How to pay for an expensive vehicle?

Euphemistic on 18/11/2020 - 18:28

So if I’m looking for a particular used vehicle and find one more than a few hours away how do you go about paying for it? Need to inspect in person first.

Assume it’s worth more than is practical for cash and far enough away that it’d be a weekend trip due to work. Not the sort of distance you’d want to visit to inspect then return a second time to pay and pick up. More convenient to leave Friday arvo, inspect Saturday and drive home ready for work on Monday.

Bank cheque will be difficult as banks closed. No in person banking possible either.

Do you need to take a day off work and visit a bank during the week? I haven’t done this before, always found what I wanted locally.

Automotive

Comments

apsilon on 18/11/2020 - 18:39

+1

It'll depend on what the other person is willing to accept but the obvious way is Osko transfer.
- Euphemistic on 18/11/2020 - 18:53
  
  I figured there’d be an electronic way. Does this cost anyone?
  - apsilon on 18/11/2020 - 19:27
    
    I've never paid any fees and I don't believe any bank charges for it but you might want to check with your bank to be sure.
Ocker on 18/11/2020 - 18:42

+3

Be prepared - if the seller will accept a bank cheque then get one in anticipation of making the purchase. If you don't buy the car simply take the cheque back to your bank for a refund
- Presence on 18/11/2020 - 18:47
  
  If the vehicle was $13000 you could get a cheque for $10000 and the rest cash. This will give you negotiating power.
  - Euphemistic on 18/11/2020 - 18:53
    
    That’d work. I’d be comfortable taking around $5k in cash.
    - mapax on 18/11/2020 - 18:56
      
      Just remember to NOT fall for the “crashed” car scam if you’re heading remote.
      - Euphemistic on 18/11/2020 - 19:15
        
        @mapax: Crashed car scam?
        
        mapax on 18/11/2020 - 19:41
        
        +3
        
        @Euphemistic: They stage a crash/roll over and then have a women waving for help, as you stop a number of blokes jump out and surround you.
        
        I thought it was a thing of the past but one of my mates saw it a couple years ago on his way through the centre to Fitzroy Crossing. He knew of the scam so drove 50m past the “crash” and stopped, he was greeted with a number of blokes running toward him thinking they could catch him before he drove off.
Chewiebacca on 18/11/2020 - 18:58

"How to pay for an expensive vehicle?" yet "not the sort of distance you’d want to visit to inspect then return a second time to pay and pick up" sounds like a recipe for disaster.

Inspect the car first with somebody technically competent, bring a certain amount as deposit (10% is usually fine), and if the car is good, return with the balance when practical.

If you're deadset on completing this transaction in one trip, have a bank cheque drawn for the minimum you'd expect to pay, and bring a certain amount in cash that you hope to negotiate towards.
- Euphemistic on 18/11/2020 - 19:14
  
  I’m confident of asking enough questions before making a drive, and then making an inspection myself on the spot.
  
  Sure, make the deposit if the vehicle is right and coming back later with a full payment works, but making another 1200km trip, or 2nd return flight doesn’t seem sensible if there is a secure payment option (for both parties)
  
  FWIW I’m looking at a caravan in this case but it could be a boat. Something easy enough to hook up and tow home.
pantsparty on 18/11/2020 - 20:04

Lots of banks near me open on Saturdays……
TheBilly on 18/11/2020 - 21:10

Not the sort of distance you’d want to visit to inspect then return a second time to pay and pick up.

I did this a few years ago. I flew Sydney to Melb to inspect. Then placed a deposit and flew down the next weekend to pick up with cash in hand. Approx $30k. Its no big deal. From the airport I just caught uber so no major risks like catching a train with $30k. If the item / price is right then it is worth that extra effort to make the transaction smooth for everybody.
brendanm on 18/11/2020 - 21:20

How much is "expensive"?
- Euphemistic on 18/11/2020 - 21:24
  
  More than a new Camry ;)
  
  Or pretty much anything more than what you’d be willing to carry, or have to count out in cash
brendanm on 18/11/2020 - 21:25

$35k+? Yeah that's over even my cash carrying limit.
- Euphemistic on 18/11/2020 - 21:29
  
  -1
  
  I think that withdrawing $10k or more form the bank raises questions. I’d carry $10k, but not a lot more. I reckon most legit sellers would get nervous receiving more than $10k as well. I would.
  - brendanm on 18/11/2020 - 21:32
    
    It's exactly the same if you send more than $10k via bank transfer. It's tracked to watch for money laundering/people trafficking etc. I wouldn't personally be nervous if people paid more than $10k in cash. Different strokes for different folks though.
  - st1ng on 19/11/2020 - 14:55
    
    I did a $20k EFTPOS transaction a few weeks ago (happens to be a car dealership), and it went through just fine. (NAB/UBank don't have EFTPOS limits like the other banks do)
[Deactivated] on 18/11/2020 - 23:59

Done $50k cash once for a Sunday pick up. No drama.

Alternatively, get a redbook inspection. Once satisfied. Pay $100 deposit and fly in with a bankcheque for the exact amount.
Euphemistic on 22/11/2020 - 18:31

+2

Deal done. Was surprised how quick the instant transfer was. By the time my screen refreshed after clicking ‘confirm’ the other party had a significantly larger bank balance.

Long drive, happy camper.
sal78 on 24/11/2020 - 02:36

The buyer wanted us to do bank transfer and i wasn't comfortable paying for the car without getting the car until it cleared.

She wouldn't accept bank chq for same reason.

So we just paid cash. Withdraw $15k from atm over a week and the rest from Bank teller. Beware as some branches will not have that much cash. I had to wait 15mins but luckily they had enough.

How to pay for an expensive vehicle?

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