Trying to sell a car all by yourself? Well, this may take a lot of efforts and time on your part. However, it will certainly be worth the price you get in the end.
All car manufacturers have their own authorized used-car dealerships. These ensure hassle-free transactions so that it is for you to dispose of your old vehicle through them. And this is also seen as the most convenient way by sellers. Although selling the car to one of these dealers or exchanging it for a new purchase will certainly ensure an easier and speedy transaction, this may not be the best deal you can get.
Experts in this field believe that the price advantage of selling a car on your own may go as high as 15 percent. The amount may go even higher depending on varied parameters including your urgency to sell, the make of the car, popularity of the model, and much more.
Dealers always keep heavy margins when buying from you. This means they leave ample room for pricing for themselves. It helps with reconditioning, service, or even repairs the vehicle and still earns a profit. Almost all dealers take their ‘cut’ from the seller. The result is seller getting a lower price and the buyer ends up paying more.
Now if you remove the middleman, you will get a better price for the same car. In case, you are in no hurry to seal the deal, wait for a better bargain?
Listed below are some tips to help you know how you can get the best deal on your car sale:
This is the first and most important step to selling your car effectively. Find out the overall market value of your car. Visit some of the auto websites and portals. Also, have a detailed conversation with some of the dealers. Add around 15 percent premium on the average price dealers offer you to car prices tag. Do not increase price more than 5-7% than the actual anticipated price. Also get some repairs done to the vehicle.
After popping up the vehicle and calculating its overall worth, you need to prepare for an advertisement. Create and put up an attractive ‘for sale’ sign on your car. Advertising is best done online. So use the World Wide Web which is cost-effective. Advertise on auto Websites and social media websites such as Facebook and Twitter. Some of these websites will also charge for posting ads. However, these websites are certainly worth it. If you wish to save money initially, go to sites that help you post ads for free.
These sites will forward all inquiries by buyers to you. As per the latest car reviews Online, no commission or brokerage is payable by either of you. Another benefit of posting an online ad is that unlike traditional mediums, the ad stays listed until the final selling of vehicles. Many of the sites will refund the money in a case; your vehicle does not get sold within 90 days. You may even get good advice from experts related to writing effective ads, pricing of the vehicle, and much more.
As soon as an ad is posted, you may expect inquiries pouring in from potential buyers. Remember that the first priority is to check all documents of the car. Hence, it is crucial to get all paperwork done, including documents of ownership, valid insurance plans, and many more. Try and scan these. Also, make soft copies that can be mailed to potential buyers. Also, make sure you pay off the loan after financing the vehicle and outstanding balance. You need to get a NOC ‘no objection certificate’ from the lender.
Closing the Deal
Prior to handing over the car and the keys, you need to make sure that the entire payment is done. You must ask the buyer to either give you cash or a demand draft. In case, the payment is made by cheque, avoid transferring documents until the cheque gets realized. Sometimes buyers may require a loan. In case, your buyer needs one, simply approach the finance organization and inquire them if they can help with the paperwork.
After receiving money, you must go through certain formalities. You can obtain transfer documents from an RTO agent. Most experts in this field recommend that you take the help of this agent to make the procedure quicker and easier. NOC is needed when the buyer belongs to a different city or state. This should be obtained from your RTO office for transferring the ownership. The fee is around $ 1,000. The entire process will take roughly seven days to acquire.
Do not forget to get a delivery note signed by the buyer. It is important to keep a self-attested copy of address proof and identity of the buyer.