What should you do before selling your car?
Now, you have decided of letting go of your used car after planning it for a long time. Maybe you have consulted your friends and family about your decision, considering that you have invested so much in it, both financially and emotionally.
If this is your first time selling a car, there are many things to do before offering it to the public. It may seem a tedious task to you but once you know the process, you will be ready to attract buyers and will receive a most profitable result. Moreover, this will also save you from a post-sale obligation.
Car for Sale
1. Prepare the necessary documentsOne of the top priorities a potential buyer needs is the complete and valid papers of your vehicle. This includes:
- Official Receipt of Registration (OR)
- Original Copy of the Certificate of Registration (CR)
- Absolute Deed of Sale (will be prepared once the transaction is closed)
- Notarized Transfer of Title
- Original LTO Plate Numbers
- Motor Vehicle Clearance Certificate from HPG
- Endorsement to the insurance company for the new owner
- Record of and/or receipts for repairs and maintenance, and accessories
2. Get the car inspected
Make one last maintenance to your car ahead of selling it. Potential buyers may want to test drive a vehicle to check if it is working fine before making a final purchase decision. Take your car to the auto shop and get it thoroughly examined to make sure it is free from hidden defects. That way, you can fix the problems that might otherwise push you to sell the car at a lower price due to these defects.
Once your car is inspected, you can ask the mechanic about its market value before and after getting fixed. This will give you an initial idea of pricing your vehicle for the market.
3. Spend time researching the car’s priceIt is difficult on your part to decide the price of a used car especially when it is your first time. Sometimes, the initial idea of your auto mechanic is not enough. Spend some time researching the car’s market value. You can visit various online platforms, such as PhilVex and Carousell, and get the average price of the same unit that you are selling. Some of the important parameters that are usually considered when estimating the car’s value would include model year, mileage, fuel type, transmission, and accident history.
4. Decide How to SellThere are plenty of ways on how to sell your used car. You can sell it directly to a dealer, a private buyer, or through an online classified website.
Selling through a dealerYou must know when you decide to sell it to a car dealer, expect that its price is lower than on a private and classified website. Of course, they need to earn on their business and the benefit of selling your car through them is less hassle and is easier than on a private and classified website. So, it’s up to you.
Selling through classified websitesYou can opt for an online trading platform for selling your car. Online trading portals are emerging as a preferred destination for many car sellers. It provides an end-to-end solution for car buying and selling needs. PhilVex is one such online platform that offers a great experience to the users. It uses the latest technology, such as maps explorer, to easily find the right car for the prospective buyer base on location. One important thing to know is that all PhilVex’s features are FREE including unlimited listings, SEO, basic CRM, email alerts and notifications from your prospective buyer, and profile visibility to sellers’ map locator.
5. Prepare for your adOk, you have decided to sell your car through classified websites. Take some time to craft your ad with a compelling description of the car that you want to sell. But there are some important things to do when preparing your ad:
- Take clear, high-definition photos. Good visuals are bound to get more attention and attract genuine buyers. So, get a good photo op with your HD camera. Try to get a photo of your car from several angles that focus on the front and rear view with the trunk/hood open and close; side-view with the doors open and close; close-up of the engine; tires and wheels; front and back seats; and floor for all seats.
- Be honest about your vehicle. It is important to declare an honest history of your vehicle such as having been flooded and having experienced a collision. If you’re caught in a lie about your vehicle, your credibility with buyers may humper will not get any chance of selling other vehicles. In some cases, it could cause a sale to be declared null and void, forcing you to return the money and take your car back.
6. Viewings and negotiationOk, you are done placing your ad through classified websites. Expect potential buyers to contact you soon asking some questions about your vehicle, others wanted to see the actual vehicle. Some buyers may ask you to have your car inspected by a mechanic or by someone knowledgeable to make sure that they are not dealing with a car with hidden defects. Other buyers would also like to test drive your car to get the feel of your vehicle. In most cases, potential buyers may ask for a discount after scrutinizing, and if they found discrepancies in your vehicle.
7. Closing the deal
Alright, you have finally closed the deal with a particular buyer. The most important thing to do that you should never forget is “Never release your car unless you have received the money”. There are many cases of car scams. Try reading this article to give you an idea of how to avoid being a victim of a car scam.
But when is the point of receiving the money? If paying by check, make sure you wait for it to be cleared on your account. At that point, you are sure that the amount is readily available to be used or to be withdrawn. You can also ask for a manager’s check, this guarantees as good as cash. If the buyer decides to pay you cash, make sure that you count it one by one.
Once the consideration is cleared, you can now draft a “Deed of Sale” and issue a receipt. Make full disclosure regarding insurance, warranty, and maintenance with the buyer. This will help ensure that the buyer understands the status of your vehicle and for you to avoid post-sale obligations.
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