While selling off your old car for cash, one thing that you have to always keep at the top of your mind is that you both i.e the buyer and the seller agree to a common payment medium to avoid any hassles in future and hence the process of selling off your car goes on smoothly. At times, it happens people fall prey to buyer’s intentions of selecting a payment method and end up ruining everything. The buyer may also force you to agree on a payment method that is of more comfort to them but remember to choose what you feel is good from the below-mentioned methods.
Accepting payment from the buyer in the form of cash is the best method. Make it a point that the place where you are accepting the cash is under CCTV Surveillance. Many buyers do not carry thousands of dollars or a huge amount of hard cash with them all time, so there is a possibility that they may ask you to accept the payment in instalments, avoid such things, as the risk factor is very high in such cases of not getting the complete amount in time.
Another alternative to this is that you demand a bank transfer on the spot. Make sure you’ve checked your account statement thoroughly and have received the amount. In earlier days, payment through banker’s draft also used to exist, it was quite a safe method as it ensured that the buyer has money in his account and hence the seller can take that money from the bank.But in recent times this seems to have discontinued.
You can also take the help of escrow services, always ensure that the company whose help you are taking is a renowned one.
But at last, we would again say that cash is the king and is the safest and secure method of taking payment from the buyer. Cash is an ideal and prominent method of currency exchange between both seller and buyer.