I’ve sold my L405 and the buyer has left a small cash deposit pending collection. The buyer has proposed paying the balance using PayPal, it’s a large sum and I’ve always used bank transfers in the past - should I insist on this or can PayPal be safe using appropriate checks / verification etc.?

Personally I wouldn't accept PayPal for such a large amount. When I bought my L322 (nowhere near as large a sum) I logged into my bank on the phone and transferred the money. The seller could see it in their account within a few minutes.

The trouble with PayPal is all the policies and potential for a transaction to be reversed. I'd want to be sure I really understood all the details before I agreed to accepting it. And even then I'd be wary... 2016 Skoda Octavia VRS Estate
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I'd agree - I think PayPal is reversible in some circumstances.

Either way - I'd want to be able to talk to my bank & confirm the payment is there & cannot be reversed under any circumstances - otherwise the buyer is sitting there until such time ad those criteria are met.

Maybe just make that clear to them ?

Paypal also has tiger fees - so surprised amyone would want to use it vs bank transfer

Sorry but this smells fishy - as mentioned they could ask a refund relatively easily and charges are significant (circa 3%).
If they want the car, they'll do a transfer - or sell it to someone else. l=Oo\________/oO=l l:OolΞΞΞΞΞΞΞloO:l

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I reckon it could be a con. PayPal payments can be reversed, bank transfers can’t. Play safe, tell the buyer it’s a bank transfer or nothing. 2006MY 4.2 SC
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I’m cautious to say the least but assuming the buyer is entirely genuine, which I’ve no reason to suspect otherwise so far, I at least want to provide valid rationale for insisting on a bank transfer opposed any possibly unjustified scepticism of PayPal. I’ve heard of charge backs but without trawling through pages of terms & conditions, I’ve no idea how / when they can be used.

I’ve said I’d be far more comfortable with a bank transfer but think I’ll now insist!

Seller beware when it comes to Paypal, generally (and it's a wide generalisation but true as far as I've experienced) Paypal will side with the buyer. With such a large amount of money, it's just way too risky.

. Cheers, Greg
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Insist on the bank transfer , high value transactions are unusual via PayPal so seems odd at best , dodgy more like . Even if genuine , there’s no reason for you to absorb the fees ..
unavoidable , unless they send the money via PayPal Friends and Family , which cannot be reversed - however I doubt this is available for high values 4.4 AdBlu Tractor
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Thanks all, good advice and my natural suspicion of PayPal is not unjustified it seems!

I’ll insist on the bank transfer and hopefully the deal will complete without issue - I’ll report back.

You’re the seller, your preference, your rules. If they don’t like it , tough. The very fact they have paypal mean they can electronically transfer from their account anyway. Large sums are way better bacs / chaps / direct xfer etc. might be innocent, but you have every right to be cynical, not like you’re selling a pair of socks..

Definitely Bank Transfer, nothing less!!

If not walk away!! All LR cars from 1984
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Bank transfer only but bear in mind some banks have a daily limit as to the amount that may be transferred. Mine has a daily limit of £10k, so payment may have to be made over of days.

Tell them you don't have paypal !

I sold a laptop on eBay which on the advert I had specified that there was an intermittent issue with the graphics card (screen was perfect). It sold for £160.00 which was paid into my PayPal account so the laptop was sent tracked and delivered.

Two weeks later the laptop was returned via eBay with a note to say that not only was the graphics card not working but that the screen was damaged (which it was not when I sent it!) and the money that had been deposited into PayPal (which I had transferred into my bank account) had been reversed thus leaving me minus £160.00 in my PayPal account.

On looking at the laptop the 'buyer' had replaced the screen with a damaged one and then put a complaint into eBay!

So be very careful in accepting PayPal for such a large amount as it may go in and you then transfer it into your bank, but PayPal can then still reverse the transaction leaving you potentially in debt to them and without a car.

The buyer has now acknowledged my request for a bank transfer for the balance, so unless there’s a last minute change of heart, it’s looking like things are on track for a straightforward sale.

Accepting there are dodgy sellers out there as well as buyers that need protecting, if PayPal are serious about competing with the established banks, as they appear to be on a mission to be, they have a significant challenge ahead in building seller confidence?