If you are ready to sell your car, you will no doubt want to make sure you secure a good price and a quick sale. However, when you are in a rush to do something, this is when mistakes can happen. The last thing you want to do is commit an error that can leave you with a nightmare scenario on your hands.
With that in mind, read on to discover some of the most critical mistakes you need to avoid when selling your vehicle.
1. Taking a cheque
You need to be careful regarding the payment methods you accept when selling a vehicle. Lots of things can go wrong when you accept a cheque. For example, the person could drive away with your car, which is now in their name, only for the cheque to bounce a few days later because they don’t have the money to fund it. Not only this but the cheque could be forged, which would leave you with another disaster scenario on your hands. No money = no new car!
2. You don’t consider all of your options
There are so many different ways to sell vehicles today. Not only do you have the option of selling your vehicle directly to someone who is interested in owning it for him or herself, but you can also sell your car to companies that specifically buy vehicles. A lot of people prefer this approach because it feels more secure.
It is all about determining the best option for you – the best type of sale and the best price. You can also trade. For example, you may want to look for a dealer with Jaguar cars and offer to trade in yours to knock money off the next purchase.
3. You fail to disclose important information about your car
You need to disclose everything about your used vehicle to the buyer. It can be tempting to paper over the cracks or avoid telling the interested party about certain aspects of your car. However, this will only come back to haunt you. If the buyer discovers this a few months down the line, they could come after you with a lawyer, which is the last thing you want.
Even if the person making the claim cannot prove that you didn’t disclose the information, it is still going to cost you money in the form of legal fees. Cover all grounds, and even go as far as letting them know the rough monthly running costs of your car.
4. You accept private instalment payments
Another mistake involving the payment structure and method. There are a number of reasons why you should not accept private instalments. Firstly, it can be incredibly difficult to chase late or missed payments. What if the seller argues that they have made a payment when they haven’t? You can find yourself in an awful situation.
Not only this, but a private arrangement like this requires extra effort, plus there is the potential financial worry that you need to consider too. After all, if the buyer is asking to make instalments, this is surely an indication that they don’t have the capacity to pay for the car at the moment? How do you know that their situation is going to improve or that they are going to be able to make the payments in the future?
Sharne is an HR and Office Administrator with a degree in Classical & Archaeological studies. She has a passion for dogs and loves to share money management tricks in her spare time!