Selling your used car

Always remember that the vehicle you are driving today would be the same vehicle you might have to sell tomorrow. Buying a used vehicle usually means selling one. Selling your vehicle privately usually brings a better price. There can be tax and personal advantages in giving it away to a family member or to charity. When you choose to sell a vehicle yourself, it takes time. So if the goal is to get the most money, be willing to make the sacrifice.

When you opt for a dealer to dispose of your old vehicle then you will see that generally the dealers in search of maximum trade-ins, make the procedures as easy as possible. It becomes the duty of the dealer to assess the condition of the car, its age, and other factors, and then determine its trade-in value.

" The value of a trade-in is generally lower than the amount one could sell the car for in a private-party sale, but trading-in eliminates some potential problems. Trading-in can save time, effort and potential post-sale headaches. Corresponding with both the buyer and the seller is handled by the dealers. When you opt for trade-in, you also, in a way, escape from the legalities which can be a real painful process at times," said Raj Singh, partner, Popular Car Bazaar, Mumbai.

There are lots of things that you, being the owner of a vehicle, have to consider before selling your vehicle. Be realistic while asking for your price. The vehicle market has been flooded with new as well as second hand vehicles. So you have to think twice before establishing the price. This is where you can harness the expertise of your friends and relatives. Do not hesitate in asking for a higher price at first. Be prepared for settlement across the table.

Give your vehicle an attractive look, before you actually look out for its taker. Nobody will go for a vehicle with bad looks. Outer looks can fetch you a better amount in the deal. Do not forget to service the engine, and keep it clean with degreaser.

It is very important to check all the levels of all fluids in your vehicle. Change and repair whereever required. Battery terminals should be properly cleaned and the tyres fully inflated. Check the lights, spare parts, etc.

Always be honest while showing your vehicle to the prospective owner, or later on you might get into unnecessary trouble. And do allow the buyer to take test rides if he asks.

The most important of all is proper documentation. Try and avoid taking deposits. Always insist on cash or bank drafts. The vehicle registration should be transferred to the new owner as well. A Bill of Sale also may serve as a receipt. The Bill of Sale should contain the: date of the sale, year, make, and model of the vehicle. It should also contain Vehicle Identification Number (VIN); odometer reading; a statement of the vehicle's condition; amount paid for the vehicle, and in what form (cash, check, and the like); and buyer's and seller's names, addresses, and phone numbers. The seller should sign and date the Bill of Sale, and both buyer and the seller should get a copy.

By: Sharmistha Chakraborty