Paying for a bike in cash - why?

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ChrisF
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Paying for a bike in cash - why?

Postby ChrisF » 5 Nov 2018, 10:00am

I've recently sold a bike via eBay. Because buyer and seler live at opposite ends of of the country, but we're both travelling round a bit for various reasons, we've decided to meet at a motorway services in the middle. But now the buyer says he wants to pay in cash; I'd prefer a bank transfer (which is easy to do now 'on-the-spot' with a smartphone).
I'm a bit apprehensive about doing a cash deal (about £1600) with an unknown guy in a mororway services! I'll ask him to bring proof of ID, and I'll prepare an invoice in case of money-laundering questions when I bank it, but should I take any other precautions?
But why do (legit) peopele want to pay large amounts in cash these days? I can't remember the last time I paid for anything more than £20 with cash.
Chris F, Cornwall

Bonefishblues
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Re: Paying for a bike in cash - why?

Postby Bonefishblues » 5 Nov 2018, 10:10am

You're right to be nervous. I have taken cash, but only on my home ground, as it were.

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meic
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Re: Paying for a bike in cash - why?

Postby meic » 5 Nov 2018, 10:12am

But why do (legit) peopele want to pay large amounts in cash these days?

Because they dont trust banks, they remember 2008, the interest rate sucks and they dont want the bank to profit from their money without sharing.
Because the "electronic money" doesnt actually exist. The cash at least does exist.
The £10,000 that somebody has in their bank account may only have as little as £900 existing in real money that everybody could go and get if they wanted it at the same time, like for example "The Great Brexit Disaster" that is foretold.
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Re: Paying for a bike in cash - why?

Postby PH » 5 Nov 2018, 10:23am

If you're not happy with it, just say no.
OTOH I wouldn't have a clue how to do a bank transfer on my phone and wouldn't do one from home before seeing the bike. I bought a bike for cash and met the seller at a train station earlier this year, never occurred to me that it was anything other than normal. It's what we did all the time before the technology took over...

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mjr
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Re: Paying for a bike in cash - why?

Postby mjr » 5 Nov 2018, 10:34am

ChrisF wrote:I've recently sold a bike via eBay. Because buyer and seler live at opposite ends of of the country, but we're both travelling round a bit for various reasons, we've decided to meet at a motorway services in the middle. But now the buyer says he wants to pay in cash; I'd prefer a bank transfer (which is easy to do now 'on-the-spot' with a smartphone).
I'm a bit apprehensive about doing a cash deal (about £1600) with an unknown guy in a mororway services! I'll ask him to bring proof of ID, and I'll prepare an invoice in case of money-laundering questions when I bank it, but should I take any other precautions?
But why do (legit) peopele want to pay large amounts in cash these days? I can't remember the last time I paid for anything more than £20 with cash.

Maybe because an internet banking readout on the buyer's phone screen is too easy to fake and not everyone is set up to check their own account when mobile - although I guess that's more about concerns when selling than buying. I think the buyer has much more to worry about: stolen bikes, no-shows after payment and so on.

I'd probably ask for part-payment by bank transfer. Even a relatively trivial sum should give you some traceability if some bit of government decides to investigate it.

I think an invoice is a good idea, for both people, IMO. When I've bought bikes for cash (not £1600 yet, though), there's been some paper with both our names on. In the three most recent cases, I've collected from what I believe to be the seller's home and in one, they're a long-time member of this forum.

The other precaution I'd suggest is to be ready for both a no-show (for whatever reason, including honest problems like getting stuck in road closures) and an in-person attempt to haggle. Basically, be ready to take the bike with you on the rest of your journey, or at least to somewhere you could store it.
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Re: Paying for a bike in cash - why?

Postby reohn2 » 5 Nov 2018, 10:51am

The only problem I forsee with a large cash transaction such as the OP's is counterfeit notes,if the notes are legit(you could ask for it all in the new tenners you're worried obout it)I wouldn't have a problem with it.
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Flinders
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Re: Paying for a bike in cash - why?

Postby Flinders » 5 Nov 2018, 11:05am

fake notes are a big problem. The plastic ones seem less susceptible, but the old 20s and 50s are now the ones forgers go for.

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Re: Paying for a bike in cash - why?

Postby Spinners » 5 Nov 2018, 11:19am

I've just sold a frame on ebay and, within my listing, I insisted on payment by PayPal before collection simply to avoid the purchaser saying he didn't like it or it's the wrong size.

In the days before t'internet I put an advert in 'the comic' advertising a hand-built frame with a full description, including size. I did a 200-mile round trip to Strensham services to meet up with the buyer just for me to open the boot and have him immediately say, "It looks a bit small. Sorry." :roll:
Last edited by Spinners on 5 Nov 2018, 1:02pm, edited 1 time in total.
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hondated
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Re: Paying for a bike in cash - why?

Postby hondated » 5 Nov 2018, 11:19am

Just a thought but anyone on here live near Chris ! If you do and have the time perhaps you could go with him.
Many years ago I did the same thing when I sold a nearly new mountain bike.
I can be too trusting but as soon as the fella arrived I could see it was going to be ok.
Not sure whether it works on the new notes but I used a special pen to check each note was ok.
It didn't cost a lot either.

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Re: Paying for a bike in cash - why?

Postby brynpoeth » 5 Nov 2018, 11:23am

Getting a witness would be good

Then all could go to the bank together and pay in the notes
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Re: Paying for a bike in cash - why?

Postby ambodach » 5 Nov 2018, 11:35am

The Clydesdale/Yorkshire Bank merged on 1st Nov. with Virgin Money. The computer system went belly up for at least a couple of days and my card was refused as well as the call centre being not available. I fortunately have 2 bank accounts with different banks so was able to renew my car insurance with the stand by one. For this reason alone cash could be useful as a journey would be wasted if payment electronically was not possible. With the caveat about counterfeit notes cash is more reliable.Never had any problems paying in cash but my local branch does know me and greets me by name but may be different in other areas.

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Re: Paying for a bike in cash - why?

Postby ChrisF » 5 Nov 2018, 1:20pm

Many thanks for all the replies. I see your points about electronic methods not being to everyone's ability, or things malfunctioning on the day.
He has asked me to bring photo ID and recent utility bill, and said he will do the same. But since posting my question, I've asked him for his home address so that I can print out an invoice / receipt beforehand, and he now says he'll give me his address on the day. Sounds very fishy to me. I think I'll pull out unless he can give me an address and pay a decent proportion with PayPal beforehand.
Chris F, Cornwall

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jezer
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Re: Paying for a bike in cash - why?

Postby jezer » 5 Nov 2018, 1:58pm

I can see his point about not giving out his address in advance. You could be in cahoots with a burglar who would raid his house knowing he wasn’t there at the time of his meeting you. Suspicion works both ways.
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Re: Paying for a bike in cash - why?

Postby Bonefishblues » 5 Nov 2018, 2:12pm

ChrisF wrote:Many thanks for all the replies. I see your points about electronic methods not being to everyone's ability, or things malfunctioning on the day.
He has asked me to bring photo ID and recent utility bill, and said he will do the same. But since posting my question, I've asked him for his home address so that I can print out an invoice / receipt beforehand, and he now says he'll give me his address on the day. Sounds very fishy to me. I think I'll pull out unless he can give me an address and pay a decent proportion with PayPal beforehand.

I'd be walking away right now tbh. There has to be at least some basis of trust.

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Re: Paying for a bike in cash - why?

Postby rjb » 5 Nov 2018, 2:24pm

only 15 years ago paying in cash was not unusual. I bought a car from a car supermarket and they insisted on either cash or a bank draft. As you had to pay for a bank draft most transactions were for cash. I withdrew £8 grand from my bank account and took it with me, with the mrs as a bodyguard :lol: .
They were all geared for counting it with machines which counted it in seconds. :o
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