Selling your used car segment is an essential part of the auto industry. It contributed 51 percent to total car sales in the UK alone in 2014. While many purchases used vehicles, it isn’t the only time you negotiate with car dealers. Instead, a lot of us sell our old cars from time to time as well. Whether it be because your old ride bores you or because it is damaged, a time will come when you would want to sell your old car for a new one.
There is a lot that you must consider when doing so. Why? This is because the used car selling process is vulnerable to fraud and scams. You will find hundreds of people who have been scammed into accepted a deal lower than the one their vehicle was worth. You must be cautious when selling your car and proceed wisely. Here are the key factors you must consider.
Research about price
Car buyers can only take advantage of you if you allow them to by walking in without doing any homework. It is human nature to want the best for yourself. And in the case of buying a used car, the best for a car dealership is cutting a cheap deal.
Rather than relying on them to offer you the best price (which they will always try to get out of), research the worth of your car. Find the current market value of your vehicle. Take into account any add-ons that you have made to it. At the same time, keep in mind the condition and mileage of your car.
The best way to get a reasonable price for your car is by using independent vehicle valuation systems. They might not be entirely accurate, but they will give you an idea about what to expect. Once you have done your homework, see what a potential buyer is offering you. Tell them your expectation and stick to it.
Check the car buying party
Another important thing you must consider is the party involved in the transaction. Even if they are offering you a reasonable price, don’t rush the deal. First, do some research on their background. For instance, if you are selling to a dealership, see how long they have been operational and whether they have had any complaints about not coming through with their deals. Reading independent testimonials and getting in touch with their customers is a great way to gauge the credibility of a car buyer. The same exercise can be done for online car buyers as well. In the case of auctions, facts can be hard to verify. Still, a background check must be run.
Look at what the company offers
How does one car buying service differ from another? It does so in terms of customer service and business model. These are essential considerations when selling your vehicle because the smoother the experience is for you, the better.
Make sure that the company you choose to sell your car is known for delivering customer satisfaction. It must provide an easy and convenient way of selling your vehicle. There is more to selling a used car than giving it to a party and getting paid for it. Instead, there is paperwork involved. You have to remove the car plates and deal with documentation. A quality company should take care of it all for you.
Have your documents ready
There are multiple documents you will have to present at the time of the transaction. Before you embark on the journey, make sure all your documents are in order. Regardless of which platform you use to sell your car, you will have to present these documents to the buyer for inspection and verification.
The paperwork you must deliver includes a service record, a log book, and an owner manual. You will also have to show your ID card and proof of ownership of the car. In case you are selling the car on behalf of a relative, you must have their written consent to do so. It is a good practice to store all the receipts of the money you spent on your vehicle. For instance, if you purchase new tires or driving lights for it, keep a copy of the receipt. This will help you in justifying the demanded price.
Be ready to be questioned
Just like you ask questions about a vehicle when you go to purchase it, you will be faced with the same. Since it is a used car, you must be prepared to answer a lot of questions. After all, there is a much higher risk involved in buying a used car than a new one. Here are some questions you are most likely to come across:
- Why are you selling your vehicle?
- Has the vehicle suffered damages from any accidents?
- What are the mechanical problems that exist in it?
- Does it leak?
- Has it ever not started when you required it to?
Don’t get overwhelmed with the queries. Answer them as calmly and confidently as possible. Remember, any transaction requires forming a bond with the other party as well. You must gain their trust and be transparent, and upfront will help you in doing so.
Verdict
Selling your used car for cash is not impossible. It is just slightly more complicated because of all the considerations involved. Whenever money is involved, one should always be careful. And this is precisely what you must do when selling your used car.
Keep an eye out for frauds and scammers. Proceed with caution and do your research before agreeing to any deal. Choose your car buying service carefully. Try to find one who offers it all- convenience, value and the best price. Yes, such services are out there. You just need to find them.
Stay safe from scammers. Know the worth of your vehicle, and you are good to go.
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