Why Should I Sell My Car Today for Cash?

December 18th, 2015 by

For the smart seller looking to offload a used car there is only one truly safe way to go for payment, and that’s cold, hard cash. Nothing is a more secure and verified form of payment for your vehicle than cash, since you know for a fact that you have received the full agreed payment before you give up the vehicle.

You may be asking yourself, “Why should I sell my car today for cash and not opt for another payment method?” There are a few reasons why cash is your best bet, and that by accepting cash for your used vehicle you ensure your own protection from a forged or faulty payment.

Cash is Relatively Fraud-Proof

Although there are probably some pretty successful counterfeiters out there, it’s unlikely that the person spending several thousand dollars on your vehicle is going to be coming into the transaction with fake dollar bills. When you are dealing with hard cash you stand the best shot at receiving a real, legitimate payment that you can count on. Besides, depending on the amount of cash you receive this could help with tax reporting later on down the road as there is no electronic record of cash changing hands.

There Are Other Cash-Based Options

If you don’t necessarily feel comfortable walking around with thousands of dollars in hard bills, there are other cash-based options you can explore for the sale of your used car, including cashiers checks and bank-created one-time accounts. These require more diligence, however, and usually require the involvement of a banking institution.

If you opt for the cashier’s check route, it’s best to make this transaction together, in person, at the bank. By bringing our buyer with you and having a teller process the transaction, you ensure that your funds are being transferred safely and completely with the help of a neutral third-party professional. While transferring funds greater than $10,000 might require the bank to report the transaction, this usually does not affect your or the buyer’s financial records. It’s usually a showing of good faith for you to pay any processing fees since this is mainly done for your own security as the buyer.

Another option is to bring the buyer to your bank, cash in hand, and open a one-time account to facilitate the transfer electronically. This ensures that the transfer has been approved by your own bank and that the money is in your hands almost immediately. From there, you can transfer the funds to your own account or manage them as you please from within your own bank.

Cash is a Safe and Quick Option

In all, dealing with cash for your vehicle’s sale is probably your safest bet for ensuring you actually get paid in full and on time. You don’t want to get ripped off, and by demanding a cash payment you are able to keep control over the transaction until it is finalized and you and the buyer are satisfied. If a buyer gives you trouble about your request, there si one easy solution: don’t sell to them. Remember, this is your car being sold and you control the transaction.

The next time you need to sell a car – whether it be to a dealer or to an individual – ask for a cash payment first. You might just be surprised how smoothly it goes.