Selling Your Car
How much should I expect to spend to sell my car?
As you prepare to sell your vehicle you need to budget time and money for preparation. So, number one you're going to need to have the vehicle cleaned up, whether that means doing it yourself or taking it to a professional dealer. This will mean both time and money being involved. Depending on where you list the vehicle, there could be some charges for posting the vehicle on different websites or in the classified section of the newspaper. Therefore there's going to be some budget you'll need to set aside for that as well.
When should I cancel my insurance on the car I'm selling?
When selling your car, after the person has paid you for the vehicle and they've taken the keys and driven off, you need to make sure you contact your insurance company or your agent right away and get that insurance cancelled. This is because that vehicle is now the responsibility of the new owner. If they drive it around the corner from your house and have an accident with it still licensed, registered and insured to you as the owner, then your insurance company is going to be responsible. So, make sure you cancel your insurance and alert your agent as soon as possible the vehicle is no longer your responsibility.
What should I do after I close the sale of my car?
Once you've actually closed the deal on selling the car, you want to make sure that procedurally you get the insurance cancelled as soon as possible. It is very important to let your insurance know that you are no longer responsible for that vehicle. The other part of selling the car is somewhat an etiquette matter. Be respectful to the buyer: you've just gone through a negotiation process with this person, you've developed a level of rapport and trust with this person, so it might be good to keep yourself available. Mention to them if there's something they have a question about, you'll still be available to them over the next few days if they have questions. It's not something you want to open up for the next year, because obviously new wear and tear issues are not going to be your concern or consideration. I think it's just good etiquette, or just fair business practice, not to just take the money and run after selling your car, and don't violate that level of trust that you've established with your buyer.
What should I do if my car is not selling?
If you've had your vehicle up for sale for some time and you're not getting any bites -- you're just not getting any good buyers whatsoever -- you might need to look at how it's being presented. Are the photographs attractive? Are you really highlighting the best parts of the vehicle? Look up at the write-up you've included. Have you been fair in your analysis of the vehicle? Have you been fair in its condition? Have you listed all of its specifications correctly? Because if there's mistakes there, people are going to think that you're being dishonest in the sales process and may not ever contact you. So, first check out how you've presented the vehicle to the marketplace. Then, of course, the last bit is look at the price itself. It's been your baby for how many years? Potentially, the market does not see it at the same level of value. So you may need to adjust the price down in order to get closer to what the market value is. And then, as the last resort, take it to a used-car dealer, because that person is looking to be providing new inventory for their own sales efforts, and they have cash in hand. They won't give you the best price for it, but at least the vehicle is going to be sold.
