If you find yourself saying, “I want to sell my car for cash“, you may also wish to look at some of the following tips:
- if you are accepting large sums of cash from a private individual buyer, you may need to be aware of the dangers of counterfeit currency – although this is hopefully an infrequent situation, it may still pay to think about it and advisable to ensure that you have verified the buyer’s identity and address;
- in terms again of private individuals, you may need to be aware of the fact that they may expect to drive a very hard bargain if they are paying you by cash but it may be highly advisable not to relinquish your vehicle until any cheques they have given you, have irrevocably cleared through into your bank account;
- if you are dealing with a smaller corporate buyer, you may find that some of them will wish to deal with you only on a cheque basis and that may mean that you will need to wait for some days until full clearance;
- if you are dealing with any smaller company, it may pay to keep in mind that a company cheque may bounce just as easily as a private individual’s cheque so yet again, it may be advisable to keep your vehicle until the cheque has cleared;
- some companies may offer you what is called an irrevocable banker’s draft which means that it cannot bounce and is subject to immediate clearance but in some cases your own bank may charge extra for the processing of such documents;
- you may find that some professional car purchase companies may offer to pay via a direct credit into your bank account – this may be, broadly speaking, similar to cash payment, as you may see it arrive in your bank account very quickly and it is under normal circumstances, typically irrevocable;
- remember that if you are saying, I want to sell my car for cash, that you may need to construct your sales strategy to reflect that – including potentially favouring corporate purchasers who are able to operate with you on that basis.
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