The first part of our article talked about the first five stages of a used car sale scenario: getting to know the market, making sure you have the right price in mind, giving the car a proper scrubbing, learning where to advertise the car and how to create an appealing ad. Now let’s find out what to do next:
06. Finding the right buyer.
Once your ad is up you will be contacted by many people, some of them will be reasonable, some of them will not be. There’s a high chance you will be contacted by shady or pushy people. So it’s up to your to decide whom to go with.
If you feel uncomfortable inviting a potential buyer to your house to see the car simply set up a meeting place somewhere close, or meet him/her in the middle. However if this is the problem remember that they will eventually know your address when you sign the title over to them.
Also remember that it takes two to dance, and if you have doubts about the buyer, that buyer may have doubts about you. So be sure to put them at ease. Answer any questions that they have, but don’t be pushy. Also if they want to test drive your car make sure they have a driver’s license. Ride with them and guide them through the area.
Also some buyers will want to have a mechanic check the car before purchasing, even if you have a recent inspection report. So be prepared for that. Also expect the most common question “So. What’s wrong with the car?”. Plan a good answer ahead of time and show them the inspection report.
07. Negotiating the price of the car.
• “I like the car, however...” - This is a soft way of saying that they think the price is a bit high. As a response you could ask back “How much would you be willing to pay for the car?”.
• “What’s the lowest you will go?” – This is a more direct way of negotiation. It’s a way for the buyer to probe your lowest limits. If you think you found a good buyer, don’t seem to eager to lower the price.
• “Would you accept ...” – This means that the person asking the question has thought about buying the car and has a price in mind but is giving you a chance to propose a counter offer.
• “Take it or leave it.” – An ultimatum. Basically the buyer wants to tell you there is no room to negotiate. However this may be a bluff. The best thing to do when presented with these to choices is to leave it. If the buyer is serious, he/she will return ready to right price.
08. Handling any complications.
Even after finding the right buyer some issues may still arise. For example the prospective buyer will want to take it to a mechanic to check for any issues. If an issue is found and you trust the mechanics assessment you may want to reduce the price you agreed upon as to account for the repair bill. If you don’t trust the mechanic 100% ask the buyer to split the repair cost.
To avoid this make sure to check your car for any mechanical problems well before making the ad. You should also consider stateing in the ad “sold as is” if you can to avoid these situations.
09. Finalizing the car cale.
After settling on a price all that needs to be done is contacting the DVLA in order to have the ownership transferred to the buyer. It’s best to contact the DVLA for instructions during this part of the proceedings.
You may also want to inquire about a release from liability, in case something were to happen to happen just after you sold the car.
If the car you are selling is not completely paid off yet and the bank still holds the title you may want to consider calling the bank to have the title ready and once you get the money from the sale, pay the balance at the bank and sign the title over to the buyer.
Now you’re almost done. Once the car has passed from your property to the buyer you should contact your car insurance provider and cancel your policy.
10. Post sale issues.
In a used car sale, no warranty is provided or implied. Therefore if the car would happen to break down after the sale the seller would be under no obligation to refund the cost of the car. However this is why people take the cars to mechanics prior to the signing of the agreement. If you have been transparent about the car’s issues and have taken it to a mechanic you have done all you can to protect yourself.
Do every one of these steps correctly, make sure the car is in good condition and you will have no second thougts about this trade. Selling a used car should be a win-win situation and this is how you should view the entire thing. Both parties should benefit. If this is the stance you have during this process, nothing will go wrong.
Hopefully this article has been helpful and now you can go get a great price for your old car.