I recently purchased a second hand car privately via carsales.com.au. which was a logistics challenge because the car was in TAS and I'm in VIC.
The seller suggested using pay by carsales, which appears relatively new. There wasn't much I could find online, so I thought I should detail my experience.
To start with, I had to send and offer in carsales to be accepted by the seller.
To use the function, both the seller and purchaser had to verify ID. It was your typical verify ID experience.
Once the seller accepted the offer, then I was able to transfer funds in carsales via my bank with a BSB and ACC provided by carsales.
Each transfer was held by my bank for 24 hours, but once it went, it hit carsales immediately, and I received a notification.
Both me and the seller could see the funds.
I flew to TAS and met the seller on a Saturday. Once I saw the car, I had to release the funds on carsales. It sent me a mobile code to confirm.
The seller had to accept and did the same. The funds then immediately hit his account.
Overall, it was very efficient. There were no fees other than what the seller would have paid to advertise initially.
The only thing I would suggest to others is better secure your carsales account. I was not prompted to implement 2FA during the process, which you can set up on your carsales.com.au account, but it is not enforced like paypal might do, for example.
As a shareholder of cargroup, I endorse this advertisement