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I recently sold a car, and we both banked at the same bank, so it was easy. We walked in and transferred the money from his account to mine.
If you can't do that, you can meet at your bank, he can bring a cashier's check/bank check from any major bank, and your bank can call his bank while you wait, verify the funds, and put a "hold" on his check so he can't go back on it.
I did that around a year ago. I asked my bank "You've now called his bank and done what you need to do, are you guaranteeing that this check is good and that the money is going into my account, because I'm giving the pink slip now," and they said yes.
I think a lot depends on the vibe you get from the seller. I always try to, quietly, get as much info from him as possible. By the time a sale is done, for instance, I usually know the buyer's home phone number, address, work phone number, cell phone number, work address, e-mail address, married or not, how many kids he has, etc. Yeah, selling a used car ALWAYS has some risk, but at the end of the day, your best tool is getting an accurate vibe, as quickly as possible, on the buyer.
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