Selling privately
Selling
privately is usually the best way to get the highest price for your
car. It also involves the most work, so you’ll need to be prepared
to invest some time and energy.
Setting the price
Getting the price right is essential to making a quick sale. Set
the price too high and you won’t get much interest; set it too low
and buyers may think there’s something wrong with the car.
To set a realistic sale price, you need to research to find out
how much your car is worth based on its age, condition and
mileage.
Use the internet, car magazines and newspaper classifieds to
compare similar models and get an idea of what your asking price
should be. Some websites also offer car valuation services if you
want to get a speedy estimate.
Writing the ad
Whether you choose to advertise in the newspaper or online, the
key is to be clear, concise and honest.
Be as descriptive as you can with the car’s make and model, year
model, colour and number of kilometres, and be upfront about its
condition. Include any positives, like low mileage or that it’s
only had one owner.
Where possible, particularly when advertising on the internet,
include a picture or two of your car - a good, clear photo will
make more of an impression than just text.
Dealing with potential buyers
Now, hopefully, the phone calls will start flooding in.
It’s useful to keep a record of relevant information close to
hand so you can answer questions quickly and confidently. Make a
list of important details relating to the car (like the number of
previous owners and kilometres, extra features, any dents or
scratches, remaining registration) and keep it near the phone.
Record the contact details of any prospective buyers that come
to view the car. Before you let anyone take a test drive, check
that your insurance will cover you if anything happens.
Ask to see the person’s driving licence, and make sure you
accompany them – don’t let anyone drive your car without you in
it.
Completing the sale
Many buyers will be looking to haggle, so be prepared to
negotiate a little on price. Decide beforehand on the lowest amount
you’ll accept and stick to it.
Once you’ve agreed on the sale, don’t hand over the paperwork,
or the car, until you’ve received the full amount. You want to be
very sure you get paid! Put any agreed deal in writing immediately,
including deposit amount, method of payment and date of
collection.
After the deal has been done – they have your car and you have
their cash – there’s just one last item of business to complete,
and it’s an important one. Both you and your buyer will need to
complete a form to notify your state’s licensing authority of the
transfer. Otherwise, you still technically own the car and will be
liable for any crimes committed with it – from parking tickets to
bank robberies.
Contact the licensing authority in your state to get a copy of
the relevant form.
