Pretty much; keep in mind any test drives obviously need to be insured from his side. I'd always check for a valid drivers license also. Keep your wits about you, any sign of funny business, call it out. It's generally a good idea to have a friend present also.
With payment, you can CHAPS or Bankers Draft (or even cheque), but just make sure funds are cleared. If for whatever reason you choose cheque, funds showing in your account aren't the real deal until the cheque has fully cleared. Stuff like if the buyer is paying cash, make sure you count it fully. Your bank can confirm that funds have been cleared on the phone, which would negate you having to move funds about - though I'd do the same also.