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 Purchasing a classic car from a private seller, When to pay?

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TSbabysiew
post Aug 15 2022, 04:58 PM, updated 2y ago

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Dear all, advice needed. I am buying a 47 yrs old classic car from a private seller. The car does not have loan anymore. I am paying by cash. I have paid the seller RM1K as deposit. The Puspakom is arranged to be on this Thurs. Seller is at Melaka. I am at Selangor. Puspakom Thurs at Melaka. Seller said if Puspakom lulus, before he thumbprint to transfer, I should settle the balance 100% but me as buyer also cautious. I suggested to pay 70% then he does the thumbprint, I do the thumbprint. Then balance 30% given on the spot once transfer is done.

He countered with:

1. Puspakom passes
2. I pay 70%
3. Car will be send to restoration workshop at Selangor via towing
5. Once we confirm car is at the workshop, we pay balance 30%
6. Seller to do thumbprint at Melaka
7. I do thumbprint at Selangor

I am a bit worried of doing it separately haha I am thinking, we should do together at JPJ Melaka. After I read many pages, I would propose this to seller:

1. Puspakom passes this thurs
2. 1-2 days before the meet up at JPJ Melaka, buy car insurance
3. both meet at JPJ Melaka
4. Seller to cancel his road tax and insurance
5. Pay 70% instant transfer
6. Both to do thumbprint
7. Buy a new roadtax with the insurance we have so the dates match
8. Car arrange to be delivered to Selangor
9. Both to sign a vehicle purchase agreement, simple only, two copies
10. Pay remaining 30% instant transfer

What do you think? Sorry first time buying 2nd hand car. Thank you.
matrix88
post Aug 15 2022, 05:21 PM

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dont think he will settle with the remaining 30% after thumb print
usually after thumbprint or before (over lapping period), should have paid full payment
towing to selangor workshop is on buyer, or unless seller want to deliver to selangor only do thumbprint.
TSbabysiew
post Aug 15 2022, 05:26 PM

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QUOTE(matrix88 @ Aug 15 2022, 05:21 PM)
dont think he will settle with the remaining 30% after thumb print
usually after thumbprint or before (over lapping period), should have paid full payment
towing to selangor workshop is on buyer, or unless seller want to deliver to selangor only do thumbprint.
*
Hi I am the buyer. I dont mind paying 70% before the thumbprint. Remaining 30% I just want to protect myself also. I also think it is fair for both buyer and seller.
matrix88
post Aug 15 2022, 05:34 PM

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QUOTE(babysiew @ Aug 15 2022, 05:26 PM)
Hi I am the buyer. I dont mind paying 70% before the thumbprint. Remaining 30% I just want to protect myself also. I also think it is fair for both buyer and seller.
*
might be fair to you, but to the seller, once thumbprint considered sold. he also scared later you dont want to pay the balance because thumbprint should be the ending process in the buy/sell process where ownership have changed hands. just my 2 cents.
TSbabysiew
post Aug 15 2022, 06:26 PM

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QUOTE(matrix88 @ Aug 15 2022, 05:34 PM)
might be fair to you, but to the seller, once thumbprint considered sold. he also scared later you dont want to pay the balance because thumbprint should be the ending process in the buy/sell process where ownership have changed hands. just my 2 cents.
*
Well assuming if the car is rm50k, paying 70% is like giving rm35k without having anything. Seller can dont do thumbprint. So what do I have to safeguard myself? I feel that I already place my trust by giving him 70% before he thumbprint. I hope he can trust me with the 15%. Anyway I will propose this, if seller refuses to even give me a 15k assurance after I give him a 35k assurance, then i better call off the deal. Thank you for feedback

This post has been edited by babysiew: Aug 15 2022, 06:26 PM
ktek
post Aug 15 2022, 08:08 PM

拼拼拼多啦
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like that seller not steady. age 47 vehicle got value becos buyer interest. otherwise u give 2nd hand dealer settle with fee
TSbabysiew
post Aug 15 2022, 08:11 PM

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QUOTE(ktek @ Aug 15 2022, 08:08 PM)
like that seller not steady. age 47 vehicle got value becos buyer interest. otherwise u give 2nd hand dealer settle with fee
*
Ya i think i already express my trust by giving 70% without anything. He can choose to not do the thumbprint then. So give and take in my opinion
ktek
post Aug 15 2022, 08:33 PM

拼拼拼多啦
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2022-47=1975

luckily its not a corolla 86
TSbabysiew
post Aug 15 2022, 08:47 PM

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QUOTE(ktek @ Aug 15 2022, 08:33 PM)
2022-47=1975

luckily its not a corolla 86
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It is a vm kombi 🤣
ktek
post Aug 15 2022, 08:49 PM

拼拼拼多啦
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cool2. need bas driving lesen tongue.gif
TSbabysiew
post Aug 15 2022, 08:57 PM

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QUOTE(ktek @ Aug 15 2022, 08:49 PM)
cool2. need bas driving lesen tongue.gif
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no need. normal driving license will do

 

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