Buying privately and securing the car

[Frankieola 22]

I've been experimenting with buying a few cars privately recently and have done okay but have missed out on a couple as I couldn't get to them quick enough.

This got me thinking about sending a small deposit to the seller to secure the car until I can get to them, Obviously it would be after I've had a good chat with them on the phone first and satisfied myself that they are all they are saying.

Does anyone else do this? What's the best way to do it and is there a way that I can call the money back if the cars not for me or the seller doesn't stack up and gets a bit awkward?

Many thanks

[justina3 518]

just smells of carnage to me, you want to pay for something before you see it, no matter what they say on the phone private punters version of nice and ours are worlds apart.

[Row 71]

29 minutes ago, Frankieola said:

I've been experimenting with buying a few cars privately recently and have done okay but have missed out on a couple as I couldn't get to them quick enough.

This got me thinking about sending a small deposit to the seller to secure the car until I can get to them, Obviously it would be after I've had a good chat with them on the phone first and satisfied myself that they are all they are saying.

Does anyone else do this? What's the best way to do it and is there a way that I can call the money back if the cars not for me or the seller doesn't stack up and gets a bit awkward?

Many thanks

Boot on other foot comes to mind

[It's me 615]

Hi thanks for ringing me yes I have 4for sale.would I take a deposit ?mmmmmmmm. Let me think about that one.   Get down shep

[Nick M.K. 574]

Interesting topic this. 

My take on the specific question: Get a fell about how they sound on the phone. If you get a good feeling offer to send them £50 to their PayPal or bank account to secure the car. To some people this will be enough to hold it for you. If you don't like it let them keep your fifty quid. 

And my general advice after 13 years of buying cars: Don't buy exclusively from private sellers. Get into auction buying. I know it's tough, daunting and prices sometimes seem high BUT there is so much stock at auction in this WBAC age that when you become a better buyer (will take a while) re-stocking will become easy and cheap for you. You will go to one place, look at 1200 cars, pick 4-5 and this will all take you half a day at most. Electronic payment, cheap collection or delivery, secure enough, consistent enough. 

Then buy privately through p/ex or when someone gets in touch directly to offer you a car similar to what you sell. And when you do that pay as little as possible. 

[EPV 631]

I send a fifty quid deposit if I know the car is too cheap and will go quickly. 

Have done this the last two private purchases and both times the seller has been fending people off with a stick. Both times the car has been fine and good margins had. 

Its just fifty quid and if the car is very cheap and worth going after it’s a small risk. 

[trade vet 704]

Hi Frankieola. I think it is a good idea.You could do that where we are because in general people are very open and tell you all their circumstances.However,I don’t think I would chance it in south London.Infact the more I think about it,I might pinch your idea.

[It's me 615]

2 minutes ago, trade vet said:

Hi Frankieola. I think it is a good idea.You could do that where we are because in general people are very open and tell you all their circumstances.However,I don’t think I would chance it in south London.Infact the more I think about it,I might pinch your idea.

To add you get their address too and see if they live in bandit alley and then go on zoopla to see if its rented accomodation if still happy a deposit might be a winner but for me I would rather turn up because its as much about the person as the car with me i.e. why selling etc

[Arfur Dealy 823]

I will buy remotely privately occasionally off eBay, as long as after I’ve spoken to the seller I get the feeling they have been open and honest I have no problem securing the car with a small deposit, I also agree the price on the basis of their description and state I won’t mess with them on collection. You have to trust your own instincts on who you are dealing with.... small risk for a large reward. 

I agree with Nik, auctions nearly always have bargains you just need to be patient and to know when to take a punt, this does take years to learn... 

TV trusted his gut on the XF (another post)  but that does takes years of experience and big balls to take a punt (with your own money) and be pragmatic if your gut is wrong... He was right.. you only learn this by being a wheeler dealer, getting to the halls and following your nose...

Thats the best part of the job imo, nothing like the buzz of buying stock..

Ohh and making the money at the other end  

[Contracts 68]

3 hours ago, boring dave said:

To add you get their address too and see if they live in bandit alley and then go on zoopla to see if its rented accomodation if still happy a deposit might be a winner but for me I would rather turn up because its as much about the person as the car with me i.e. why selling etc

Hopefully it’s not just me that checks out sellers by address / Linkedin.  We don’t but many private cars but when we do they are normally under 2 years old.  Only ever once had to walk away as most private sellers seem genuine. 

[Nick M.K. 574]

4 minutes ago, Arfur Dealy said:

6 minutes ago, Arfur Dealy said:

Thats the best part of the job imo, nothing like the buzz of buying stock..

I think this is what most dealers actually prefer. Not the selling, certainly not the prep (with one or two exceptions). 

Many owners of larger dealerships go themselves to the auctions leaving everything else in the capable hands of their people. I still see the owner of Big Motoring World at various South East auctions doing his buying. Look out for Range Rovers at the car park with reg BIG I or BIG II. 

[It's me 615]

As that bloke on channel 37chasing cars says

It's all about the chase