you've missed the point of my post, we are essentially saying the same thing.

And I am by no means on a high horse, hence me driving a 15 year old car.

 

[manalishi]

Im also 25% unsure weather to sell the Aston at all (which doesnt help)

Then, to be honest, it's not clear who's messing who around yet.

 

[Will]

To be honest, cheap finance and easy lending criteria of the 00s made newer cars more accessable to people who couldn't otherwise have one.

If you present people with that opportunity, they're going to take it.

I guess the appeal of a newer car that is more fuel efficient or doesn't need as many expensive repairs as an older one could influence the decision. It's possible that the cost of the finance and depreciation may not differ too much from the maintenance/repair costs on some cars. So some reasonable logic of sorts

Regarding the OP's question - has to be said, a bit of a tricky situation, but I would not dream of finalising arrangements until you've at least spoken to the guy - surely a phone call is just a few minutes away?

I've only ever paid cash for my cars and driven them away, but then again the most expensive cars I've bought/sold have been less than £10k.

If you are/were definately selling the Aston (you have to decide! ) then wouldn't it be easier to settle the finance before the car goes up for sale? That way, all you need to worry about is safe transfer of the funds from the buyer to yourself.

I'd be a little uneasy about buying a car with finance outstanding from a private seller I didn't know, where there's little comeback for me if it goes wrong?

 

[vibesg]

I hope it all goes smoothly DSLiverpool. There's so much at stake -The car, the Sale and the proceeds of sale.
Go with your instincts. It may well go swimmingly well which I hope but scams are becoming ever so sophisticated and even the wary and exprienced get sucked in.
Why don't you give the guy a call.."just to confirm details". He may be quite loaded but I'd want to talk to ther party about to part with £55k just to ensure you're not caught up in a money laundering scam.

 

[Palmball]

Palmball I think you've missed the point of my post, we are essentially saying the same thing.

And I am by no means on a high horse, hence me driving a 15 year old car.

Fair enough - I must have interpreted it wrongly. Apologies.

 

[Happy Bunny]

I think you need to be very careful Dave. An Aston will always attract the criminally minded.
Put yourself in the other persons' shoes - would you buy an Aston without speaking to the buyer first? No?
You've texted the guy so you must be able to ring him. I'd ring him up and explain how you feel. If he's honest you'll know in the first few seconds of the call and it'll stop you worrying.

Good luck with the sale.

 

[DSLiverpool]

I will call him up on sunday, I have his address and found his company (he operates skating rinks in London) the finance will be settled before he buys it but i dont want to do that if he does not buy it so i would do it minutes before he buys it so to speak.
He has HPI`d it and got a duff result but it still seems a bit odd and i have East european car sourcing ring stick in my head

 

[turbopower]

Sounds very complicated, especially when you add in the outstanding finance challenge.

I have only once sold an expensive car privately and that was to the person who bought my black C63.

I was VERY lucky as we weren't total strangers and the buyer did pay me directly and allowed me to settle he finance...which I did promptly!

It would've been nigh on impossible for me to sell it privately if the buyer wasn't so flexible (trusting?) and getting payment cleared immediately isn't easy unless it's cash...which has it's own risks!

The buyer is a member of this forum so, Amar....thanks for making it easy!

DS Liverpool...good luck with your transaction!

Thanks Andy it was a pleasure doing business with you.