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Login to post Forums » Grassroots Motorsports » Car Selling Facepalm: Should Have Taken That Deposit...

Aug. 22, 2011 2:58 p.m. Woody SuperDork

Last week, a guy and his son came to look at my WRX. I had a few others who were anxious to see it, but this guy was the first one who's schedule meshed with mine. They drove the car, loved the car and made an offer. It was $1000 below what I had been advertising the car for, but I was getting pretty tired of the whole car selling process. I told him that I would accept the offer. He offered a thousand dollar deposit, as he was going away for the weekend. I told him that it wasn't necessary and I would consider the car sold.

I am an idiot.

I contacted the other guys who were trying to come and see the car and told them that it was sold. The next day, I called the guy that I had the verbal commitment with some more information. I got his voicemail.

He didn't call back in what seemed to be a reasonable amount of time, so I sent an email. A day later, he replied saying that he had changed is mind. He also thanked me and said that if he had given me a deposit, he never would have thought about backing out.

Anybody need a WRX?
Aug. 22, 2011 3:00 p.m. Zomby woof SuperDork

Until the money is in your hands, the car is still in play. ALWAYS take a deposit.
Aug. 22, 2011 3:11 p.m. AngryCorvair SuperDork

Woody wrote:

Anybody need a WRX?

no, but i want one. pm with details, please.
Aug. 22, 2011 3:14 p.m. tuna55 SuperDork

AngryCorvair wrote:

Woody wrote:

Anybody need a WRX?

no, but i want one. pm with details, please.

I always wanted that car - no can do, though, no dinero aqui.
Aug. 22, 2011 3:21 p.m. Cotton Dork

on the flipside....I always get a strange feeling if the seller won't take a deposit. I tried to buy another motorcycle a month or so back. It was kind of an impulse buy and I was on my current mc when I went to look at it. I liked the bike, we agreed on a price, and I offer to take the title and pay him in cash right there on the stop, then come back with my trailer the next day. He says "no, the bike isn't going anywhere. just pay me tomorrow". I offer to at least leave a deposit and get the same line....so I left. The next day I go into work with my trailer in tow, then see an e-mail from the seller...he decided the deal we made was a little low and wants more money.....I say no thanks....his bike is still for sale now. He probably should have taken my offer.
Aug. 22, 2011 3:21 p.m. sachilles Dork

How much? Probably out of my price range, but curious. Currently looking at an 05 Legacy GT with broken bits at a fixer upper.
Aug. 22, 2011 3:33 p.m. sachilles Dork

Wow....very quick.
Aug. 22, 2011 4:12 p.m. pete240z SuperDork

Deposit - yes - other wise open to all.

I used to leave a personal check for $100-$200 and tell the owner to hold the check and I will bring back cash to replace the deposit check. If I flake go ahead and cash my check for your troubles.
Aug. 22, 2011 5:27 p.m. Karl La Follette Dork

$100 is all I will accept that way if buyer flakes or he has a SO shizzle the bed because of purchase its like no hard feelings . You lost deposit and I can go buy gas/beer/food which ever comes first . Yes Take Deposit
Aug. 22, 2011 6:21 p.m. Woody SuperDork

sachilles wrote:

How much? Probably out of my price range, but curious. Currently looking at an 05 Legacy GT with broken bits at a fixer upper.

It will be eligible for the Challenge in the year 8500, but probably not a whole lot sooner than that, unless you sell off a lot of stuff.
Aug. 22, 2011 6:26 p.m. dogbreath Reader

I took a deposit on my AE86. I knew looking at craigslist was a bad idea because there was the exact, pristine example of what car I want next just sitting there for the exact money I'm getting for the Corolla. :(
Aug. 23, 2011 6:48 a.m. Woody SuperDork

sachilles wrote:

Wow....very quick.

You know, you've given me a good idea. We're not that far apart....Vermont Craigslist, here I come!
Aug. 23, 2011 8:31 a.m. dj06482 HalfDork

Have you tried NASIOC as well?

Deposits are a tough one, I've held cars for a few days for a serious buyer without taking one and have made out OK. Generally, I like to go by the rule that whoever comes up with all of the cash first gets the car. Holding up a car sale because someone put down a $100 deposit doesn't make a lot of sense to me. Generally, I can tell if someone is serious about a car or not. If they're serious about the car, they'll find a way to get the full amount of money to you ASAP. I know that I work that way when I'm looking to buy a car.
Aug. 23, 2011 8:49 a.m. sachilles Dork

I'm totally facepalming my lack of deposit taking. Even had people offering full price via paypal. I just thought they should see the car in person first. I just didn't want them to pay the full damn price only to find out they didn't like it, or perceived some misc issue that could have been resolved by actually looking at and touching the car. The good news is there a ton of people interested. I'm confident that the car will go. Actually wishing I had asked a higher price....but I'm not going to up the asking price, that's a total jerk move.
Aug. 23, 2011 8:57 a.m. Giant Purple Snorklewacker SuperDork

I have done this in the past also and got stuck after waiving off other parties - so my "new" official policy is that if I have a car a lot of people want, I refuse a small deposit and only offer to call to say there is another party with cash. If they offer a large deposit - I take it because that says they are serious or... at least I come away better off either way. In truth, If they weren't arseholes and had a good hard luck story... I'd probably refund all but $100 or so anyway because I don't want to be a prick about it.

If it is a car that only one or two people will ever be interested in... I take any deposit they offer.

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