Before you sell your car privately, let’s take a look at the process involved and the information you will need to have in preparation.
- The Preparation Process
Take a good look at the car and concentrate on those ‘in your face’ factors, such as upholstery tears, cracked windscreens, and damaged dashboards. Once you have this information, you can get your car detailed and have minor dents and scratches repaired to help you get the best possible value for when you want to sell your car for cash. You should try to get the car as close to factory standard as you can.
- The Marketing Process
These days, selling your car privately has never been easier. You will need to have all your car’s details to hand, like the make, model, colour, mileage, and so on, and you should book a professional inspection to have the condition of your car assessed and get a valuation to know what you can expect to fetch for it. What’s more, having your car’s handbook and a full-service history along with all receipts and invoices will help you fetch the best possible value.
If you still own more on your car than its book value, try to avoid advertising it for just the amount you still owe, even if that value is pretty close to the book value. You won’t have any room to negotiate and you will have zero bargaining chips. Your car will remain on the market for a long time, so the sooner you sell your car for the right price, the better.
Remember not to reduce your price too quickly when a potential seller wants to negotiate. Go ahead and play the waiting game, but also bear in mind that most buyers will make their buying decision within 72 hours.
Get Your Paperwork Ready
Once you have concluded the sale of your car, you will need to deal with paperwork. You will need to generate an invoice for the buyer. All you have to do is write an invoice out on a blank sheet of paper and make sure to include the word, “invoice,” along with your name, address and contact number, and those of the buyer. Also add a full description of the car, including registration number, engine number, and chassis number, as well as the price for the car. Note and special terms of the sale, such as no warranty or roadworthy certificate.
You should also make sure you get a copy of the buyer’s identity document and proof of their residential address.
Once the handover takes place, and you have received the money, give the buyer a transfer form, the original registration certificate, and the invoice.
If your buyer has had to get finance approved for the car, you will have to give the bank proof that you have paid in full for the car and that it is in your name, along with a roadworthy certificate. You will have to comply with a fair bit of paperwork and your buyer will have to sign a contract at the bank’s premises before the car is transferred into his name.
Make sure you have all the information ready to help make the sale process go much smoother!