CRA Personal Finance & Motoring Explored
By Leigh-Ann Londt
Selling your car is a really big decision but some are left with no choice when the service plan and warranty are done so here are 8 things to know before you sell your vehicle.
When it comes to selling your asset, you obviously want to get as much money out of it as possible so that it can go towards your next big buy.
Before you decide to sell your vehicle and for how much, you need to know all the facts and information regarding your vehicle. This includes the overall service history of your vehicle, how much you spent on the car with add ons, what still needs to be fixed before selling it and the list goes on.
Here are eight guidelines on what to know before selling your car.
Your paperwork should always be in order and up to date
The paperwork of your car should include if the car is roadworthy, the license disk and a copy of your ID as the owner. All service history of your vehicle should be in a service book and noted along with which parts are still under warranty if it was only changed recently.
Always be honest with any potential buyers
If your car is not in good working order, let the buyer know and disclose whether or not you will be fixing it or not as this can elevate your price if fixed and decrease it if not fixed.
Selling a car that is not 100% is illegal if the buyer does not know and it becomes a risk on the roads.
Know the value of your car so you are not cheated on the price
It is always advisable to know what your current trade-in and retail values of your model are. Look around to see how popular your vehicle is on the market and decide a price from there.
It is advisable to get the car washed and polished in order to get the amount you want. Nobody wants to come and view a dirty car and from every angle to the buyer, the car will not look worth the price you are asking.
Insurance and Trackers
Make sure insurance knows the car is about to be sold and cancel with them. Get your tracker company to remove your device as soon as possible too before you start paying for a vehicle that is no longer your own.
Advertise your vehicle safely
Using the internet is a cheap and very effective way to do this. Gumtree, Facebook and many other sites make it possible to avoid going through a dealer.
However, always be aware of scams or people who want to rob you. Some people create fake accounts and act interested in your car, once you give an address etc this puts your life at risk and your car may be stolen.
Identify a genuine buyer
If someone comes to view the car and is not happy with your price do not give in immediately and reduce the price. If someone is serious about it, it usually takes up to three days for them to decide.
Never let the car go without payment
You often find people who look genuine but are really not. Do not let anyone ever talk you into handing the car over without the money clearing into your account.
Keep in mind that agreeing to monthly payments until the car is fully paid can also be a risk and a hassle if you need to call the person every month asking for your money.
It is safer to have the money transferred than to take cash.
Make sure the person changes ownership
Once the vehicle is sold, you need to provide an invoice to the buyer, with your name, address and contact number along with the vehicle model, engine number and how much the car was.
A yellow form should be given too in order for the buyer to change ownership. Be sure to have this done immediately to avoid any fines or warrants coming to your home for a vehicle you no longer own.
Article Credit to WomanonWheels.