Selling a bicycle on Craiglist

[Bones81]

Tried doing a search for this earlier but got an error, so apologies if someone has asked this before.

I'm selling my Cervelo S2 because I haven't used it in months and while I'd like to use a bike for transportation more, I want to go with something more practical and cheaper. 

According to bicycle blue book, it's work $1,275-$1,310 in its like-new condition.  I listed it on Craigslist for $1,800 as I saw some used bikes on ebay listed for this amount.

Had a guy offer me $1,200 cash.  I countered with $1,400 and told him I'd prefer to do the transaction through pay-pal or venmo.

He responded asking if he could come check out the bike this afternoon but insisted on a cash-only transaction.  I know most transactions on Craigslist are cash but I've also seen articles where people have been ripped off with counterfeit money.  I'd much rather use pay-pal or other electronic system so I don't have to physically inspect every bill to make sure it's legit.

I've never sold anything on Craigslist before, so I'd appreciate people's thoughts.  My hunch is that he wants to do it with cash so he can show up with only $1,200 to make a take-it-or-leave-it offer rather than being up to something sinister, but you never know.  I'll also need to find a public place to do it as well. 

Thanks

[sol]

I would never agree to a CL deal in anything except cash. As a buyer I would assume you are a scammer, if you wanted to use some sort of electronic trickery.  Cash is king.

[plog]

I've seen articles where people have been ripped off via paypal.  Hell, I used to work at a mortgage company and a customer was able to put stop-payment on a cashier's check issued by another bank. Moral of the story, no payment can be 100% trusted until you actually spend that money in another transaction yourself.

If you are afraid of fake cash, I suggest a sales contract--"I Bones81 sell Some Random Guy this bike for $1400".  Both sign, now its evidence you can use in small claims.  Also, I assume you have his contact info--phone number perhaps, and when he meets you, you can get his license plate. 

I do think you are correct about him wanting to lowball you.  To that, I just say accept it or stick to your guns when it happens.

[Dave1442397]

If you're worried about counterfeit bills, just ask the person to complete the transaction at your bank.

I sold a car to a cash buyer for $12,000. He wanted to complete the transaction at a bank, which was fine by me. We went to my bank and he deposited the cash directly to my account, and drove home in the car.

[radram]

Tried doing a search for this earlier but got an error, so apologies if someone has asked this before.

I'm selling my Cervelo S2 because I haven't used it in months and while I'd like to use a bike for transportation more, I want to go with something more practical and cheaper. 

According to bicycle blue book, it's work $1,275-$1,310 in its like-new condition.  I listed it on Craigslist for $1,800 as I saw some used bikes on ebay listed for this amount.

Had a guy offer me $1,200 cash.  I countered with $1,400 and told him I'd prefer to do the transaction through pay-pal or venmo.

He responded asking if he could come check out the bike this afternoon but insisted on a cash-only transaction.  I know most transactions on Craigslist are cash but I've also seen articles where people have been ripped off with counterfeit money.  I'd much rather use pay-pal or other electronic system so I don't have to physically inspect every bill to make sure it's legit.

I've never sold anything on Craigslist before, so I'd appreciate people's thoughts.  My hunch is that he wants to do it with cash so he can show up with only $1,200 to make a take-it-or-leave-it offer rather than being up to something sinister, but you never know.  I'll also need to find a public place to do it as well. 

Thanks

I deal in cash transactions via craigslist all the time, in both directions.  I have never been very worried about it. If you still are, get a marker:
https://www.amazon.com/Easydeal-Checker-Counterfeit-Detector-Banknotes/dp/B01M06HKL4/ref=sr_1_24?ie=UTF8&qid=1483120821&sr=8-24&keywords=money+marker

It will ensure the paper is real.  They could have still used a $1 dollar bill, washed it, and reprinted, but then it will be lacking the other features of the larger bills.

As far as exchange in a public area, I would suggest meeting in the parking lot of your or their bank.  That would make the marker unnecessary.

Keep us posted.

[Bones81]

If you're worried about counterfeit bills, just ask the person to complete the transaction at your bank.

I sold a car to a cash buyer for $12,000. He wanted to complete the transaction at a bank, which was fine by me. We went to my bank and he deposited the cash directly to my account, and drove home in the car.

This sounds like a good idea.  The bank parking lot is public, probably lots of cameras around and once we finalize the price, we can go in together and have him deposit the cash straight into my account. 

Thanks for the advice everyone, I'll let you know how it goes. 

[meghan88]

I'd be worried that he'd just ride off on the bike before paying.

[Bones81]

I'd be worried that he'd just ride off on the bike before paying.

Yeah, there's always that.  Not sure how you mitigate it, if he comes in a car then it's less likely to happen.  If he's on foot, I guess i'd be a little more weary. 

[sol]

I'd be worried that he'd just ride off on the bike before paying.

Standard protocol for buying used bike is that the seller holds the cash while the buyer does a test ride.  Some sellers will accept a driver's license instead.

In one case, I had a guy try to buy a bike out from under me while I was test riding.  But since I was still standing on the bike and the seller had the cash in his hands, I was able to tell him to get stuffed.  At that point, the buyer gets right of first refusal.

[mskyle]

I've heard way more stories of people being ripped off with Venmo than I have of people getting counterfeit money for CL purchases... seriously just google "Venmo Scam" and you'll be up to your ears in them. You should never accept Venmo from a stranger - there are very few protections for anything they consider a "commercial" transaction. As a buyer and as a seller I would only want to deal in cash from Craigslist.

With any CL transaction, the easier you make it for the buyer, the more likely you are to get a successful sale. Limiting yourself to making the deal at the bank during bank hours is *probably* not going to be a deal-breaker, but it would seem like overkill to me.

[sol]

Limiting yourself to making the deal at the bank during bank hours is *probably* not going to be a deal-breaker, but it would seem like overkill to me.

Transacting at a bank is pretty common for buying used cars, but I've never heard of anyone doing it for any other type of purchase.

Suddenly I feel like I'm the craigslist protocols handbook. 

[Gunny]

I've used CL many times to get rid of stuff.  Boats, cars, motorcycles.  I always take cash and do the transaction at a local shopping center at a spot that I know is covered by a security camera.  Most legitimate CL buyers want to use cash.  I've only had one buyer who had to meet me at a bank because he financed a truck I sold him and the loan officer needed to verify the VIN.  I always do a two-copy bill of sale.  Never had an issue except people trying to low ball my price.