What does "cash in hand" really mean?

[Lolvoguy]

The bike in my sig is for sale. I have a fellow coming over to see it this Thursday.
To protect myself and my bike, I have mentioned in the ad "cash in hand".
What exactly does this mean? So far he offered to bring "some money" but to me how do I know he won't ride off with it and never to be seen from again? How do I know he won't wreck it or dump it?

Despite it's age, it's in fantastic shape and never been dropped. Only owned by older riders etc.

So far I've been thinking on sending him a message stating that I'd need the full asking price in hand before test rides can be allowed. If he drops it, crashes it, or steals it, he's essentially purchased it.
Only once he agrees to purchase it, then we can talk about negotiating the price down.

Does this sound reasonable/unreasonable? Seems to me like if I don't ask for the full amount, I am the one risking everything, and him nothing/very little.

thoughts?

 

[Quattro Pete]

"Cash in hand" means the entire amount, not just some of it.

 

[RooflessVW]

You have insurance, right?

It's part of the risk that comes with selling privately. You should be able to tell a serious buyer from someone just looking to joyride. To me, cash in hand means the ability to purchase on the spot, once a deal is made - nothing more.

I wouldn't hand over a penny to test ride.

 

[mx5miata]

when your aren't talking out your you know what - and got money on you to do the talking.

 

[IndyIan]

Its your insurance covering your bike on the test drive. Make sure he's a licensed rider, take a pic of his license and let him loose. If its someone you think will crash or steal the bike, tell them to go away. I don't think your bike will be inviting too many "test pilot" types, probably the worst likely is someone looking for a bigger second bike?

 

[Nick1994]

Is it insured? If so, I wouldn't care.

He leaves his car there while on a test ride, you walk over and take a picture of his license plate, if he takes off his car is right there.

 

[Quattro Pete]

Originally Posted By: IndyIan
Its your insurance covering your bike on the test drive.
AFAIK, insurance is only valid for the person named on the policy, plus maybe immediate family, but not some test riding stranger.

 

[bunnspecial]

If I say I'm coming "cash in hand" I mean that I have the stated(or negotiated) price with me in cash.

With that said, I'm not handing it over until we've agreed on a sale/price/terms. If the seller wants to see it before I take a test drive, that's fine, but they're not GETTING their hands on it until the handshake/we sign over the title.

 

[53' Stude]

Originally Posted By: Quattro Pete
"Cash in hand" means the entire amount, not just some of it.


Youre exactly right. I paid cash for my 09' Camry

 

[Lolvoguy]

Originally Posted By: Quattro Pete
Originally Posted By: IndyIan
Its your insurance covering your bike on the test drive.
AFAIK, insurance is only valid for the person named on the policy, plus maybe immediate family, but not some test riding stranger.


Hmm, good point. I should really call my insurance agent before proceeding with this request.
Once I have this info I can make a better informed decision.

thanks again guys

 

[CT8]

Is the rider arriving on the bus or cab or Uber?

 

[Wolf359]

Originally Posted By: Quattro Pete
Originally Posted By: IndyIan
Its your insurance covering your bike on the test drive.
AFAIK, insurance is only valid for the person named on the policy, plus maybe immediate family, but not some test riding stranger.


I don't know about your state, but insurance typically covers whoever has permission to drive it. That way it's always insured. Otherwise cops could pull people over, check their ID and then determine that the car/vehicle isn't insured because their name isn't on the policy and have it towed. Then if test riding stranger crashes it, the insurance incident shows up on their insurance report and increases their insurance but not yours. This allowed someone I knew to run a scam where he drove his girlfriends car and didn't worry about speeding tickets because the girlfriend didn't live with him but she gave him permission to drive the car. All he did was keep paying the speeding tickets and not slowing down but her insurance rates never went up.

 

[Mr Nice]

Be careful with motorcycle transactions.

I see it on the news a few time a year of seller getting bike stolen during a test drive.

 

[Lolvoguy]

Originally Posted By: CT8
Is the rider arriving on the bus or cab or Uber?

I don't know this person from a hole in the wall.
He could be hitchhiking or arriving in a stolen ambulance for all I know.

 

[JLTD]

Originally Posted By: IndyIan
Its your insurance covering your bike on the test drive. Make sure he's a licensed rider, take a pic of his license and let him loose. If its someone you think will crash or steal the bike, tell them to go away. I don't think your bike will be inviting too many "test pilot" types, probably the worst likely is someone looking for a bigger second bike?


Or HOLD his license while he test drives...

 

[Kestas]

Be up front and tell him you need to protect yourself from a bad experience. If he's seriously looking to buy he should comply and help you out in that regard. If you're nice and professional about it, and he gives you static, you may not want to deal with him.

 

[DerbyDave]

If I'm going out to buy a bike from an individual I honestly don't expect to go on a test ride until I have purchased the bike. I don't want to be responsible for someone else's bike and I don't want the liability of someone else riding my bike. The cost of the bike itself is the least of the worries. Getting sued for medical costs or who knows what else in the event of an accident would sink most people. If you can tell they are really interested then maybe go on a ride with you on your bike and them on theirs (if they already have a bike) to demonstrate it does function. To me if they don't show up on a bike how do I even know they can ride. Personally I'm not letting anyone test ride until the deal is done.

 

[DuckRyder]

I think you are being far too literal.

Cash in hand (I’m guessing you know this) means the agreed upon price in cash at the time, it means you aren’t holding it for deposits and so forth...

“I’m bringing some cash” is simply a way of stating that you have cash without agreeing on a price. I would never let someone leave with anything without agreeing on a price as well as being paid in full and I would never agree on a price without seeing the item (for this type of sale anyway)... I’d be amazed it the guy actually expected to give you less than an agreed upon price and leave with the bike.

The test ride thing has been beat to death on the internet and some of the insurance advice on this thread is

... Hint - read your policy on permissive use. Hint two - once you sell something or agree to sell it you no longer have an insurable interest( typically), again read YOUR policy including any endorsements and research what is defined as a sale both in the policy and in state (or provincial) law. I personally wouldn’t rely on the agent alone.

 

[Kawiguy454]

if he hears the bike start and run he should know if he is really interested at the price youre asking. At that point he needs to have cash in your hand to take it for a test drive. This is how you sell a superbike donrt see a reason it should be different for a scooter.

 

[02SE]

I've heard and know of too many instances of bikes being stolen during a For-Sale test ride. The 'prospective buyer' all too often will show up in a stolen car, so of course he has no problem leaving the stolen car as collateral...

The ONLY way I sell a bike is we go to a Bank, the prospective buyer has the funds in hand, we complete the transaction with verification from the Bank that the Bills or Check are legitimate, THEN they can take a test ride. IF they don't like the bike, but don't damage it in any way, I'll give them their funds back for 10 minutes. After that, it's all theirs.

I haven't been ripped off yet.

Some people have complained about my methods, but I don't care. More than likely the ones that complain were looking to rip me off anyway.