When planning to sell off your old or used car, it is crucial to ensure that you crack the best deal, and someone doesn’t rip you off. Several people are already selling their old cars privately each year, and you will see that only a few will face any issues in the process or with their buyers.
If you have recently sold a car or are going to sell a car, then you must know these things. There are a few obligatory measures which you need to undertake before selling your used car, just to be on the safer side and protect yourself from any probable malpractices. If you are looking for a reliable car re-seller, then you can visit Carsome. They offer the best deals when it comes to selling your used vehicle.
Here mentioned are some of the steps which you must undertake to protect yourself when selling your used car:
1. Remove your name from the car papers:
You should always remove your name from the car papers and transfer the rights to the name of the new owner. Otherwise, if the vehicle in involved in any accident, then you will be considered responsible and will have to pay the fine. The Supreme Court has also issued an order in this regard.
The court has said in the order that if the ownership is not changed in the papers and the vehicle is involved in an accident, then the fine will be issued in your name. That is, if you have not changed the name in the papers of the car even after selling the car, then you will be held responsible if any accident happens. You will also have to pay a fine. So, it becomes necessary that you change the name of the owner in the car papers and also go to the RTO and check whether the name of the new owner has been added on the car papers.
In addition, the seller must have valid insurance during the entire process of selling the vehicle. This helps in dealing with any financial liability incurred during this process.
2. Find the correct value of the car
Before selling your old car, find out its true resale value in the market. For this you can take help of the internet or you can contact a car reseller and ask for their guidance. Try to contact 4 to 5 re-sellers so that you get an idea about the correct price that you should charge.
3. Keep the necessary papers ready and create a good impression:
You should always keep all the documents related to your car safe and within your hand’s reach. Not only this, you must also keep the papers safe stating that you have done servicing of your car or have changed any parts of it. Because whoever gets the car, they will definitely demand these papers from you.
The cleaner your car is, the better will be your impression on the buyer. Therefore, make sure to clean your car before you show it to your buyer. Remember that its value largely depends upon its condition. It would be better if you get the car washed from a service center.
Also note that if you are selling your car through advertisement, then make sure that the photo is of good quality so that a good impression is created on the buyer.
4. Avoid excessive bargaining
Avoid bargaining too much while selling the vehicle. Many times, the high bargain might spoil your good deal and you will not get the right price for the vehicle.
If the deal has been finalized then always take the payment of the vehicle in cash, but if you decide to take payment in the form of cheque, then make sure to transfer all your rights only after your cheque has been cleared. If there is an outstanding payment from the buyer’s end, then ask him or her to clear it first only then sell the vehicle. Also, when you are deciding upon the deal, then negotiate a fair price but do not be in a position to squeeze as much money as possible from the buyer.
5. Identification document required
Request for the ID proof of the individual you are selling your vehicle to, as well as maintain a document where you write the date of purchase and the payment details. Be cautious while selling vehicles online. When selling your vehicle online, provide all the information about the vehicle to the customer. Also, try to upload as many photos as possible on the website.
6. Meet publicly
You may not want to give the address of your home to the buyer with whom you are dealing with. In such scenarios, it is recommended that you should arrange for a meeting at public spots. You can arrange a meeting and meet the prospect in a parking lot or a mall. However, ensure that you are using a public area that allows commercial activities for meeting purposes. But, if you are planning to meet the prospect at your residence, don’t meet them alone. Have someone else with you when they arrive.
7. Bill of sale
You can conveniently download a contract of the vehicle or most probably a bill of sale from the internet. If not, then you can also consult it with an attorney. A legal contract will keep you protected from all unforeseen circumstances, and you have a full-proof of the transaction made. Always make two copies, so that each stays with the buyer and the seller. Arrange for the registration of the buyer if possible.
So, here mentioned are some of the steps which you must undertake to protect yourself when selling your used vehicle. In this era where fraudulent activities are on the rise, it is advisable to always ensure that you are well protected by the deal you are making. Do not hurry and sell your vehicle only after you have ensured that you are getting the best deal for your vehicle.