Selling one’s old car can be quite bereaving because a lot of memories and sentiments are attached with one’s cars. They are one of the primitive assets purchased by a person which is why the attachment with them is immense. However, allowing your sentiments get in the way of selling used car is not a wise proposition at all. You need to be wise and alert when you try to sell your used car before buying a new one.
Here are the top 10 rules that would fetch you the best deals when selling a used car.
- Decide whether you should sell the used car at all. You should determine whether it is a better bargain to sell the car or trade it in for a newer model.
- Sell the car by yourself rather than through a dealer. It has been opined by market experts that you can get a premium of 15 percent almost on what the certified used cars dealerships offer to you. This is because dealerships set out a part of the price as brokerage and cost of getting your car sold.
- Prepare your car to show to customers. A lot of buyers do not understand the internal mechanics of cars. However, they are definitely attracted by a good-looking model. Therefore, you should clean the interiors and exteriors of your car thoroughly. Refill the oils and invest in a good quality air freshener so that your car smells well. You can get a professional to give your car a thorough clean up, even under the hood so that potential buyers are impressed. If something about the interiors or exteriors is off, do not get it repaired as you may not be able to realize the amount that you spend in getting the car fixed. Don’t forget to have the boot space cleaned too. If there are a couple of accessories that you would like to use in the next car you buy, its best you remove them before you show the car to potential buyers.
- Pricing your car- You should always price your car 5 to 7 percent more than the amount that you want to realize from the sale. This would give you adequate leverage over buyers when they want to go in for negotiations.
- Advertise your car on online classifieds sites which have pages dedicated to used cars sells. When selling used car, you should try including as much information as possible as it would help buyers pick the right car. Include 3-4 images of your car, preferably from different angles. Don’t forget to mention your contact information for buyers to directly contact you.
- Be patient when it comes to dealing with buyers. You may receive a lot of false enquiries from bogus buyers. Through telephonic conversations and email interactions, you will be able to sift out the genuine buyers from the fake ones.
- Showcasing the car to buyers- You need to be as transparent as possible when you show the car to buyers. Answer their questions as truthfully as possible as it would convince them to buy your car. Buyers may be inclined to take the car out for a test drive or get it inspected by a mechanic. You need to oblige to such requests as buyers have the right to inspect the goods before paying for them. However, make sure you are present at all times (including when the car is being test driven) as you will be able to monitor the process by yourself.
- Have the service history, Blue Book, tax papers, insurance papers and bills and receipts in place so that you can show it to buyers directly when they want to. Buyers often verify the chassis and engine number with the ones mentioned in the papers before purchasing the car. By having these documents at hand, you will be making the passage easier for your car.
- Do not release the car before you receive payment for it. You can opt for a full cheque payment or cash payment. No matter what, unless the money is in your bank account, you should not hand over the car keys. In cases of cheques, wait till it clears before handing over the keys. Avoid getting into EMI schemes at all costs. If a buyer requests for an EMI scheme, refuse politely and advise him/her to approach a bank for getting a loan to buy the car.
- The transfer of ownership is done best through an RTO agent who will have all the transfer forms with him. Some of the forms that are needed are Form 28, 29 and 30 alongside transfer forms for insurance and tax. By hiring an RTO agent, you need not carry out the leg work. In case you have sold the car to buyer in a different state, you need to obtain a No Objection Certificate from your RTO. This can be obtained on payment of Rs 1000 or so and takes roughly 7 days to arrive.
There are a few tips that you should follow when selling off your car. Some of them are:
- Apply the American rule of pricing. For instance, you should mention Rs 4, 99,000 rather than Rs 5, 00,000 for a car because it attracts buyers. This psyche works best on Indians.
- Call a potential buyer to see the car at a public place or your office rather than your home for security reasons.
- Ask for a security deposit of Rs 10,000 to Rs 30,000 in case a buyer needs sometime to arrange for the finance. Most sellers grant a period of 10 days or so before forfeiting the booking amount.
Selling off your car by yourself is much easier nowadays and with the availability of car selling websites, you need not depend on brokers, used car garages or certified used car dealerships for making a sell. You can keep the entire proceeds from the sales for yourself, to fund the next car that you purchase. These pointers and tips are enough to fetch you the best deals.