We will take you through the steps of selling your car privately. But first you need to understand some general stuff before you will know how to go about it.
By selling your car privately you will be making extra money as you will not be using a third party. When we engage someone else to sell a car, it has a cost attached to it. Now how you sell your car is going to make a lot of difference where the process is concerned. You will also see that you will make good money on the sales too. So read and learn everything put down for you here. Note; it’s not really that hard.
First of all, prepare yourself mentally, and prepare your car for the sale.
Design a very attractive advertisement for the car.
Prepare your selling and negotiating strategies and tactics for prospective buyers.
The legal formalities must be taken into account.
First, prepare the car for the sales.
Thoroughly check out every detail about your car. Remember the first impression is the last and it is vital in selling your car privately. Make sure your car is ready for attracting any prospective buyer who comes in. The outside of your car, we are talking about the exterior features and the insides of the car where the driver and passengers sit, make sure all these areas are in good condition. Don’t hesitate to invest some money in redoing any wore out or damaged sections. The color and the paint job, the bumper, and the headlights are just some examples you must check and correct. If you can afford it. The expenses can be figured in the price you are asking for the car. Don’t hesitate to add some new features to your car which you did not have before but those features are in the vogue now. That will make selling your car privately so much easier. Check the seats, the cottons of the seats, the covering of the seats, the seat belts, the steering wheel and the rear glass – check out everything in the car. You don’t want to suddenly get dumb- struck if a prospective buyer suddenly points out some very simple defects that you could have corrected. It will give the buyer leverage to negotiate the price.
Check the mechanical and electrical components of the car
Take your car to a good, trusted mechanic shop for a thorough checkup. Yes, it will cost you extra for a multisport inspection but it will be worth it. A prospective buyer might know a thing or two about the mechanical features of a car and note any short comings of your car if you have not dealt with it in the first place. So you will confidently make your dealings with any buyer, assured that everything about your car is in good working order. No sudden surprises taking you off-guard and no neglecting done by you. You can demand the price you think is right for your vehicle.
Do ask the mechanic to see any systems or parts that worry you, for example if the car does not stop normally ask the mechanic to check thoroughly the brake system. All types of problems must be inspected and corrected. When a multisport check-up is being done and the mechanic tells you all the problems that are with the car. Decide which problems should be dealt with first. Don’t fully depend on the mechanic’s opinion or judgements. See it from a customer’s point of view. See what is not relevant at the moment. After all assessments and diagnostic tests are done by a good mechanic and you are now aware of all the questions any buyer might point out if something is not fix initially, be assured you are ready to sell. After the buyer is ready to buy the car, you can easily say you will get any more repairs done before the sales is done.
By the way, some serious problems could be in these specific areas of the car:
- The disc, the hydraulics, the lining and the pads of the brake system having some problem.
- Electrical malfunctions.
- All the components of the suspension system having any problems.
- The transmission component problems.
- Emission problems.
- Electronic problems related to newer cars.
- And the engine performance issues that could be the costliest to deal with.
Old cars with a lot of mileage under their belts and are now not being driven so much might have problems in the list given above. Definitely a 10-year-old thoroughly driven car will be having some issues and your prospective buyers have already done their research on what parts of an old vehicle to inspect thoroughly to judge your car properly judge your car.
There are three options open to you
You have three options if your car has a lot of issues. You can fix all the problems before selling your car privately. You are taking a chance here. Investing in your old car but not knowing when it will sell.
Point out the issues with the car to the prospective buyer, and guarantee that the problems will be corrected if the buyer is ready to buy the car.
And last of all, point out the problems or let the buyer notice it. It will be the buyer’s problems of correcting.
In the first two cases, maybe you can add your expense into the sales and recover the cost of repairing your car before it was sold. But in the last case you will not be able to ask the same amount for the car. All depends on how much you are expecting for your vehicle.
Think about this
Are you going to get the price you want for the vehicle after all outstanding repairs are done? Maybe you are just getting too little for it or just ask for the price you wanted, given its age and state. Maybe you can’t do any repairs or just can’t take it to a good mechanic. You have to know when to not even try selling your car.
This is what you can do. Take the car to a number of car dealers that deal with old and used cars and see how much your car is worth. Then decide if you can agree for a trade in. It’s better than wasting money on repairs and much more less hassling.
But if you think you will get a good amount on the sale, then read on
Okay, your car is all tuned up and is in perfect shape to be sold. And guess what? A buyer is ready to buy your car. What do you do now? Complete the transaction legally.
Getting your desired amount
Ask for the selling price you want and throw in all the selling and negotiation tactics you have at your disposal to cut down rebuffs. Yes, you might not get the amount you were imagining you would get after getting your car all done up. But you have to accept that as natural. It might be just under the price you had set for. But make sure you have decided for the least amount you would take for your car, and not one penny less. As long it’s not below a fair market value. This should be checked out before selling the car. Know its worth.
Payment and Transfer of Ownership: Final Checklist
You have done it. The buyer is ready to buy your car at a negotiated price that satisfies you. Now you will have to follow the below mentioned steps:
The place and time to conclude the sales
Decide where and when you will meet the buyer. It should be in a public place with some witnesses. At the meeting, the amount and method of payment should be as agreed upon. It should be in pure hard cash. Checks can bounce, but accept checks if you know that it will not bounce. Just think about the problems if the check is not honored by the bank. Just walk away if you smell anything amiss. Another consideration, see that the buyer knows about the procedures concerning paying of the 5% GST he might have to pay, according to the jurisdiction you are in.
The title for transfer
According to jurisdiction the title of transfer procedure can vary, sometimes a lot so know how to do it properly and legally. Make no signatures before getting paid. Otherwise, anyone, for example if you are in an office, might get their hands on it and sell off your car themselves.
Visiting the motor vehicle registry
Which is not really mandatory, but paying a visit to the nearest motor vehicle registry with the buyer to sign over title will be very safe for you. Ensure that the buyer completes the transfer and doesn’t leave you hanging liability-wise. Deal with the local motor vehicle registry officials to know what the seller and buyer of a used car have to do to make a completely legal sales and transfer of title of a car.
Notifying concerned state authorities
You have to notify the state motor vehicle registry that you have sold your car to a buyer. The steps vary for different jurisdictions.
Notifying the insurance company
Informing the company will lower the premium rate. And it further adds flexibility to monthly payments.
That’s it, we conclude
You have got the money legally. You have gone through all the legal procedures with the right authorities. Now you can relax and reflect on all that you had to go through.
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