How to pay for a used bike?
June 5, 2009 at 8:45 pm #2960cgwParticipant
Cash? I am look to pay less than 3,000 for what I am looking for so I am not uncomfortable with the cash. But what if you are looking for a more costly bike? Personal check, cashers check? I mean, of course, when buying from a individual as opposed to a shop.
(I hope this is a relavent and not obvious question)June 5, 2009 at 8:55 pm #19381zeppelinfromledParticipant
I think it’s best to just leave it up to the seller. Ask ahead of time what kind of payment he wants, and go with that.
Personally I prefer cash, both as a buyer and seller. It’s a little paranoid, but I don’t really like giving some stranger a check with my address and bank account number on it. I also wouldn’t accept a check as payment. Everyone can write a check, not everyone’s bank account can cash it. A cashier’s check is pretty secure, but they can be forged by someone whose a little dedicated.June 5, 2009 at 10:06 pm #19385EliasParticipant
When I sell cars, I ask for a cashiers check issued from my bank or cash. But I have learned not to trust strangers very easily. When I buy my $6k+ Ninja in two months, I am paying with cash, but for negotiation reasons. Dealerships love love love cash, and will usually drop the price quite a bit if you pay cash up front. As for buying from a person, they love cash too, but will be less willing to reduce the price for it.June 5, 2009 at 10:28 pm #19393LanceDParticipant
Depends who your buying from. Dealers will take a personal check, private parties usually like cash or a cashier’s check.June 5, 2009 at 11:40 pm #19397eonParticipant
When selling my last car, the buyer and myself went to a bank and got the cashiers check there and then. Gave me peace of mind and he did not have to get the check until the sale was a done deal. This is the best way in my opinion. I would not want to carry thousands in cash to meet a stranger nor would I want thousands in cash in my house.June 9, 2009 at 7:31 pm #19484MattParticipant
When I bought my new bike, and when I sold my old one, I used certified cheques.
For the seller, it is as good as cash (almost) and has a paper trail. For the buyer, it is slightly inconvinent, but again, has a paper trail. Don’t discount those paper trails if you ever get audited.
And of course, none of the security questiosn of carrying aroudn several grand in cash.June 10, 2009 at 7:23 pm #19525Clay DowlingParticipant
Everyone can write a check, not everyone’s bank account can cash it.
Any bank worth doing business with will be happy to accept a check. You deposit it to your account, funds are available when the check clears. Check clearing is very fast currently, a matter of a few days, not the two weeks it used to take.
Mind you, for a transaction like this I prefer a cashier’s check because it keeps everybody covered.
Cash in the thousands of dollars is okay, but the security problem should not be underestimated. I definitely wouldn’t do this deal in a bad neighborhood with cash, unless I was well-equipped with guns and dogs. With security upping the transaction cost, the bike would need to be pretty special.June 10, 2009 at 11:05 pm #19536gsmurfetteParticipant
I would say leave it to the seller also. Personally, I would take cash or a certified cashier’s check from my bank. I would only take a check if they agreed to wait for it to clear. Cashier’s checks can be forged. That’s why on craig’s list it says to be careful of accepting them. I’m very honest, and sometimes am like, why are you treating me like a criminal? Then I have to remind myself of all the scum of the earth. I paid cash for my bike. I kept it locked in my glove box until it was time to pay. I don’t use bank envelopes, but a regular security. I felt like a drug dealer when I was at the bank pulling out 3700 in cash though. To make it worse, my main bank is in TX and doesn’t have branches. I went to my local bank, pulled all the money out through the ATM, then had to go in and switch the $ for hundreds. I transferred the money on the Sat that we decided to go buy the bike. It doesn’t go through until Monday (in my excitement, I failed to realize that). I felt like they were going to call the cops on me and have me pulled over on suspicion even though I didn’t have near enough to be breaking the law……..June 11, 2009 at 4:16 am #19545zeppelinfromledParticipant
What I meant about the idea that not everyone’s account can cash it is that I could have $10 in my bank account, but I could still write you a check for $4,000. And by the time your bank bounces it, a couple days later, I could be long gone with your bike. I definitely wouldn’t accept a personal check if I were selling a bike. It would have to be cash or cashier’s check.June 12, 2009 at 4:31 am #19607BenParticipant
Cash is king!
- You must be logged in to reply to this topic.