Hi Guys,
I'm not sure if this is the right forum, but I have a question about buying a Mach 1. I'm talking to a seller who is 10 hours away. I really like his car so far. Since I'm not sure when I can get down there, I asked the seller if he'd be open to holding the car if I gave him a deposit. He said that would be fine.
How much is a typical deposit? Is it usually a percentage of the asking price?
What's the best way to send the deposit? My wife is banker. I can easily obtain any kind of payment, to include wiring. But I'm going to have to trust this guy doesn't take my deposit and disappear. (The seller is a middle-aged family guy. He sounds very nice. But you never know.) I'm thinking I could overnight him a certified check. What do you guys think?
Thanks in advance!
Wow Klutch, not sure how to advise you on that one. I think in that your wife is a banker she might have better advice.
I have experience from the sellers point of view but not from yours. I sold my last 73 Mach 1 with a deposit but it was not to hold it for the guy to come look at it. He just didn't have all of the money until his tax refund came back.
We agreed on a price and I wrote a contract that I got off of the internet on a legal site. It explained the terms: x $0.00, vin #, x number of days, x $deposit, etc. It worked out fine for both of us.
On your part it is a matter of him holding the car while you travel to see it to prove your sincerity to come look at his car. If he seems like an honest Joe and is open and understanding of the purpose I would just have an open policy with him on the day and time that you plan to travel to see the car. Let him know when you leave and that you are on your way specifically to come see his car. Ask if he has scheduled anyone else to come look at the car in the ten hours it will take you to reach his place and if he will at least hold it untill you arrive and inform you while in travel if any circumstances change. I don't think that is too much to ask. If he has someone come by to look at it and is ready to offer him his price he can honestly let them know even before they arrive to look at the care that you have been promised the opportunity to see the car when you get there and if you are not interested they are the buyer.
Thanks, Steven.
The reason I would like to put down a deposit is I was looking at another car when the seller informed me had taken a deposit. So, I would like to do the same lest someone else buy the car before I can look at it.
You need to determine if the deposit is refundable in full if you do not like the car when you see it. Some sellers may do this and some may not. Or they may want to keep a portion of the deposit to pay for re-advertising is you do not buy. On eBay you see that deposits are required if you win the bid usually within 24 hours. Anyway, as Steve indicated you should get a written contract when you give the deposit stating the terms of the deposit as I mentioned above. The best thing would be to just hurry out to see it or have someone check it out for you. Maybe one of the members here may be close to the car and could check it out for you.
Seller is sure taking a risk holding it just to see if you want the car, in my opinion. He may lose a sure sale waiting on you to decide.
(05-22-2011, 01:30 PM)don29163 Wrote: [ -> ]Seller is sure taking a risk holding it just to see if you want the car, in my opinion. He may lose a sure sale waiting on you to decide.
Actually, the agreement would be that I buy the car unless something unexpected came up; like excessive rust which the seller didn't know about. If I just decided to not buy the car, or I didn't show up, I would forfeit the deposit. That's how it works.
Klutch, is this the car? http://lascruces.en.craigslist.org/cto/2363623720.html
I was thinking about looking at this one and the 1969 Fastback that they have for sale before I purchased my current Mach 1. They have had it listed for a long time and have not dropped the price. Once in Tucson (about 3 hours north) I would be about 2 hours from the car.
(05-22-2011, 03:15 PM)Steven Harris Wrote: [ -> ]Klutch, is this the car? http://lascruces.en.craigslist.org/cto/2363623720.html
I was thinking about looking at this one and the 1969 Fastback that they have for sale before I purchased my current Mach 1. They have had it listed for a long time and have not dropped the price. Once in Tucson (about 3 hours north) I would be about 2 hours from the car.
The car I'm looking at is a 1970 Mach 1. I'll PM you a link to the ad if you like.
Sorry Klutch,
I knew that you were looking at the earlier Mach 1's - just spaced it for a post. I don't need the add I was just wanting to help. The add I mentioned is in Demning, NM which is a possible jaunt for me to try to help you out. Las Cruses adds that much more distance and makes the trip just out of my reach of do-able. All the best.
No problem at all, Steven. And I greatly appreciate your offer of assistance.
FYI, if anyone would like me to inspect a car in the Colorado Springs area, I'd be happy to assist. I'm not an expert, but I can certainly photograph every part of a Mustang and note any areas of concern.