9 things to know when selling your car
Posted By BLOG MGR 05/08/2017 | 06:40PM | 0

Selling your car can be both an exciting and overwhelming experience. Unfortunately, it’s often more overwhelming than it is exciting. There’s no doubt that trying to sell at the price you want and finding a buyer who’s willing to pay that price can be stressful and may tempt you into accepting a lower offer. Luckily, with the right steps, selling doesn’t have to be such a headache.

Here are 9 important things to know when selling your car:

    1. A title is required to sell your car. Without the title, there’s no way to prove that you’re the true owner. If you still owe loans, the bank is technically the owner. It’s still possible to sell a car that has loans on it, but you should talk to your bank to figure out the next steps to take.
    2. You should gather all the documentation you have, showing work that has been done on the car. This can include receipts or invoices and can be used as proof that you’ve taken care of the car. Having this documentation can help you sell for your asking price.
    3. Get your car inspected and fix what’s broken. This will cost you up front, but you’ll get it back (and more) when you sell. Selling a safe car in good condition will be much more profitable than trying to sell a “fixer-upper”. Buyers will feel more comfortable knowing that repairs have recently been made.
    4. Have your car detailed. Getting your car detailed doesn’t require much time or money, but it makes a huge difference. It will seem newer and in better condition. Buyers will be more likely to pay the asking price if it appears that it has been well cared for.
    5. Be cautious when selling your car to an online buyer. Most online buyers are trustworthy, normal people, but it’s still recommended that you have a healthy amount of caution. First, meet the buyer in a public place, not at your house.

      Second, the buyer will likely want to test drive the car. It’s not recommended that you join the buyer for the test drive. However, make sure that your car is insured and write down the license plate number. You can also take a photo or make a copy of the buyer’s driver’s license, or hold some form of their identification until they return.

    6. Research the value of your car. Setting your asking price can be a difficult task, trying to balance what you want and what is reasonable. It’s recommended that you compare the Kelly Blue Book value to the average online selling price (i.e. on Craigslist). Research the different values and from there decide how much your car is worth.
    7. If you sell a vehicle for more than you bought it for, the capital gain is subject to IRS taxes. On the other hand, if you sell it for less than you bought it for, as is usually the case, it’s considered a capital loss and is exempt from taxes.
    8. Make sure that your advertisement is detailed and that you use good-quality photos. Your advertisement should contain a lot of details, including the make, model, year, color, condition, and preferred payment method, so that the buyer knows the important information right off the bat. Be sure to use actual photos of your car and not stock photos. Good quality photos are more likely to attract potential buyers, so putting a little extra effort into making your photos look more professional can make a big difference.
    9. Check with your state laws to know what documents and paperwork you need. Each state has different laws and required documents for selling a vehicle. Some states require a Damage Disclosure Agreement, but in other states it’s optional. A Bill of Sale isn’t required in all states, but it’s recommended so that you have a legal document outlining the details of your agreement.

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