When it’s time to part ways with a current vehicle, many people resort to trading in or selling the vehicle to a local dealership. You receive cash while the other party takes care of the actual legwork of selling your car to a new owner. However, there are some advantages to selling your vehicle privately that you should consider. It can pay off quite handsomely in the long run.
Basic Steps for Selling Your Vehicle
Trying to sell a car by yourself means you have to do all of the work. This includes researching to figure out how much a used model of your car is going for in the area. You will also need to place ads online or in the newspaper. Additionally, you will need to meet with potential buyers and answer any additional questions they might have about the vehicle.
You may also need to take care of transferring the Certificate of Title and Owner Liability. This entails both the buyer and the seller to go to the Department of Motor Vehicles so that the new owner has all the necessary paperwork to officially own the car. Once you take care of all this, you will see some of the most worthwhile advantages of this particular path.
Benefits of Privately Selling a Car
The main advantage of selling your own car is that you end up with more money. A local retailer will only pay you wholesale value for your automobile, but, if you are taking care of the sale yourself, then you can ask for retail price. This means you can potentially make as much as $1,000 or even $2,000 more when selling privately.
What to Look out for When Selling Your Own Car
There is always the possibility that you will be able to sell your vehicle to the first person who calls you, but chances are that you will have to vet through at least a few uncommitted buyers. You should also watch out for scammers. A good way to avoid a scam is to never accept a wire transfer of money. Always agree to meet someone in person before selling. If they refuse to meet you, then it is highly suggested to move on.
If you have the time and energy to do so, there is a lot to gain by selling your vehicle privately. By taking the necessary steps, you should have no problem selling your car or truck, and soon you will have much more money in your pocket.