Buying a Used car - Payment

[MercuryT]

Originally Posted by raised by monkeys

Buying in cash shows youre serious. Money talks. Can negotiate better with a pocket full of pineapples

I can show my account on phone, the balance, and direct debit any negotiated amount instantly.

No bank clearance required at lever I'm buying at.

I fail to see how carrying money is any more influential yet way more risky to turn up, have money stolen and so on.

[Rallye Sport]

If I've got someone waving an iphone at me with a random number on it I'd tell them to get on their bike.
If someones waving a fist full of 50's at me, its come in, lets do the paperwork, would you like a drink?
Cash is king and I've never had anyone seriously wanting to buy or sell argue with that.

[MercuryT]

Random number......lol.

It's called secure encrypting electronic payment which banks want. Perfectly to transact and instant.

Cash is King though sure...until it's phased out as it basically has already, I haven't used cash for any payment for anything in years. It's a relic of the past.

[EDManual]

I had a buyer pay $$$$$k cash, price ok, wasnt too keen on the cash. How do I know its real? It was all brand new consecutive $100 notes! He gave me all his details etc etc so trusted him in the end. Took it straight to the bank as wanted to check it, and they said it is brand new, can tell from the smell. All good. But next time, I would like to meet AT the bank and deposit it together before I let the car go.

[MercuryT]

People on here are fantastic.

But still accepting or paying cash plain idiotic to me.

Been eye-opening how far behind people are in basic transactions so no wonder Bank people find it so frustrating!!!

I doubt less that 1% of people turn to Harvey Norman with 15K cash in a bag to buy their next stove and range hood.

Oh but no, "Cash is King".....LOL

[PG2]

Originally Posted by MercuryT

I can show my account on phone, the balance, and direct debit any negotiated amount instantly.

No bank clearance required at lever I'm buying at.

I fail to see how carrying money is any more influential yet way more risky to turn up, have money stolen and so on.

Showing me your bank balance on your phone means absolutely nothing. What you are showing me can be a simple (photoshopped) screen shot.

Originally Posted by MercuryT

People on here are fantastic.

But still accepting or paying cash plain idiotic to me.

Been eye-opening how far behind people are in basic transactions so no wonder Bank people find it so frustrating!!!

I doubt less that 1% of people turn to Harvey Norman with 15K cash in a bag to buy their next stove and range hood.

Oh but no, "Cash is King".....LOL

Your comparison is a little 'apples and oranges'.

If someone goes to Harvey Norman they know who they are dealing with and therefore can pretty much trust. While Harvey Norman don't know the person and therefore don't trust them they can either absorb the loss if the person defrauds them or have many legal avenues to chase them up.

If someone buys, or sells, something on Gumtree etc neither party knows each other, therefore people tend to fall back on a system that they know and trust, that system being cash.

Generally, if you are defrauded, you don't get your money back. While frauds as a percentage are reasonably low with Gumtree etc transactions they do exist. Personally, I don't want to be a statistic.

[Giant Cranium]

id only buy a car from a random person using cash, its a done deal in an instant, no waiting for things to clear, will the person who is selling run off with the car or will the buyer cancel the transaction and have the car in their possession. that relies on more trust than i have for the regular person in the street.

[xxx000]

Originally Posted by MercuryT

I can show my account on phone, the balance, and direct debit any negotiated amount instantly.

No bank clearance required at lever I'm buying at.

I fail to see how carrying money is any more influential yet way more risky to turn up, have money stolen and so on.

for starters there are programs available that show fake bank account balances. Remember the tradie who it was initially thought had hundreds of millions in the bank?
https://www.news.com.au/national/que...8ac4035689b9dc

There are often transfer limits on accounts

Fact is private sellers love cash

Electronic fraud and theft of money is so rampant that people are reluctant to trust an electronic transaction where they are expected to immediately hand over possession of a car in return

[FoxtrotGolfXray 5.0]

Horses for courses. I've both sold and bought items (including cars) with cash and through direct transfer.

I've not had difficulties with either system, again as both a buyer and seller.

It really depends on the situation as to which is best. How much is the value of the item, how well do you know the seller/buyer, where are they located, is there anyone else there with you (or them) during the transaction, etc.

I don't think one system is better than the other, although I do prefer not carrying around large sums of cash on me. It is far easier for someone to steal my money through a cash transaction than an electronic transaction.

[raised by monkeys]

Sold my car in cash a week ago, and paid EFT interstate sight unseen a week later on a new car. Bought my Tornado from interstate sight unseen besides by a forum member who went and had a look for me, and paid EFT then too. Its not just the means of payment but the seller/buyer relationship. You get a feel for the person too, but that's also my job.

[FTE217]

Originally Posted by MercuryT

People on here are fantastic.

But still accepting or paying cash plain idiotic to me.

Been eye-opening how far behind people are in basic transactions so no wonder Bank people find it so frustrating!!!

I doubt less that 1% of people turn to Harvey Norman with 15K cash in a bag to buy their next stove and range hood.

Oh but no, "Cash is King".....LOL

Your a beauty.
Calling people idiotic is uncalled for starters.
People far behind ? WTF would you know about anybodies backgrounds.
I think your lack of undersstanding people's POV is more so the issue at hand.
As for your Harvey Norman example here's another take on it.
IMO any moderate transaction and up for eg $2-3k upwards.
Most people would take advantage on their interest free offers instead of using the liquid at hand (if they have it that is) for its a home appliance/white goods/furniture etcetc.....and smart pruchasing.
Just as having cash on hand is smart as well.
Here as most are enthusiasts its a totally different purchase, most are informed what their buying, a passion buy or otherwise AND mostly a Private Sale.
Cash is still King in the big picture (and what of electronic outages ? and its so secure ? yer right, you don't know of anyone who has had their account hacked ? ) and I haven't noticed that folding paper is fazed out as yet like you make out it to be due to electronic banking.
Sure DD transactions are growing and growing - but until the day arrives that paper notes are NOT being printed ever again cash still has its advantages.
You just don't wish to see it that way good luck to you but don't belittle others that see it the other way but more so use BOTH in any case.

[SumoDog68]

Cash is on a way out , it is inefficient way to transact money. Older generations love cash as it is something physical they can hold and gives them sense of security and it can't be tracked .With a current situation especially , probably best to avoid cash . If a seller insist on cash , I would be looking elsewhere . Seller is narrowing his buyers pool by limiting the payment options . When selling something buyer waving wads of cash means nothing to me , I don't get paid in cash , don't shop in cash either.
Recently sold a bike , buyer transferred the funds to my account and i delivered the bike to his place - haven't actually even met a guy as he wasn't at home. Why would i want to carry cash around , bank it and withdraw it . I focus on a deal and smooth transaction for both parties.
Bank transfers are extremely simple and there is a record of transaction - unlike with cash.

[SumoDog68]

Originally Posted by Rallye Sport

If I've got someone waving an iphone at me with a random number on it I'd tell them to get on their bike.
If someones waving a fist full of 50's at me, its come in, lets do the paperwork, would you like a drink?
Cash is king and I've never had anyone seriously wanting to buy or sell argue with that.

What if IPhone balance was few mil , would that impress you ? On a serious note it is not about waving anything be it notes or communication devices . If you get a good price for your item , cashless transaction is just as good if not better than cash.

[xxx000]

Originally Posted by SumoDog68

What if IPhone balance was few mil , would that impress you ? On a serious note it is not about waving anything be it notes or communication devices . If you get a good price for your item , cashless transaction is just as good if not better than cash.

What like this guy?

https://www.news.com.au/national/que...8ac4035689b9dc

[MercuryT]

Originally Posted by SumoDog68

Cash is on a way out , it is inefficient way to transact money. Older generations love cash as it is something physical they can hold and gives them sense of security and it can't be tracked .With a current situation especially , probably best to avoid cash . If a seller insist on cash , I would be looking elsewhere . Seller is narrowing his buyers pool by limiting the payment options . When selling something buyer waving wads of cash means nothing to me , I don't get paid in cash , don't shop in cash either.
Recently sold a bike , buyer transferred the funds to my account and i delivered the bike to his place - haven't actually even met a guy as he wasn't at home. Why would i want to carry cash around , bank it and withdraw it . I focus on a deal and smooth transaction for both parties.
Bank transfers are extremely simple and there is a record of transaction - unlike with cash.

Completely agree with the points you have made.

It's amazing the polar opposite views on this topic (not necessarily a bad thing just enlightening)

[Crazy Dazz]

Originally Posted by pauljh74

You're assuming cash in from the sale of an asset is seen as income. The ATO would be interested in the sale if you made a profit,

The ATO can only tax you if you are carrying on a business, and the car is in fact inventory.
Otherwise, a car that is going to appreciate (and there aren't many) is a great investment.

Because it is one of the few things specifically made exempt from Capital Gains Tax. (For the rather obvious reason that most cars result in a capital loss, and the government didn't want people offsetting their cars against other things.

[Crazy Dazz]

Originally Posted by SumoDog68

Cash is on a way out , it is inefficient way to transact money. Older generations love cash as it is something physical they can hold and gives them sense of security and it can't be tracked .

This is true.
EXCEPT that is a very "Western" view of the world.

For most of us here, we prefer a bank account for the following reasons:
1) It's very secure. Banks are highly regulated, and the government guarantees individual deposits upto $250k.
2) Banks pay interest.
3) Banks provide a safe and easy way to transact and move wealth. If I (had and) wanted to send $10M USD around the globe, my bank can do so easily with a minimum of fuss.
4) The AUD is internally stable and represents a good way to accumulate wealth. And if you want to hedge, you can buy futures, forward contracts, or just use a foreign currency account

But now imagine you live in a developing nation (as I have done):
1) Banks fail more often than condoms, and the only thing the government guarantees you is a premature death. Bank-staff not only sell your information to criminals, but actively participate in fraud.
2) Interest is non-existent, and in most cases your account has hefty fees.
3) Bank payments take days, a mountain of paperwork, and often lost or deliberately diverted.
Converting TO a global currency (eg USD) is difficult, subject to limits, fees, and delays. Transferring real wealth out of the country is almost impossible.
4) Your local currency devalues so quickly that shops have to close at lunchtime to re-price.
Your bank won't sell futures, and (expensive) foreign currency accounts are limited to large corporations.

Then of course you have the countries where the government actively uses your bank account(s) to spy on you, and routinely confiscates the money of anyone not toeing the line.

For the majority of people in this world, if they have any money, cash (preferably USD) locked in a vault, is the only viable way to store it.

[MercuryT]

All you cash junkies would have been proud of me.

Had my bumper fixed and (long story) cash preferred for best deal for both of us.

So yes, had to go to an ATM and work out what to do, and then felt like I was in Western country movie! Needed a shotgun under jacket and I'd been set!

So yes cash still seemingly still has it's place.....ha

[xxx000]

I always offer cash for work and often for items I buy and I can tell you eyes light up and prices come down

[MercuryT]

Originally Posted by xxx000

I always offer cash for work and often for items I buy and I can tell you eyes light up and prices come down

Yep this was a very (very) good deal.

My Insurer I'm now cancelling, so I claimed through the Insurer who's driver was at fault after so much stuffing around.

Top bloke (Dad's client) so he was happy as. Great work too in a quarter of the time as initially quoted. (basic job)

[MercuryT]

BTW car appears to have sold at "cash only" at location conditions.

So yeah, it appears it still works if prepared to take the risk.

I wasn't. Good luck to buyer if he's still alive.

[Yellow_Festiva]

Originally Posted by MercuryT

I doubt less that 1% of people turn to Harvey Norman with 15K cash in a bag to buy their next stove and range hood.

Oh but no, "Cash is King".....LOL

Hell no... I would put that cash onto my credit card, negotiate the best 'cash' price I can get then buy it on the credit card for the points.

[MercuryT]

As not a cash buyer I'm hoping close on this deal.

Maybe just me but I've always loved the look of this series BMW. M Sport package very smart.

It's only the 6 i know as 330 but I think a great buy as condition immaculate.



[IMG]https://i.postimg.cc/Y2ZTczhF/ad-1597149918296.jpg

[/IMG]



Maybe I'll carry some (much lower level) cash for this......ha

[GasoLane]

Originally Posted by MercuryT

As not a cash buyer I'm hoping close on this deal.

Maybe just me but I've always loved the look of this series BMW. M Sport package very smart.

It's only the 6 i know as 330 but I think a great buy as condition immaculate.

image

image

image

Maybe I'll carry some (much lower level) cash for this......ha

With service history and how many K's?

[Citroënbender]

Don’t the M’s have louvred front guards, or is that only on the tudors?

[FTE217]

Originally Posted by Citroënbender

Don’t the M’s have louvred front guards, or is that only on the tudors?

No gaurd flutes that era.

MT, I wouldn't expect that would be such a high number of folding in your pocket.
Obviously thicker than a CCard but not a wallet depending how many cards you carry

[xxx000]

Red is the worst colour for fading. It's pretty much guaranteed

[Peuty]

Originally Posted by xxx000

Red is the worst colour for fading. It's pretty much guaranteed

I dunno man, looks pretty good for a 20 (?) year old paint job to me.

[stevefreestyle]

Originally Posted by my67xr

I have always bought and sold car's with cash, over 60 of them in the last 34 year's
Cheques can bounce etc

There are serious dangers with cash (proof of purchase & ownership and the sellers legitimacy - not stolen etc) - you have been lucky !

[stevefreestyle]

Originally Posted by MercuryT

Ok guys I'm interested in a few cars to add to mine.

In 20 years of buying (about 6 cars) I've NEVER paid in cash - Bank Cheque always preferred and fine, no worries.

This seller on Merc insists cash only. No bank cheque acceptable whatsoever.

I questioned it as seems strange, but he got upset and told me cash is how you pay.

Informed people here - is this a scam? What's the reason for insisting cash only? I'm not keen carrying 15K in notes in a car with no security.

Thanks all.

As a Finance Broker I can suggest Personal & Business Cheques can Bounce - however Not the case with Bank Cheques.

Anyone who will not accept a Bank Cheque is either not the REAL owner (!!!!) OR is hiding the transaction from their Bank Account (thus you have no traceable financial paper trail of your purchase) - either way = BEWARE .....SHONKY !

If there was only cash involved, I would want to see and carefully examine
Photo ID - And take a Record of Drivers Lisense # etc in ADDITION to a signed Rego Transfer (which is NOT proof of ownership) and a signed and completed Certificate of Title Transfer.