If you have your eyes on a new set of wheels, chances are you are faced with getting rid of whatever you’re currently driving first. There are several options in front of you like trading it in to the dealership. Dealer trades always end up in the dealer’s favor and rarely with any great benefit to the consumer beyond convenience. If you have the time and patience, a private sale is really the way to go to get rid of your current car so you can buy that new one.
First, you’ll need to determine the fair market value of your vehicle. There are plenty of places online where you can find this value range like Cars.com. Simply input the year, make and model of your vehicle. You will also need to know how much mileage you’ve accumulated, additional options that were added to the car and be able to fairly judge the vehicle’s condition. The valuation system will spit out a number that represents a fair price to ask for your vehicle based on the information you provided. If you want to sell it quick, and happen to have some equity in the car, consider dropping the price a bit more as a means to entice and attract potential buyers. You should then add a for sale sign to the vehicle and include as much specific information about it to cut down on the number of calls you receive. As you’re actively trying to sell the car, try and park in highly visible places.
You could also opt to create an online ad to reach more potential buyers. You can create ads and sell your car on Cars.com too. All you need for the ad is to snap pictures to upload of the vehicle, write a brief description and post it. Internet car ads reach buyers all over, so if your vehicle really strikes someone’s fancy, proceed with caution in dealing with buyers that you know nothing about. And, if anything about the communication or transaction ever seems off, walk away. Another buyer will emerge.
If your buyer insists on test driving the vehicle, you should meet in a public place and accompany the driver on the test drive in order to protect your property. You might even consider bringing someone along with you. Unfortunately, you can never be too careful when dealing with people you don’t know.
Once you and a buyer have agreed on a price, you will need to have a bill of sale created and both of you will need to sign it in the presence of a notary public. If you own the car outright, you will need to sign the title over to the buyer. If you still owe money to a bank or financial institution, you will need to pay off the loan first before the title can be given to the buyer. Be sure to keep copies of all paperwork that you generate for the sale and consider accepting payment online in cash, cashier’s checks or money order.