Sell your Vehicle
Exchanging your vehicle while purchasing your next used car from a dealer is just one way of selling your vehicle. Private sales to individuals, car auctions and car sale websites are just a few other ways to sell your car. While trading in your car to a dealer is perhaps the easiest way to sell your car, selling the car to a private individual will most likely get you the most money.
Here is a quick guide for selling your car.
You should collect all of the paperwork that is associated with your car’s registration, safety certifications and service history. This group of documents would minimally include your V5C registration document, MOT certificate and any repair receipts.
Advertise Your Vehicle
When selling privately, write an honest and thorough advertisement for the car. Details that can be supported with pictures and other documentation are preferred. Exaggerations and misleading marketing are not advised and can lead to legal trouble if a buyer suffers any damage as a result.
Conduct Cleaning and Repairs
Once you have advertised your car, it’s time to get it ready for showing and test drives. This means removing unnecessary personal items from the vehicle to reduce clutter. It also means performing minor interior and exterior repairs that will enhance the appeal of the car. It’s better to exceed the expectations of prospective buyers by doing extra repairs than to show the car at a disadvantage.
Facilitate Test Drives
To avoid potential liability, make sure that you validate prospective buyers prior to conducting test drives. You need to ask to see proof of a valid driver’s licence and insurance. Always accompany prospective buyers during test drives and be ready to hand over the keys and paperwork only after the vehicle is sold.
Determine How to Take Payments
You want to give buyers a variety of ways to pay, but you want to avoid potential scams. One of the easiest ways to receive funds is through an electronic funds transfer. Make sure that the funds are actually in your account and available for withdrawal before considering the sale to be complete.
Issue a Receipt of Sale
After you have confirmed with your bank that the proceeds from your vehicle’s sale are available, issue a receipt for the sale. Keep a copy of the receipt for your own records.
Notify Authorities of the Sale
Let the Driver and Vehicle Licensing Agency or DVLA know that you have sold your vehicle. They will stop accruing taxes on your account that are associated with the vehicle.