Insurance and potential buyers - lordwoody
I'm about to sell one of my cars and wondered how fellow posters deal with the issue of buyers test driving cars. If I let a buyer drive my car with me as passenger and then he crashes the car I won't be covered by my insurance. Should I refuse the buyers request however they aren't going to be too happy. Anyone know the answer?
Insurance and potential buyers - Phoenicks
Before he turns up (or when he turns up) ring your insurance company with his d.o.b and driving experience, name etc. They should be able to give immediate cover or cover for a future time for a small fee or even free.

do not let him insure it under his insurance as you cant insure a car twice!
Insurance and potential buyers - sean
Good Question LW.

What you wrote is correct, unless they are insured to drive any car not owned or leased or subject to an hp agreement. Even then, the risk covered is only to third parties, so you won't get paid.

How about this, similar, conundrum?

If you're buying a motorcycle, don't part with your cash until you've ridden, tried and tested everything?
If you're selling a motorcycle, don't allow any test rides until you have the full cash or verified banker's draft in your hand. You may never see bike or buyer again.
Insurance and potential buyers - trancer
I can't answer the car insurance question as US car insurance covers the car, regardless of who is driving. The exception being a driver who is a resident in your house.

As for the bike question I always request a buyer bring someone to hold the cash while the buyer takes it for a test ride. Haven't had any problems yet.
Insurance and potential buyers - eMBe {P}
Should I refuse the buyers request however they
aren't going to be too happy. Anyone know the answer?>>


Yes, my simple answer is this:
1. The buyer has to prove his/her identity to my satisfaction.
2. They have to leave a "substantial" surety behind at my house.
3. I drive the car, and only the "buyer" or their "mechanic expert friend" gets to come with me.
4. If they decide to buy, they hand over the money, we sign all the paperwork including V5 transfer documents, and take photocopies of license, insurance and/or other documents.
5. I phone my insurers in their presence to cancel my cover.
6. They have one hour to remove car from my property, and they indemnify me against damage to my property caused by what is now their car.
7. If they are not happy with this process, I stop it at point 1.

One "trick" to selling quickly is to make the punters believe that if they don't buy now, there is someone else desperately waiting to jump in. It is the classic "hurry, buy now to avoid disappointment" sales pitch. The seller could not care less whether the next punter is disappointed or not. All the seller wants is to sell his stock and be done with it.
Insurance and potential buyers - Cliff Pope
Whenever I have bought a car I have found it much more useful to let the seller drive. I think it is much easier to concentrate on ride, odd noises, clunky gearbox etc if you are in the passenger seat.
Insurance and potential buyers - Phoenicks
I think some of your points are a good but some are a little bit much. You make it sound as if you're doing the buyer a favour by selling your car to them!

If you drive the car only why do they need to leave a 'substantial' surety behind? Also why type (apart from their car) of surety are you talking about?

I also have to ask what difference taking photocopies of their license and insurance makes? not a lot as far as i can see.

Also what does it matter whether you cancel the insurance in their presence?

I agree however about getting ID and making sure they are insured however, and if they dont like that bit then they can deifinitely 'go forth and multiply'.

I think that you may be being a little over cautious and making most inexperienced sellers very nervous by thinking everyone potential buyer will be a nightmare. Personally, car buying should be fun but yours sounds like very hard work!

Unless you were selling a total one off car I would probably find another seller who makes the process more relaxing.

I have to ask whether you're the type of seller who puts 'No Offers on their ad?!
Insurance and potential buyers - eMBe {P}
I think some of your points are a good but some
are a little bit much. >> I have to ask whether you're the type of seller who
puts 'No Offers on their ad?!


Yes I do sometimes. Sometimes I say "guide price". In the latter case, if there is a big response to the ad, I negotiate the price UPWARDS, or ask the 4 or 5 interested parties to leave sealed bids to be opened after 24 hours. I then go through them in price order until the first piunter who has not yet changed his mind turns up to take his purchase away.

The cars I have sold range invalue from a few thousand pounds to "luxury" prices for the most expensive.

As for being too cautious, this is all the more important if you want to avoid getting Red Ken's congestion penalties dropping on to your floormat, or "your" car being involved in a serious criminal act. The way I sell cars is first to present them in tip-top condition, have a chronological printout of the car's history including all service/repairs/MOTs; a list of all known faults; and have all documentation in a nice new folder with all old reciepts, tax-discs, and so on. In my experience, virtually all cars are sold to the 1st or 2nd caller; and most of them say words to the effect "this is the first time ever when a car adveritsed as in good condition has turned out be in excellent condition".

The last car I sold, I still did get a parking ticket because DVLA were slow in transferring ownership details!

As for selling technique, the buyer gets to see I have done everything to make the car really attractive, have priced it to sell, and they do really feel I am doing them a favour by letting them buy it rather allow the next punter to gazuump them! They go away feeling happy and fully satisfied that they have got a very good deal.
Insurance and potential buyers - Doc
I'm amazed you ever sell anything!

1. The buyer has to prove his/her identity to my satisfaction.


This is of no concern to you.

2. They have to leave a "substantial" surety behind at my
house.


Why?
3. I drive the car, and only the "buyer" or their
"mechanic expert friend" gets to come with me.


I would never buy a car if the seller would not let me drive. You cannot assess brakes,clutch, gears, etc. from the passenger seat.




Insurance and potential buyers - eMBe {P}
I forgot to answer Qs re: ID, surety, etc.
Their ID is my TOP priority.

I can vouch from real life experiences of people I personally know where:
1. car of low value (few hundred pounds) has been bought by person in a false name, car has then been used to build up speeding camera fines, parking fines, and eventually found burnt out after being used in a shop robbery. It took a lot of aggro and months to sort out all the paperwork.
2. car of high value has been "hijacked" during test-drive. Owner was "asked" to get out in a lay-by more than 15 miles from home, his mobile & wallet taken, and the thief then drove off in the car. Car never found!
3. Surety - depending on value of car, I ask for some or all of following to be left behind at my house while I take buyer on test drive: ID, proof of address, telephone number, car & keys, some money, their mobile & wallet, and their accomplice (could be their relative/friend is asked to stay behind with my family.

After all, I don't know who they are, where they live, how trustworthy they are. But they know where I live, my name, phone number, my car's details, etc.

As I said, I make the car atractive enough that it sells everytime! If people like the Doc do not like my terms, tough. I don't want to know them and they can buy elsewhere.
Insurance and potential buyers - eMBe {P}
This what the Master, HJ, says in his "selling privately" tips:

www.honestjohn.co.uk/buy_sell/selling/BuySell_Sell...m

>>>>> .....
Never, ever, take more than one male person on a test-drive unless you also take a big bloke as your own back-up.
.....
If you have accidentally underpriced the car (it can happen, I've done it) and the phone has hardly stopped ringing, you can be firm on your price. Simply and politely say you're sorry, but you know you have priced the car fairly and you know you will get the asking price, if not from the buyer in front of you then from someone else.
......
The best advice when taking cash is to swap the V5 and keys for the cash in a bank so you can bank it safely straight away. Take cash on your doorstep and you won't be the first to receive a little 'cash relieving' visit shortly afterwards by big, nasty men you wouldn't want to argue with or to threaten your children.
.... >>>>>>>


Insurance and potential buyers - Phoenicks
I think you're very paranoid. I'm sure you do think some buyers are very satisfied with your sales techniques, but there may well be some who thinks its ridiculously over the top.

Regards gazumping i've rarely known that happen in the car selling business and usually a deposit secures at the agreed price - how are you going to accept someones deposit and gazump them and try and justify it?! After all who ever gets more than the asking price for a car?

On the subject of 'No Offers' i wouldnt even go and look at it because that usually means an overpriced car. Regards Sealed bids - you're having a laugh arent you?

AS for your 'The way I sell cars is first to present them in tip-top condition, have a chronological printout of the car's history including all service/repairs/MOTs; a list of all known faults; and have all documentation in a nice new folder with all old reciepts, tax-discs, and so on' - Dont most people do this who care for their car? i know i certainly do. I would be suspicious in a private buy if someone didnt.

The part of being car-jacked by a prospective buyer is a lot rarer than it used to be. Now they test drive it. then decline to buy. and then go back and break into your house and take the keys in the middle of the night. All the ID and surety's in the world arent going to stop that.
Insurance and potential buyers - eMBe {P}
I think you're very paranoid. >>

Of course I am. I already said so in other words.
After all who ever gets more than the asking price for a car?>>

I have, many times. Because I know how to.
On the subject of 'No Offers' i wouldnt even go and
look at it because that usually means an overpriced car.

Well, as I said, I would not sell to the likes of you with that technique, but would certainly to genuine buyers who are not time wasters..

>>Regards Sealed bids - you're having a laugh arent you? >>
I never joke.
AS for your 'The way I sell cars is first to... ; ... and have all documentation in a nice new folder with all
.... old reciepts, tax-discs, and so on' - Dont most people do
this who care for their car? >>

You would be surprised at how many don't.
The part of being car-jacked by a prospective buyer is a
lot rarer than it used to be.

You must live in a very safe part of the country. I don't.
All the ID and surety's in the world arent
going to stop that.

The ID and surety certainly will stop it from happening.

I sell cars the way that suits me. I am passing on my experience. Feel free to ignore it.
Enough said. End of my contribution to this ding-dong thread. Night night.
Insurance and potential buyers - Phoenicks
I have to return comment as you do seem very arrogant-

>>Well, as I said, I would not sell to the likes of you with that technique, but would certainly to genuine buyers who are not time wasters. >> Well as i wouldnt come and see your vehicle then this comment is irrelevant. You've labelled me a timewaster for my comment! very strange....
I never joke. >> oooh Mr Serious. I think i heard that line in a film once. But i have to agree - you really dont joke as you do seem to take yourself far too seriously.


No i wouldnt be surprised that many dont keep all the docs, however my response would be that a lot of people dont care for their cars. my comment was in reference to those that do.

Regards the ID. It WONT stop you from being burgled, as you're very unlikely to find who did it. An ID for a test drive is not conclusive proof of a burgler.

 

Value my car