Selling a bike

[randall356]

Hi all,

I usually part ex my bikes as I get new ones as it saves all the hassle of selling them privately, but I got a very poor offer this time round I didn't bother.

I am due to advertise my Triumph Speed Triple on Autotrader and not really sure how the buyer pays for it?

I'm going to be putting it up for about 5k so cash is out of the question. I suppose I could let any buyers use the internet at my house to transfer the cash using online banking but could that be cancelled as soon as he walks out on his phone?

A cheque would take a week to clear so I take it I keep the bike during that time? How does he know I won't just b*gger off?

How to you usually deal with such things?

Cheers.

Stu

[Funkatronic]

cash works fine i find

otherwise u could get them to write a bankers draft but id probabbly want to see the money in my account before i handed over the keys an v5

[randall356]

To be honest I never thought about cash - I didn't think many people would be happy walking about with £5000!

[Funkatronic]

other option is a CHAPS same day transfer but even then these can be cancelled and clawed back

bankers draft is a good option, but id still take i to the bank to certify its real before handing over the keys

some banks offer an escrow service where they are paid by the buyer and they hold the money until the buyer confirms receipt of the goods, but they usually charge 5-10%

cash is not unusual, ive seen plenty of cars bought with very large wadges of £50s

an ex g/f used to work as an estate agent and saw a house bought for £165K Cash!!! the manager of the branch was losing it when he saw a sports bag full of notes ( this was pre money laundering legislation tho)

[He11cat]

Cold cash is my choice.. Or you hold onto the bike til funds are in your account !

[Drake]

I always use and expect cash. Avoid PayPal as I believe the rate is 3.5%

[Rally]

Cash everytime since having a Couts of London bankers draft bounce on me. It turned out to be a copy! Even the HSBC didn't detect it and told me it was okay to let the bike go. Happy ending though as they paid it because of telling me that. The Police caught the guy and he did time (again) for it.
Lesson learned though, cash and pay it in with the buyer present.

[Nickj]

Go for cash

Nothing like a thick wodge of cash is there

[Dookbob]

cash every time, buying or selling. There is no other way that is not open to smart Alec scams.

[randall356]

Cool, thanks guys. Looks like I'm advertising it as cash only then!