07-02-2022, 01:23 PM | #1 |
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Purchasing a car from a private individual
I'm looking to purchase a 2003-2004 Corvette Z06 in the near future. I think there's a good possibility I'll be buying from a private party given that dealers are asking stupidly high money for these cars now. I've purchased numerous cars over the years, but have never bought one from a private party. Years ago when I sold my Infiniti G35 to a private party, we went to his bank to do a wire transfer and sign the title over. I doubt I'll get this lucky as most of the Z06s I'm looking at aren't local (150-400 miles away). I'll likely be spending around $25K and I'm not considering any Z06s where the owner doesn't have the title in hand. I will not be seeking a loan for this purchase.
For those that have done more significant private party purchases ($20K+ purchase), can you provide recommendations/experience, especially when it comes to the money. Thank you.
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07-02-2022, 01:34 PM | #3 |
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Fly in, sign title, hand over money, drive home. Easy.
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grannyknot1010.00 Dino GT35078.00 |
07-02-2022, 02:35 PM | #5 |
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If I'm on the receiving end of the money I typically insist on doing it at a bank so I know it is a legit transfer. I've bought cars that way too, where the seller wanted a bank involved. In some cases the bank can do the title transfer too, in other cases another stop is needed at a notary or what have you.
The broker will cost you a bit more but should do the legwork of finding the car and arranging the transaction. |
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07-02-2022, 03:12 PM | #6 |
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StradaRedlands6765.50 |
07-02-2022, 03:50 PM | #7 |
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Get a signed receipt/bill of sale. A photo of the seller's driver's license isn't a bad idea.
I sold a vehicle for cash to a private party and it was painless. I gave the buyer a bill of sale. |
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07-02-2022, 03:55 PM | #8 |
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As mentioned above, do it at a reputable bank. If it works out, pull out the cash. I've done cashier's check as well as transfer via Zelle. It all works out.
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07-02-2022, 04:08 PM | #9 |
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I’ve done it dozens of times. Agree on price, bring cash or Bank/Certified check, fly in seller signs title, use his tag, sign bill of sale, drive home. If you don’t like, fly home. Lastly buy a c6 Z06 instead, world’s better car.
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07-02-2022, 05:00 PM | #10 |
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I sold two cars recently in that price range, one we met at a major bank he got a cashiers check from the teller handed it to me and I made the deposit- worked well since we both had accounts there. We walked into an office and their notary signed a generic bill of sale. I took off my plates gave him the key and title and walked home. The second was similar but he sent a photo of the cashiers check and I called his bank (small CU) and they verified the check and funds, then we made the sale.
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StradaRedlands6765.50 |
07-02-2022, 06:11 PM | #12 |
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Identified the M3 I currently own about two years ago, got in touch with the seller on a Monday. He agreed to a pre purchase inspection on Wednesday, and on Thursday I sent him a photo of the certified bank check from my credit union, and he sent me a picture of the title.
Friday I rented a car one way, and (early) Saturday AM I drove about 7 hours to the rental car office near his house where he picked me up. Gave him the check and he signed over the title and I drove it home. Keep in mind this was full COVID-19 timeframe, and I was very honest with him every step of the way. With each step I tried to build creditability by doing exactly what I said I was going to do and it worked out. Good luck with your search ...
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07-02-2022, 06:18 PM | #13 |
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i've done it a few ways. meeting at a bank is the best. they can bring a cashiers check or wire transfer. basically the seller just needs the funds verified before letting the car go.
with the m3 i just sold we didn't even meet. he setup a ppi. it was good. he wired me the money while the dealer held the car. i left the title in the glove box. he flew down and picked it up and drove it home. My 458 was the same. indy shop held the car and title for me, buyer wired me money once ppi was over, then arranged shipping with the indy shop MO to CA. GT3 was straightforward, he was a big PhD guy at a university. i was ok with him holding the car and money while he waited on my shipper to get there.
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StradaRedlands6765.50 chris7197641.50 |
07-02-2022, 06:59 PM | #14 |
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I'd agree on price. Get a temporary tag from your state's DMV. Get a bank check from your bank. Fly in. Present check to PO. Go to his bank and deposit. Use a Bill of Sale with the VIN on it, his address and your address. At his bank signed the bill of sale and have it notarized, which means you both sign in the presence of the Notary; it should be a free service for him at his bank. He signs the title with verified mileage. You sign title (in case you lose it). You can have the title notarized too if you want.
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07-02-2022, 08:21 PM | #15 | |
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https://www.liveabout.com/ls7-engine...le-test-916184 Not to suggest Dealerships are any more reliable in terms of odometer accuracy, but do your due diligence. Think you can likely do much better than asking price where vette's are concerned as there are a lot of them on the market. Last edited by Cloverdale; 07-02-2022 at 08:32 PM.. |
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07-02-2022, 09:11 PM | #16 |
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As a buyer its simple if they have the title.
You'll have possession of the car an receipt of payment. For the seller who wants to make sure they aren't getting scammed on payment its a little more challenging. FWIW if you're flying in I would recommend against flying with $25k cash. You are asking to get tagged by TSA and deal with civil asset forfeiture. Find a branch where they are and do the transaction there. You can get a cashier's check done in front of them and not worry about traveling with irreplicable money instruments. |
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Efthreeoh19750.50 |
07-02-2022, 09:11 PM | #17 |
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This is one of those things that again, north americans make EXTREMLEY fucking complicated for seemingly no other reason than they can. WHY IS THIS SO GOD DAMN DIFFICULT????
The process is absolutely ASININE, all of it, what a complete and utter clusterfuck. Back home you go to see car, if you like the car and agree on a deal you write up a quick invoice, give the man your money and drive it off. You visit your local service centre and let the government know it is now your car. Here it is a 100 more steps and infinitely more difficult and most of it is because the plate and insurance goes with the driver, not the car, which is complete madness. Why shit is so hard to get done here consistently bewilders me. |
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07-02-2022, 09:44 PM | #18 | |
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07-02-2022, 09:54 PM | #19 |
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I don't get people who say cash is king still. If I want to sell a car for $25k....then I want $25k. Just because you give me cash doesn't benefit me in any way whatsoever......it's not taxable, it's not going to be stuffed into my mattress. Like, cash is literally more of a pain in the ass...it could be fake, I look like a drug dealer rolling up to my bank with $25k....and just that....I actually have to go to a bank instead of doing an electronic deposit on a check.
I would definitely meet at a bank and both parties definitely should exchange pics of driver's licenses, etc.... I will say I even had a new BMW dealer refuse to take a cashier's check from me for MSD's because they said they had been issued fakes in the past (then again, this was in Chicago....so I don't doubt it). We sold our Q7 last summer for like $25k and we exchanged DL pics with the buyer and she went and got a cashier's check....but I just trusted them based off my intuition.
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chris7197641.50 |
07-02-2022, 10:33 PM | #20 |
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Not all states offer temporary tags.
The worst is MA, where you have to buy car, get title, go back to MA RMV, register car, get plates and go back to pick up your car that you paid for last week. (Or trailer it home). I don't know anyone that does that. When I bought a private party car out of state, we did it at his credit union and I just put on MA plates from another car and risked it. Technically illegal and my insurance would not have covered me. Same for dealers, bought a new car in NH last year and had to wait 2-3 weeks for them to get plates from MA (I wasn't trading in). Their "runner" won't go to MA RMV until car is fully paid for. |
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07-02-2022, 11:15 PM | #21 | |
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07-02-2022, 11:36 PM | #22 |
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Flew to rural PA last month to pick up a 2019 M2C with 1500ish miles on it. Brought cashiers check and did paperwork at a local car dealership (nice folks). Went without a hitch. Very happy with everything. Also bought my Jeep from private seller. Flew to ATL. A little caution and appropriate safe guards and it's actually enjoyable.
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