Selling your used car can give you some cash that could be invested elsewhere. Some people even make a living by flipping used cars. Even though the process is relatively straightforward, there can be problems if you don’t know how to protect yourself as a seller.
Screen Your Buyers Carefully
After listing your car for sale on a popular site, you usually receive a lot of calls and messages from interested buyers. Finding time to talk to all of them could be a problem for someone who has a full-time job and other responsibilities. Imagine how engaging it can be scheduling test with 20 potential buyers! It will take more of your time. Since there are a lot of interested buyers, but not all of them will commit to purchasing your car in the end, many are just weighing their options; hence, you should screen your buyers carefully. Make sure the ones you schedule a test-drive with are the ones committed to buying if the test-drive goes well.
Do the Test Drive in a Safe Place
Having screened the potential buyers to a few trustworthy, it may be time to schedule a test drive with them. To keep yourself safe, request the test drive to be conducted in a safe environment, possible with less traffic. Most buyers don’t need a long test drive to determine if the car is up to their expectation or not; therefore, you should keep it short. Before the test drive, ask for the other party’s driver license. Remember to always accompany him during the entire time of the test drive.
Conduct the Transaction in a Safe Place
When the buyer confirms to you that he wants to buy the car, it’s time to schedule a date and place to conduct the transaction. Some buyers will buy immediately after giving the car a test drive, so make sure you have your paperwork ready before the test drive. If the buyer cannot pay in cash, you can go with him to his bank or credit union to conduct the transaction. Paying by checks can be complicated, so cash and bank transfer are preferred.
Complete the Title Transfer
Refer to your state’s rules regarding title transfer. Your state may require you to notify the local tax office when the transaction is complete. Some states require a state inspection certificate when transferring vehicle ownership. Successful completion of a title transfer is important if you don’t want your name to be associated with the vehicle, should the new owner gets into any kind of trouble with the law.