Selling your used car
remember that the vehicle you are driving today would be the same
vehicle you might have to sell tomorrow. Buying a used vehicle usually
means selling one. Selling your vehicle privately usually brings
a better price. There can be tax and personal advantages in giving
it away to a family member or to charity. When you choose to sell
a vehicle yourself, it takes time. So if the goal is to get the
most money, be willing to make the sacrifice.
you opt for a dealer to dispose of your old vehicle then you will
see that generally the dealers in search of maximum trade-ins, make
the procedures as easy as possible. It becomes the duty of the dealer
to assess the condition of the car, its age, and other factors,
and then determine its trade-in value.
" The value of a trade-in is generally lower than the amount
one could sell the car for in a private-party sale, but trading-in
eliminates some potential problems. Trading-in can save time, effort
and potential post-sale headaches. Corresponding with both the buyer
and the seller is handled by the dealers. When you opt for trade-in,
you also, in a way, escape from the legalities which can be a real
painful process at times," said Raj Singh, partner,
Popular Car Bazaar, Mumbai.
There are lots of things that you, being the owner of a vehicle,
have to consider before selling your vehicle. Be realistic while
asking for your price. The vehicle market has been flooded with
new as well as second hand vehicles. So you have to think twice
before establishing the price. This is where you can harness the
expertise of your friends and relatives. Do not hesitate in asking
for a higher price at first. Be prepared for settlement across the
Give your vehicle an attractive look, before you actually
look out for its taker. Nobody will go for a vehicle with bad looks.
Outer looks can fetch you a better amount in the deal. Do not forget
to service the engine, and keep it clean with degreaser.
It is very important to check all the levels of all fluids in
your vehicle. Change and repair whereever required. Battery
terminals should be properly cleaned and the tyres fully inflated.
Check the lights, spare parts, etc.
Always be honest while showing your vehicle to the prospective
owner, or later on you might get into unnecessary trouble. And
do allow the buyer to take test rides if he asks.
The most important of all is proper documentation. Try and
avoid taking deposits. Always insist on cash or bank drafts. The
vehicle registration should be transferred to the new owner as well.
A Bill of Sale also may serve as a receipt. The Bill of Sale should
contain the: date of the sale, year, make, and model of the vehicle.
It should also contain Vehicle Identification Number (VIN); odometer
reading; a statement of the vehicle's condition; amount paid for
the vehicle, and in what form (cash, check, and the like); and buyer's
and seller's names, addresses, and phone numbers. The seller should
sign and date the Bill of Sale, and both buyer and the seller should
get a copy.
By: Sharmistha Chakraborty