There are many advantages to becoming a private vehicle seller. Buyers seem to trust you more than a car dealer, and you don’t need the same expertise as a dealer. However, there is some paperwork involved and certain legal procedures to take. There’s also the possibility of underselling the car. Review the following 7 tips to ensure the best private sale of your vehicle.
1. Obtain the Value
You sell a car mostly to make money and not just to get rid of it. First, determine the current value based on its age and condition. Start by looking in the Kelley Blue Book that is standard in the auto industry.
2. Find the Right Sources
Determine where you will publish the sales ads for your car. You’ll get more results with an online listing than one that’s featured in a traditional newspaper. However, posting on dozens of websites that have only a few visitors is not effective. Choose a site that has a lot of traffic but not too much competition with other sellers.
3. Create a Listing
Create a listing that includes basic information about the vehicle, such as the VIN, mileage, make and model. Show the physical condition by taking pictures of the car’s interior and exterior. Write a few words as possible without giving unneeded information, and include a contact number or email.
4. Research Scams
Research common scams that are perpetrated against the seller. Most complaints are related to car dealers and sellers who scam buyers, but there are a few ways that buyers try to trick sellers. First, accept only a valid cash or certified check from the buyer and avoid personal checks or online payments.
5. Know the Laws
Car dealers and private sellers cannot provide any information when selling a car. A written contract is required, and all of the information must be accurate. In some states, you must be the owner to sell the car and possess the title. You may or may not need the registration certificate to sell. However, some laws require that you have the car undergo an emissions testing.
6. Understand Sales Negotiations
Know that many buyers will not settle for the final price. Be prepared for when they point out defective parts, bring over a mechanic or bring up maintenance records. Get the best price for your sale by knowing how to negotiate the final price yourself.
7. Complete the Closing
A lot of sellers invalidate their sales by not closing correctly. The law requires that you complete a bill of sale to make the sale valid. Then, you’ll have to mail the form to the proper tax collectors. Complete another form that transfers the title to the buyer and new owner.
Selling a car on your own is possible for anyone to do. However, making a sale is not always easy and straightforward. It takes some research to negotiate the best price for the vehicle. You succeed when you follow a few basic rules as a seller.