Paying for a Car, .......................

[fabiamk2SE]

That's true...I do find quite a few dealers don't want the hassle, security and fees for banking real cash, though.

Yeah i know what youre sayin mate.

When i bought this VFR, i went into the shop with an envolope full of notes.

Start waving it around abit, letting them see it whwn youre trying to bargain some money off.

Whether that alone worked, i dont know, but i got £400 off either way

[MickA]

^^^^ Sounds like.......

 

 

[Coops]

Very few dealers will have the facility for handling large quantities of cash these days as most transactions are done either via card, cheque or BACs. Plus a % will be bought on finance.

 

For that sum I would pay on either credit card or debit card.

 

I once bought a car on debit card (£10k) and it took ages to go through, at least 30 mins and the bank rang for authorisation / confirmation.

 

Still have the card machine receipt to prove it, largest amount I've bought on a card!

[Huskoda]

I bought my ex-demo Subaru with a debit card for more than double that. Over the phone (bought unseen. Well, I paid after it was delivered). The bank of course rejected the transaction but a call to them sorted it out.

[MickA]

A debit card payment is like cash these days, obviously it depends on the amount and your banks particular security or restrictions.

I've done a few transactions for large amounts more recently and it's a straight forward process. I never like doing large transactions through those mobile card machines, the types you see at markets/shows etc I notice most large car dealers and the like use them anyway.

[Wile7]

For £2k I'd use cash especially if it is not a main dealer. Gives you flexibility to negotiate. 

 

Just make sure you have all paperwork (contract, copy of V5, signed letter of acceptance of cash etc.) before leaving.

[fabiamk2SE]

^^^^ Sounds like.......

Pretty much ahaha

[vee8essie]

there is not the same protection with a debit card as with a credit card

[mikey vrs]

Very few dealers will have the facility for handling large quantities of cash these days as most transactions are done either via card, cheque or BACs. Plus a % will be bought on finance.

 

For that sum I would pay on either credit card or debit card.

 

I once bought a car on debit card (£10k) and it took ages to go through, at least 30 mins and the bank rang for authorisation / confirmation.

 

Still have the card machine receipt to prove it, largest amount I've bought on a card!

When i bought my octavia in 2010 i paid for it via my debit card,£11500 & it went straight through like a normal transaction...

[StevesTruck]

Personal opinion - the best way to buy a two grand car is to buy a one grand car and keep a grand in the bank to solve any problems.

Yeah the £2000 car might be shinier and sat on a forecourt, but that's the sum of any benefit, generally speaking.

[XLBaconDoubleCheese]

In all honesty I'd be looking at private motors rather than dealer cars at that price range

[io1901]

Why would you pay it off immediately? I would wait until the next statement date unless of course you use your credit card as an overdraft and don't pay off the entire balance each month.

[fabiamk2SE]

In all honesty I'd be looking at private motors rather than dealer cars at that price range

Theres a point..

[Penpusher]

Under EU regulations, if a garage wants to accept more than €15,000 in cash for a car, they must register with HMRC and operate money laundering regulations, so at present that's about £10,700.

[fabiamk2SE]

Under EU regulations, if a garage wants to accept more than €15,000 in cash for a car, they must register with HMRC and operate money laundering regulations, so at present that's about £10,700.

I was speaking to a guy who owns a bike shop about this.. He was sayin most shops will accept it without question, unless theyre a big dealer which is owned by a finance company and what not. But most the smaller shops will

[Penpusher]

I was speaking to a guy who owns a bike shop about this.. He was sayin most shops will accept it without question, unless theyre a big dealer which is owned by a finance company and what not. But most the smaller shops will

Any accountant or solicitor who is a member of a professional body who notices that a client accepts over €15,000 in cash is obliged to report their client to the NCA (National Crime Agency).

[fabiamk2SE]

Any accountant or solicitor who is a member of a professional body who notices that a client accepts over €15,000 in cash is obliged to report their client to the NCA (National Crime Agency).

Not all use such people, and its cash, so whats the chances of it going through the books?

Not condoning it, but it does go on...

[mender]

In all honesty I'd be looking at private motors rather than dealer cars at that price range

A £2000 dealer car is a £650 auction car with a valet and tyre shine, their idea of a service is a £20 oil change and their basic warranty excludes most things.

 

There's hundreds of cracking motors for £2000 privately, you just need to know the car you are buying inside out so you can check all the common faults are not present and to do the HPI and mileage checks etc to not get done.

 

Do your homework, buy carefully then get AA cover with parts cover which covers breakdown parts up to £500 as long as car is serviced properly.

In one year, I had an Iveco battery and starter and a Tourneo alternator and diesel fuel pump done free.  Far better than a rubbish warranty from a dealer.

 

Alternatively (see my other threads about this) buy a new car very cheaply and get cheap lending, at present you can have a brand new Panda Pop 1.2 or Dacia Sandero Ambiance 1.2 for under £6k, a new Ka 1.2 for £6200 and a new Fiat 500 for £6995....

With borrowing available at 3% APR and these cars doing 60mpg with road tax under £30, with warranties and cheap service plans, plus not MOT or real costs for 3 years and free breakdown cover, they can actually work out cheaper than a £2000 car with savings in tax, mpg, parts etc.

[Penpusher]

Not all use such people, and its cash, so whats the chances of it going through the books?

Not condoning it, but it does go on...

If it isn't in the books, then we're not going to notice it, but cars are easy to identify, so the purchase must also be off the books. Larger garages and dealers are normally better controlled with records of all cars that are bought and sold and it can happen that the odd one is sold for cash in excess of €15,000. If we find such a transaction and don't report it, we (as accountants) can be prosecuted or even be sent to prison!

[fabiamk2SE]

If it isn't in the books, then we're not going to notice it, but cars are easy to identify, so the purchase must also be off the books. Larger garages and dealers are normally better controlled with records of all cars that are bought and sold and it can happen that the odd one is sold for cash in excess of €15,000. If we find such a transaction and don't report it, we (as accountants) can be prosecuted or even be sent to prison!

Then i guess it depends how they purchased it haha. Part ex, cash or whatever.

Interesting to hear though, cheers (: