6 ms·

I'm still not sure who buys a car that expensive with cash, seems sketchy, inconvenient and unsafe. I wouldn't take cash if someone wanted to pay me that much,

I'm still not sure who buys a car that expensive with cash, seems sketchy, inconvenient and unsafe. I wouldn't take cash if someone wanted to pay me that much, in fact someone did, they paid me for a contract with $5000 in used 20s and it was really fucked up, I didn't know how to get it into a bank or use it for anything without setting off alarms.

olivermarks 4y ago
Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment. Suggesting laborious bureaucratic transactions over several days removes this common occurrence in that world, along with at many other gatherings of specialists - antiques, pedigree animals, whatever
- macNchz 4y ago
  I bought a somewhat rare car with cash several years ago. The seller had a buyer lined up across the country (and showed me evidence), but said that if I could bring him cash he’d sell it to me instead. I went to the bank, brought him an envelope of $100 bills, and it was mine.
  - ithkuil 4y ago
    > I went to the bank [..] Would a certified check so the same trick?
    - kube-system 4y ago
      No, that's actually a popular scam at the moment. People think certified/cashiers checks or money orders are trustworthy. They can be faked.
      - ithkuil 4y ago
        Then perform the exchange in a bank, under a similar arrangement as the cash transaction of the scenario I was replying to. Cash can be faked too
        kube-system 4y ago
        Agreed, transacting in a bank is the best way. Cash can be faked but it has good anticounterfeiting features, unlike checks.
    - macNchz 4y ago
      The seller can turn around and spend the cash instantly, anywhere, whereas the cashier’s check takes at least a day to clear, and in theory the bank could hold the funds for some period of time while it investigated the transaction for fraud. https://www.helpwithmybank.gov/help-topics/bank-accounts/cashiers-checks/cashiers-check-hold.html https://www.helpwithmybank.gov/help-topics/bank-accounts/cas...
- Teandw 4y ago
  "Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?
  - olivermarks 4y ago
    I live in the US and UK/Europe. The vast majority of older people at a swap meet or similar are not going to trust smartphone app transactions. Cash is king.
    - Teandw 4y ago
      They don't trust a smartphone app provided by their banking provider but they trust a random bloke they've never met with 10k in their back pocket. Right. Makes sense.
      - wbl 4y ago
        You don't need to trust the person when they have cash
        tormeh 4y ago
        How do you know the cash isn't fake?
        lmz 4y ago
        UV lights and checking the safety features?
      - deleted 4y ago
        [deleted]
      - Zircom 4y ago
        Scenario one - Person A bank transfers Person B $10,000 for their classic car at the car show. Person A leaves, and then several days later the money is clawed back from Person B's account as it turns out it was sent from a stolen/compromised account. They now have no money and no car. Scenario two - Person A gives Person B $10,000 in cash for their classic car at the car show. Person A leaves, and Person B could give a shit about anything to do with Person A as soon as they are out of sight.
ericd 4y ago
Why? Just take it to the bank and give them the envelope(s). That's not a large amount of money to a bank. They drop it in a counting machine, and it blitzes through that amount in a few seconds. It's probably a good idea to have some reasonable amount of cash on hand for times when electronic payments aren't available for whatever reason (natural disasters, for example).

olivermarks 4y ago

Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment. Suggesting laborious bureaucratic transactions over several days removes this common occurrence in that world, along with at many other gatherings of specialists - antiques, pedigree animals, whatever

macNchz 4y ago
I bought a somewhat rare car with cash several years ago. The seller had a buyer lined up across the country (and showed me evidence), but said that if I could bring him cash he’d sell it to me instead. I went to the bank, brought him an envelope of $100 bills, and it was mine.
- ithkuil 4y ago
  > I went to the bank [..] Would a certified check so the same trick?
  - kube-system 4y ago
    No, that's actually a popular scam at the moment. People think certified/cashiers checks or money orders are trustworthy. They can be faked.
    - ithkuil 4y ago
      Then perform the exchange in a bank, under a similar arrangement as the cash transaction of the scenario I was replying to. Cash can be faked too
      - kube-system 4y ago
        Agreed, transacting in a bank is the best way. Cash can be faked but it has good anticounterfeiting features, unlike checks.
  - macNchz 4y ago
    The seller can turn around and spend the cash instantly, anywhere, whereas the cashier’s check takes at least a day to clear, and in theory the bank could hold the funds for some period of time while it investigated the transaction for fraud. https://www.helpwithmybank.gov/help-topics/bank-accounts/cashiers-checks/cashiers-check-hold.html https://www.helpwithmybank.gov/help-topics/bank-accounts/cas...
Teandw 4y ago
"Cash is king. If you are buying a non running classic car and have a tow vehicle and trailer ready you can drive a hard bargain in the moment." If I send a 10k payment to someone via bank transfer it's in their bank account in 10 seconds. Maybe you live in a country where there are much harsher restrictions?
- olivermarks 4y ago
  I live in the US and UK/Europe. The vast majority of older people at a swap meet or similar are not going to trust smartphone app transactions. Cash is king.
  - Teandw 4y ago
    They don't trust a smartphone app provided by their banking provider but they trust a random bloke they've never met with 10k in their back pocket. Right. Makes sense.
    - wbl 4y ago
      You don't need to trust the person when they have cash
      - tormeh 4y ago
        How do you know the cash isn't fake?
        lmz 4y ago
        UV lights and checking the safety features?
    - deleted 4y ago
      [deleted]
    - Zircom 4y ago
      Scenario one - Person A bank transfers Person B $10,000 for their classic car at the car show. Person A leaves, and then several days later the money is clawed back from Person B's account as it turns out it was sent from a stolen/compromised account. They now have no money and no car. Scenario two - Person A gives Person B $10,000 in cash for their classic car at the car show. Person A leaves, and Person B could give a shit about anything to do with Person A as soon as they are out of sight.

ericd 4y ago

Why? Just take it to the bank and give them the envelope(s). That's not a large amount of money to a bank. They drop it in a counting machine, and it blitzes through that amount in a few seconds. It's probably a good idea to have some reasonable amount of cash on hand for times when electronic payments aren't available for whatever reason (natural disasters, for example).