Receiving cash payment for your car is ideal for many reasons, but if you are thinking I want to sell my car for cash, then you should consider:
- Cash concerns – 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. Be sure that you have verified the buyer’s identity and address
- Lots of haggling – Private buyers may expect to drive a very hard bargain if they are paying you by cash, so expect tough negotiations
- Waiting for payment – 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
- Cheque issues – 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
- Banker’s draft– 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
- Bank transfer – Here at Southern Car Buyers we can pay you 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
When you make a decision to sell your car for cash then you may need to construct your sales strategy to reflect that – including potentially favouring professional buyers who are able to operate with you on that basis.