We all have dealt with it before, or will deal with it soon: selling our car. We can take our car to the car dealer, but they will take a huge percentage off for themselves. Selling your car on your own will take some time and research to get it sold, but it will be worth it in the long run in the form of profit.
To begin, we need to evaluate the car. Make a list of what you need to fix up and clean up. This will help you find out how much to ask for. Some things you might note is upholstery damage, dents, dings, cracks in the windows, balding tires, squeaky breaks, missing door handles, or a crow bar for a gear shift, anything that might de-value the car. Look up the condition in some magazines like Kelly blue book or other publications of similar nature to see the blue book value of the car in its current condition.
Another step to take is to get it looked at by the mechanic. This will give you a firm asking price incase potential buyers wish to haggle with you, or demand a lower price. Once you get a price in mind, stand firm. Only deviate slightly for haggling purposes.
Before we start working on getting your car on the market, take it to a car wash and give it a good clean. Vacuum the interior and get all the nooks and crannies, shampoo the seats and get it as clean as possible. This little bit of work will increase the value exponentially.
Now take pictures of your car from various angles and get them ready for submissions. Decide on your medium of advertisements. You can do your local car ad paper, the classifieds, or online sales as well. Each has their own costs, so research thoroughly. Some free advertisements are billboards and word of mouth!
When you start getting calls about your car, you need to keep track of who calls. If they want to test drive the car, set up an appointment. Be sure to control the situation and don’t jump on the first offer. It’s your car; you’re trying to get a certain price. Give yourself a week or two so you can get a good list of buyers to choose from.
It’s only natural for buyers to want to test drive the car. Try and schedule appointments that are both convenient to you and the buyers. Remember, the buyers have schedules they need to keep as well, so try and find a time to their needs, one of them is going to give you a lot of money.
Here are a few more key points. Never let them drive the car themselves. There is greater risk in theft. If you feel uncomfortable going on the test drive, have a friend or someone you trust go with you. They will understand and if not, then they shouldn’t do business with you. Answer any questions they may ask and avoid trying to pressure them. Make sure the documentation of the vehicle is available to the buyers.
After the test drives are done, they will give you an offer. The best bet is to wait a few days for further appointments/offers if they do not offer your asking price. This is your judgment, not the buyers. If they offer really low for the car, give them a reasonable price. If they don’t like it, then you can wait for your next potential buyer.
When you get your agreed price, fill out a BOS (Bill of Sale). You fill out your name, date, make and model of the car, the VIN (Vehicle Identification Numbers, usually on the dashboard in the driver side window), then sign and date it. Obtain a Release of Liability from the DMV and fill it out. Any unanswered questions are responsible by the DMV.
Now we receive payment for the car. Before handing the keys over, make sure all checks clear the bank and you have the money before handing over the keys.
Last but not least, call your insurance company and tell them about the sale and they will get it removed from your insurance.