Perfect private buying scenario ?

[Gurrier]

So buying soon and abit nervous about the pitfalls that come from buying a 2 litre turbo car second hand privately.

So after all the pre checks for clocking/no finance outstanding are done and you have brought along a mechanically gifted friend to view the car and give the thumbs up and you negotiate a price, what in your view is the best way to seal the deal which makes both parties feel at ease and walking away happy ?

Been going over this in my mind for the last week and im thinking something like.

1. Once price is agreed on drive to the nearest bank you are with and either withdraw a cash amount(this can have a daily limit)/bank draft or mix of the two and allow the seller to verify it's validity and lodge it etc before you leave.
2. Both sign a simplified receipt that states car type/reg/date and sellers intent to sell with both signatures as you hand over payment and both are happy with it.
3. Bring along a stamped adressed envelope for the seller to post on the log book while you go to the bank or after when you are dropping them home (A4 size?)

Basically im just setting out to keep things as legal as possible while making sure the seller is comfortable with the whole thing so there is no nasty suprises which is the reason for the receipt and a bank draft as part of the transaction for it's receipt which will back each other up if the seller is a nutcase.

Just having last minute jitters as i cannot afford the car im buying from a main dealer and i want everyone to walk away from the transaction feeling they got a good/secure deal with no nasty suprises while not looking like a plonker/timewaster. 

[Wayne]

Very simple, make sure all is ok then hand over the money then take all the paperwork as required.

At the end of the day you have no comeback with a private sale, so you need to be 100% sure all is ok before parting with the cash.

If anything comes to light afterwards then your screwed tbh.

[crimsonfin]

So buying soon and abit nervous about the pitfalls that come from buying a 2 litre turbo car second hand privately.

So after all the pre checks for clocking/no finance outstanding are done and you have brought along a mechanically gifted friend to view the car and give the thumbs up and you negotiate a price, what in your view is the best way to seal the deal which makes both parties feel at ease and walking away happy ?

Been going over this in my mind for the last week and im thinking something like.

1. Once price is agreed on drive to the nearest bank you are with and either withdraw a cash amount(this can have a daily limit)/bank draft or mix of the two and allow the seller to verify it's validity and lodge it etc before you leave.
2. Both sign a simplified receipt that states car type/reg/date and sellers intent to sell with both signatures as you hand over payment and both are happy with it.
3. Bring along a stamped adressed envelope for the seller to post on the log book while you go to the bank or after when you are dropping them home (A4 size?)

Basically im just setting out to keep things as legal as possible while making sure the seller is comfortable with the whole thing so there is no nasty suprises which is the reason for the receipt and a bank draft as part of the transaction for it's receipt which will back each other up if the seller is a nutcase.

Just having last minute jitters as i cannot afford the car im buying from a main dealer and i want everyone to walk away from the transaction feeling they got a good/secure deal with no nasty suprises while not looking like a plonker/timewaster. 

I bought mine privately and it all went fine (we were probably both as nervous as each other having never bought/sold privately before) but based on my experience ....

Payment
Its worth speaking to the buyer to find out who they bank with.  Luckily when I bought mine we both banked with the same high street bank and we simply nipped into the branch and the money was transferred instantly between accounts.  If you dont bank with the same bank then maybe a family member/partner does so you can transfer cash to them and then move the money again on day of sale.  If that isn't an option then cash is the best way to go but you are correct when you say that there are limits in place.  Some banks require several days notice for large withdrawals so its worth sorting this out beforehand.  Also if it was me then I still wouldn't part with the car until I had taken any cash to my bank and had it verified (dodgy notes ?!?!) and paid into my account.  Bankers drafts are also an option but I have heard stories about these being forged and/or cancelled so again I wouldn't be parting with the car until the bank confirms that all is good. 

Agree the payment terms up front so that there are no surprises on the day (also check for proximity of banks and opening times - especially if you are doing the deal on the weekend).

Receipt
In my case the seller provided a simple receipt stating their name, address, car reg, car miles and a simple declaration along the lines of "sold as seen ..." that we were both happy to sign.  From memory it looked like it had been printed from the autotrader site so there is probably some online template somewhere that you can lift if you want.  I doubt legally it has any real standing but people do like signed receipts 

Documentation
After the sale was concluded we both filled out the required parts of the V5 in each others company and I think I remember taking the lot away for posting.  There is probably a guide on the DVLA's site that covers this in more detail if you are unsure.


Only other tips I can offer are that its worth checking some of the better known HPI sites as some of them offer deals (I got an RAC check done half price).  Also worth checking cashback sites like Quidco for HPI deals where you might be able to save another quid or two.  Also I would also always look to do the deal in the sellers home (no meeting in deserted car parks in the middle of nowhere) just so that (a) you know where they live in case anything should go wrong and (b) you are not turning up to meet a stranger with a rather large pocketful of cash!

Im sure it will all be fine - hope it goes well.

[Gurrier]

Thanks Crims

[TeddyKGB]

Good advice from Crimsonfin there - just to expand on the banking thing, you could also do it via online banking. If you both use the same bank (or are within the same group of banks, in some cases) you can transfer the money there and then and it will show up in their account straight away. You also have a receipt (in the form of a transaction) incase of any disputes.

[Golf_GT_TDI]

Receipt
In my case the seller provided a simple receipt stating their name, address, car reg, car miles and a simple declaration along the lines of "sold as seen ..." that we were both happy to sign.  From memory it looked like it had been printed from the autotrader site so there is probably some online template somewhere that you can lift if you want.  I doubt legally it has any real standing but people do like signed receipts 

This may have been it, I've used it couple of times, print two copies one for seller one for buyer... http://www.whatcar.com/images/subscription/usedcarreceipt.pdf

[david25]

For the love of god get an HPI check and do the extra chassis number thing for the additional insurance!

[Ed30DSG]

I believe that you can only transfer a max of £10k out of your account in a day, so you may need to take cash to top it up, or take it from 2 accounts. I think its to do with money laundering.

[kalpsn2000]

Some very good advice by Crimsonfin above.

Just to reiterate make sure you get a HPI done at a respectable company/website.

Regarding payment I transferred £10k (limit on my account) via online banking and the rest by cash when I bought my GTI privately.

And follow your gut if something doesn't feel right walk away