Selling 'expensive' car privately

[seanraaron]

Does anyone remember LucidDemetia? Is Sean LucidD??
I can't remember if their opting styles are the same.

I haven't used anything but my name for a login online for nearly a decade. I'm not so bored I'd be using multiple accounts, honest.

To the OP, like Prawny said, it's the outstanding finance that will be a killer. I don't know how you'd navigate that - is getting a personal loan to pay it off out of the question? If you can sell it for sufficient cash you'd then be able to pay that off.

[SimonMac]

Does anyone have any experience selling a £30k+ car privately? Does anyone do it? Tempted to put an ad on Autotrader (there are loads of others on there but no idea if any of them sell) but suspect most calls will be from scammers, and also wonder if potential buyers put off by needing to clear outstanding finance (I know there are 3rd party ESCROW services out there) and getting their own finance could be troublesome too.

What car is it?

[VectraMan]

I sold one last year for £3K, and that was scary enough. Still a lot of people that want to pay cash, as he did. It takes long enough counting out £3K, let alone £30K, and walking to the bank with it was a bit of a worry.

I did arrange to see a car that was for sale privately, but when I did the check it said outstanding finance so I walked away. In theory what you're meant to do if you buy a car with outstanding finance is pay the finance company direct, wait for a confirmation that it's settled, and then pay the seller the remainder and collect the car hoping he hasn't done a runner with the car now his finance has been paid off by some sucker. Pay all the money to the seller and there's a possibility the finance company comes calling wanting their car back.

[Hobosapien]

I've tried selling two cars worth over £20k privately, a TVR and a Lotus, so generally an audience that knows what they want and are getting into.

Still ended up with a few tyre kickers and phone calls from traders trying it on with a low-ish offer.

Sold both to a dealer specialising in the marque in the end (for not much more than the trade calls were offering), as they were second cars so not wanting to trade them in for something else and got tired of the hassle.

It's a while ago but I think if a private buyer had wanted it then I'd have wanted two bankers drafts. One for the balance of the finance, so made out to the finance company to prove I was paying it off, and one for myself for the remainder.

Though only the Lotus had finance tied to it as I bought it brand new. Usually get finance (if any) personally so can do what I like with the car without the hassle of settling it.

I'm sure there are professional guides out there (on Autotrader?) on how best to conduct private sales when large amounts or finance needs settling are involved, but as you're here you can read my drivel.

[vetran]

I sold one last year for £3K, and that was scary enough. Still a lot of people that want to pay cash, as he did. It takes long enough counting out £3K, let alone £30K, and walking to the bank with it was a bit of a worry.

I did arrange to see a car that was for sale privately, but when I did the check it said outstanding finance so I walked away. In theory what you're meant to do if you buy a car with outstanding finance is pay the finance company direct, wait for a confirmation that it's settled, and then pay the seller the remainder and collect the car hoping he hasn't done a runner with the car now his finance has been paid off by some sucker. Pay all the money to the seller and there's a possibility the finance company comes calling wanting their car back.

would have thought that they would accept the full selling price and turn the car over to you (say at a local dealership) then paid the seller the remainder whilst charging a small handling fee. only sensible way to do it.

obviously not.

[meanttobeworking]

Really appreciate all the advice - thanks.

Regarding the finance settlement problem, I was considering using a service like this:

Escrow Custodian Services

(even though they still use ASP I just noticed!).

Edit: Not the best example, that link, but you get the gist, and there are other services around

[VectraMan]

BTW if it's a half-way interesting car have a look for an owners club forum. I've sold my last two cars that way and there's a greater chance of getting someone who's a bit of an enthusiast rather than a never ending stream of traders or con merchants asking "what's the lowest you'll accept" that you'll get from Autotrader.

[DimPrawn]

BTW if it's a half-way interesting car have a look for an owners club forum. I've sold my last two cars that way and there's a greater chance of getting someone who's a bit of an enthusiast rather than a never ending stream of traders or con merchants asking "what's the lowest you'll accept" that you'll get from Autotrader.

---> UKpassats - Welcome to U.K. Passats

[seanraaron]

This site has some advice that might be useful:

https://www.moneyadviceservice.org.u...lling-your-car

I don't get the sense that having the outstanding finance will make this easy to do, but in my quick search advice seems to be what I was saying: get another loan to pay it off, then pay that with proceeds. Alternatively call loan company with buyer present and have them pay balance with a debit card on the spot (not sure if this is feasible depending on the balance).

[darmstadt]

BTW if it's a half-way interesting car have a look for an owners club forum. I've sold my last two cars that way and there's a greater chance of getting someone who's a bit of an enthusiast rather than a never ending stream of traders or con merchants asking "what's the lowest you'll accept" that you'll get from Autotrader.

As VM said, if its decent car, an owners club website would be a good bet or the Pistonheads classifieds