[Junior - 1968]

Just curious. What is the best way to buy a desirable classic car from a private seller? I'd like to pay with a certified check, but the seller said he'd only give a bill of sale until the check cleared, which would take about two days. It doesn't seem like that leaves me much protection other than suing in court if things didn't go according to plan. Plus, I live 500 miles away and don't want to have to return to tow the vehicle. Same with a wire transfer. Another way is cash, but that is a lot of money to be walking around with. He mentioned he'd have to take it to his bank to verify it's real. Thanks for any help you can provide with this.

[Stuart]

Electronic transfer from your bank to theirs.

[Tim john]

As Stuart stated above. I have flown out, inspected in person, agreed to purchase and then called my credit union and had them wire transfer the purchase price to their account, took a few hours for everything to happen but everything went smoothly and I parted ways with the vehicle (s). Have done this on a few purchases with zero issues. Transactions happen like this daily so nothing new.

Tim john---

[GT182]

Make sure the car is able to pass inspection and nothing else is wrong, so you don't have to try and get your money back. Take it to a garage with him and have it checked out. You pay for it. That way you are safe, providing it's all ok

A certified check shouldn't be a problem. 2 days is normal. But it sounds like he's a bit of a PITA. For whatever reason he doesn't trust the check or you. Don't take it as personal thing to you. Just go with the flow.

But better yet,.. you get a check made out to you from your bank and cash it at his bank. His bank will do the checking on the check you gave them. Then give him the money.

[mgarblik]

AS a seller for a large sum of money, it's cash or wire transfer only for me. Way too easy to fake a cashiers check now. Only way I will take a cashiers check is if the buyer and I can go to the bank while both are present and have the bank verify it's a good check. Had a guy who wanted to buy a pretty expensive car I was selling. Young guy and he had to come on a Sunday. No other day would work. I told him cash only. He took a Greyhound from Nashville to Dayton, OH with a backpack full of cash. Transaction went fine and he drove the car home. Risky trip on his end, but he left me little choice.

[Junior - 1968]

Thanks for the informative. I'm looking into getting a cashier's check made out to myself to cash at the seller's bank.

One other question if I may. What is the best way to mechanically check an engine is healthy? I know about listening to it run, looking at the oil, radiator fluid, trans fluid etc. Is a compression test a better indicator than a vacuum test?

I've never done one, but it seems I would disconnect power to the distributor, open the throttle on the carb butterfly and remove the spark plugs. Then install the compression tester into the spark plug holes and turn the ignition until the gauge reading stops increasing. Is that correct? Is that a dry test? What is a wet test and which one is better?

[Baron Von Zeppelin]

That is a dry test.
If it reads evenly , you won't need a wet test.

Wet is squirting oil in cylinder , and taking another reading.
Usually only done on cylinder(s) with low readings on dry test.
If numbers increase substantial , the piston rings are worn.

Depending on capacity of his bank , they may not have enough green surplus to roll out a large amount without prior notice ahead of time. He would need to verify that amount with them to be sure.
Especially if he is going to walk out with all of it versus depositing most or all of it.
I incurred this scenario before.

Don't take anything for granted about a bank, a check, wire, or money order.
Ask them all the hard questions first.

Good luck on your prospect.

[dataway]

I noticed the recently updated app for my small regional bank has an option for wire transfer right on the app. I assume it's getting more common. Not sure how they let you know if it's gone through, or how long it takes.

[Trulyvintage]

You live 500 miles away ?
You are physically inspecting the
vehicle before buying it ?

Bring cash - problem solved.


Jim

[The Champ]

I recently went through this when I bought a car from a board member. I flew out to buy the car that was around 600 miles away. To facilitate payment, I had my bank make a check to the owner. After inspecting the car, we went to his bank. From the lobby, he called my bank to verify the check was good. He deposited the check and transaction was completed - safe for both him and me.

[400 4spd.]

Hopefully neither of you has to use Bank of Amerika.

[JLBIII]

My Firebird was over 300 miles away when I went to look at it. I was lucky that my bank had a local branch near the location. It made it easy once we struck a deal to go to the bank and have a cashiers check made out direct to the seller. We put the car on a trailer and I brought it home the same day.

[freebird69]

When I bought my 69 Firebird years ago I had to go to Canada from the US to inspect it and had a check with me. I decided to buy the car and went to the seller's bank assuming that I would be driving home with the car. Nope. Seller said not until the check cleared which turned out to be three days later which made me really nervous, especially since I was not familiar with buying from Canada. Luckily all went well but I would do it different next time and find a way to take possession after payment.

[71GP76TA]

Cash. Quick easy.. cut and dry way to do business. Reality is.. nobody knows you are walking around with it unless you tell them.

I walked away from a car last summer because the guy wouldn't accept cash. He wanted me to open an account at his bank so he could transfer the money into his account. Or he wanted a wire transfer. I wasn't in the mood to wait around for hours.. or potentially until the next day for it to post to his account. Ended up being more trouble than it was worth so I walked as the guy lived 3-1/2 hours away.

When selling. I will not accept a check of any sort. Checks are forged everyday. I have been burnt before. If the buyer is long distance. I'll accept a wire transfer. Vehicle does not leave until funds have posted to my account.

[Junior - 1968]

Thanks for the replies. Another question if I may about purchasing a classic car. And since this is a Pontiac forum it's about purchasing a '69 Judge. Hagerty recently wrote an article about the collector car market. Here:

https://www.hagerty.com/media/market...lizing-market/

Do you think the value of a '69 Judge is going to increase over the next ten or twenty years? Or will the current reality of the younger generation not being car people in the traditional sense, as well as the older generation's passing cause the market to fall? is a Judge unique enough to stave off other vehicle's market declines if this happens? I think some of the other cars that aren't as recognizable will face serious declines in price in the future. Thanks

[Trulyvintage]

Buy a car that you plan to drive for Enjoyment.
Park your money elsewhere if you are looking
to realize a return on an investment.


Jim

[66sprint6]

I do the electronic bank transfer. My banking app right on my phone. The seller can watch me do it. I've discovered that the greater the transfer amount, the longer it takes to go through. So you might find yourself talking about the weather for those few awkward minutes or even the 1/2 hour while it's in limbo.

[02Hawk]

I tried to purchase a car from a dude in the US....I am from Canada...wouldn't take a certified cheque, cash or cashiers check....Even suggested a wire transfer...."nope don't do that stuff"....I walked...guy phoned me like 20 times saying we had a deal, you are an AH etc....I just told him you are too unreasonable to do business with....then the name calling started....He was on this board at one time (15 plus years ago) I'm thinking his wife told him to sell it and he did all he could to sabotage the deal. This thread made me think about it, still shake my head

[Baron Von Zeppelin]

Do you think the value of a '69 Judge is going to increase over the next ten or twenty years?

Its hard to say what 10 years will do.
Around 2010 some guys were proclaiming that frame off Roundport Judges of that time would be bought for 35-50k
within 10 years.

This past Thursday , for some reason , a 69 Ram3 4spd Judge sold for 275k at Barret-Jackson.
Definitely a world record for a Ram3 Judge
Don't even know of a Ram3 Judge Convertible ever selling for that much before.
Every year for about past 15 years an orange 69 Judge sells for over 100k at B-J in January.
Not sure what caused this one to go 275k
That would have been 250 + 10% fee.

https://www.barrett-jackson.com/Even...AIR-III-263050

[1965gp]

I would see if your bank has a branch there but you would need to let them know ahead of time.

Depends how much cash you are taking. If it’s 25k I would take it and meet him at a police station or bank for the trade off.

If it’s over 50k I would inspect the car, give him 5-10k deposit and wire transfer the rest. That much money it would be worth it for me to make two trips.

While GTO’s and Trans Ams seem to be at their highest level ever I don’t see them losing value anytime soon.