Choosing a payment option when buying or selling an MGV8
Ensuring safe payment
Ensuring safe payment is essential for both the buyer and the seller. Sadly there are fraudulent bank notes, banker's drafts and of course fraudulent credit and debit cards around, so prudent checks and procedures are simply both necessary and wise. There are also a number of clever scams where sellers are pestered by prospective buyers offering an advance payment by email - these scams tend to come from Nigeria and East European countries and are often characterised by poor English. Now assuming you have viewed the car in person and have agreed a deal, so what are the safe ways to pay?
Paying cash for a private sale
A buyer should hand over the cash payment for the car in a bank so the seller can go the bank counter and pay it in straight away. More on cash
Paying cash to a trader
Unless a trader is registered as a High Value Dealer or HVD with HM Revenue and Customs, payments in excess of the Sterling equivalent of €15,000 cannot be accepted in cash for amounts greater than the limit above. More on HVD
Paying by banker's draft
Payment using a bank or building society cheque or draft has been a popular vehicle payment method but sadly the fraudsters are active.
More on banker's draft
Paying by bank transfer
An immediate bank transfer can be made using the CHAPS system for a nominal fee. Just a note of caution with bank transfers - this is an area for many attempted scams. More on bank transfer
Paying by a credit or debit card
A trader will be concerned by the card issuer's percentage fee and they will need to ensure that the card account will permit a large payment. More on card payment
Safe trading cautions and advice
See the Metropolitan Police and VSTAG advice online. More
What do car buying scams look like?
See an example. Scams
MG Car Club - support and advice for MG enthusiasts at