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How do you buy a 2nd hand bike?

Discussion in 'New Riders and Riding Tips' started by s050399b, Aug 23, 2010.

  1. With regards to making payments that is~

    Example, 2nd hand bike cost $10,000
    How do you get the money to the other party? Don't feel safe carry $10,000 on a weekend~

  2. Cheque book = can't be trusted; it might bounced, even if u write it and they bank it in, takes 1-2 days to know if there's money in it

    using their computer = I don't feel safe, just add some spyware in it, and my banking accounts are compromised......
  3. You walk into a dealer, find a bike that suits you, and walk straight the **** out empty handed. Find the same bike at a market asking price of (in some cases) 30-50% less and laugh all the way home.
  4. go to the bank and ask for a bank cheque. Depending on the bank they usually charge around $5. They take the money straight out of your account.

    In essence, what you are doing is buying the banks money and giving the other party a cheque that only they can use.
    As its a bank cheque the other party know they WILL get their money.
    If you happen to change your mind, take the cheque back to the bank and cancel it (make sure you keep your cheque stub or you may end up with a $10,000 scrap of paper)

  5. sorry the topic is misleading, the actual question is about making payments to sellers in private sales~

  6. good idea!!!!!!!!!!
    do I need the name of the seller on the bank's cheque?
  7. Yes... I know of a few banks that do not put 'cash' on bank cheques.

  8. hmmmmm, okay,
    then what if we neo on the price? to let's say $9000 for example?

    He's going to hand me $1,000 cash while I hand him the $10,000 bank's cheque?

  9. Personally I have used bank cheques, cash anda combination of both.

    More often that not, when you are looking on the weekend, the seller will still need to go and get a roadworthy done within the few days after the purchase.

    If I'm out to buy and want to pay cash, I'll take a reasonable amount of deposit cash (a couple of hundred, up to 10% is usually enough) out with me, then make the agreement, with contracts/receipts and pay that deposit amount. The seller would then arrange the RWC and let me know when the vehicle is ready to be picked up.

    That day, I go to the bank for the rest of the cash so I only have it on me for a few hours.

    If you are likely to buy and take full ownership on the spot, I'd go with a reasonable bank cheque (remember to make it LESS than you expect to pay) and enough cash to top up to the purchase price.

    Bike is advertised at $10,900. You are willing to pay 10,500.
    - Get an $9000 bank cheque (you might find another, cheaper one advertised that day)
    - Take $1500~$2000 in cash.

    Say you agree on $9,900 because he was 'dreaming'... you don't want to have to hand over a 10k cheque!! :)

  10. Thanks!!! this is very sensible!! how come i didn't think of it in the first place!!??!
  11. Yep. My daytona was advertised for 13,500. I rocked up with a 12,500 bank cheque and told the bloke I got paid that week in cash. We haggled for a bit and I handed him the cheque and 300 bucks cash. It's the best way to do it IMHO.