Buyers wanting to pay cash only for cheapish car

[MrCarrot]

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

[ZX10R NIN]

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc).

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

If you go to your local post (or shop with a post office counter) office you can pay cash in there.

[skilly1]

I would accept cash, just get a forgery detection pen off Amazon, before they arrive to collect car.

https://www.amazon.co.uk/Minder-Forged-Detector-In...

[fooman]

I use cash so infrequently these days I'd insist on bank transfer, you can do it while both in same room. Maybe they don't have internet banking? There's other options like PayPal friends and family.

[Furbo]

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

For £4k I would not hesitate to take cash.

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

[Chris_i8]

As above, for a £4k car I'd happily accept pound notes and you may be putting off some potential buyers by stating bank transfer only - Quick check with the magic pen and job done.

[craigjm]

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

If it makes you nervous don’t do it. Sale on your terms. Someone will buy the car. 4k is 200 notes of £20 that’s a lot to check with a forgery pen and anyone with 80 fifties should be able to do a bank transfer

[cliffords]

Furbo said:

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

For £4k I would not hesitate to take cash.

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

[TheDrownedApe]

Nothing to worry about at all

[Ezra]

TBH I guess it depends how motivated you are to sell. If desperate, limiting potential buyers seems odd. If not, you've got your reasons...stick to your view.

[normalbloke]

https://www.bbc.co.uk/news/articles/c1wze4qxqqwo
The only sensible way to accept cash, is agree that they walk into your bank and pay it into your account themselves in front of you..

[dave123456]

If you’d accept cash put the price up to £4,500 and readvertise to say you will accept cash.

I’ve had a scenario on eBay where I have blatantly said collection only and someone wins it then says they want it posting. The issue I have is had I advertised with postage I’d likely get more interest.

So if you are prepared to launder others money at least charge for the service… I’d take cash, for that amount I’d wack it in the bureau and work my way through it as yearly pocket money.

[Mr Tidy]

TBH I still prefer cash. Swapping the car for the notes is the simplest instant way!

I took just over £6K in cash for a car in early 2020.

[DaveH23]

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

What a perfulair comment, what on earth suggests he's cheating the system and laundering money.

If the OP wants bank transfer only then that's his choice but suggesting someone is cheating the system based on their preferred payment method is a bit off.

[craigjm]

DaveH23 said:

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

What a perfulair comment, what on earth suggests he's cheating the system and laundering money.

If the OP wants bank transfer only then that's his choice but suggesting someone is cheating the system based on their preferred payment method is a bit off.

The comment he was responding to said .

previous poster said:

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

Working cash in hand is cheating the tax system

[Furbo]

craigjm said:

DaveH23 said:

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

What a perfulair comment, what on earth suggests he's cheating the system and laundering money.

If the OP wants bank transfer only then that's his choice but suggesting someone is cheating the system based on their preferred payment method is a bit off.

The comment he was responding to said .

previous poster said:

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

Working cash in hand is cheating the tax system

Strictly speaking, no.

[macron]

craigjm said:

Working cash in hand is cheating the tax system

You're assuming such fine people don't fully account for it and declare it.

Anyway, I assume WBAC will give you 2k for this car if you're selling privately for 4, so personally I'd take it however it comes if I've got rid and am up on the other alternatives.

[craigjm]

Furbo said:

craigjm said:

DaveH23 said:

cliffords said:

For this very reason I would not accept cash. I pay tax on my earnings and I don't want to support those who cheat the system, by laundering the money for them . You said your advert stated bank transfer. Why put that if you don't mean it .

What a perfulair comment, what on earth suggests he's cheating the system and laundering money.

If the OP wants bank transfer only then that's his choice but suggesting someone is cheating the system based on their preferred payment method is a bit off.

The comment he was responding to said .

previous poster said:

The bloke might work cash in hand and just need a cheap car. £40k? I'd be more careful.

Working cash in hand is cheating the tax system

Strictly speaking, no.

True if you really want to pedantic but the likelihood of someone working cash in hand declaring it all and paying tax on everything they earn is about as likely as finding out unicorns exists but this is PH so pedantry matters

[sixor8]

3 years ago, I accepted £3200 in cash in £20s and £10s for a motorcycle advertised on eBay, I'd never an issue before in selling any vehicles since 1986!. When I paid it in, one of the £10 notes was a fake one. I got the third degree from the bank, where was it from, why did I have it, had to fill in a treasury form etc. The buyer apologised and said he'd replace it, he never did....

Most people want to pay by bank transfer these days, and I pay the same way. Traders don't really want that much cash IME. In my case above, a lot of the notes were screwed up, he was a market trader I think and it wasn't deliberate, it was a good fake. If the notes are in good condition, you're safer, and as mentioned above, there are ways to check them.

You're allowed £1000 profit p.a. as a small trader before having to declare it.

[Dog Biscuit]

MrCarrot said:

I'm selling my old car, a C-Class Mercedes.

I've had a few time wasters, people generally scoping the car out, people asking for a discount, etc, but I've had what seem like two much more serious enquiries. I've spoken to the people on the phone, exchanged messages (which are not in "txt spk"), answered queries, etc. However, in my advert I mentioned "bank transfer only" and in both cases they have asked if I will accept cash.

The car is sub £4k so not a fortune by today's standards. In fairness bank transfer can be fraught with problems if you get unlucky (delayed payments, etc). My brother sold a drone recently and the buyer complained it was faulty or he didn't receive it, and my brother's bank (not the buyer's bank) took the money off him and froze it. He complained and eventually got the money back but it's not really what you want.

I cannot do the old trick of accepting the cash and paying it straight into my bank with the buyer there, as there isn't a bank branch for miles around.

Am I being unreasonable by insisting bank transfer only? Assuming it isn't a scam I'm guessing these people perhaps have a bunch of undeclared cash under their mattress. If accepting cash, I can and would check every note but that would obviously take a bit of time.

Thanks,

Edited by MrCarrot on Wednesday 7th January 15:08

So what did they say when you said no?