DEALER BUYING CHECKLIST
Get Your Documents Ready
As soon as you know you want to sell your car, you have to get the necessary documents ready. By having all of these papers handy when you meet with a potential buyer, the conversation will go more smoothly and you will make a good impression, increasing the chances of a sale.
1. Ownership Documents
Part of being able to sell a car is proving that you are, in fact, the legal owner of the vehicle. You should have your insurance certificates, past registration information, your Bill of Sale, and any other documents that prove you own your car. You should also have your title ready as a way to validate your ownership.
2. Service and Maintenance Records
Hopefully, you kept records of your vehicle’s maintenance and service since your initial purchase. Now is the time to gather these records so you can prove that the vehicle is well-maintained. If you are missing some records, see if your mechanic kept a copy on file
3. Release Letter
If you have a lien on your vehicle, you will need to clear that first and get an official “release letter” from your lender. This is crucial;otherwise, you won’t be the full owner.
4. Research State Regulations
In addition to gathering your paperwork, make sure you know your state’s requirements. Some states only require you to write down the odometer reading, price of sale and a signature on the title. Others may have several forms for you to fill out. The best way to find out what you need in your state is to contact the DMV.
5. Vehicle History Report
A vehicle history report is typically incredibly affordable and very helpful. It will give potential buyers confidence in your vehicle since it shows that it has a clean history and you aren’t hiding anything. EpicVIN is a great resource for getting your vehicle history report, as it works with the National Motor Vehicle Title Information System and is affordable.
Choose an Asking Price
Next, you need to figure out how much you will aim to sell your car for.
1. Think About Condition
Remember that the price you can sell your vehicle for will largely depend on its condition. Things like upgrades, cosmetics, mileage and accident history all play a role. Think about your research and the car’s overall condition to figure out how low you are willing to go and at what price you want to start negotiations.
2. Look Online Get an appraisal
A simple way to get an estimate on your car’s value without even leaving your home is the internet. Autos are both known for providing reliable information related to vehicle pricing. You can also look at some classified ads to see how much similar vehicles are listed for.
3. Get an Appraisal Consider your car's condition
Looking online only gives you a general idea of your vehicle’s value. For a better figure, consider getting an appraisal.
Advertise Effectively
1. Use Newspapers
Even with the focus on the internet, newspapers and your local classifieds can still be helpful. There are typically dedicated sections for advertising used cars, and placing an ad tends to be cheaper than doing so online. It also opens up your market to those people without internet access. You won’t sell your car without advertising it, and you should be doing so online and on your vehicle.
2. Set up a Sale Banner
Make a professional-looking sale banner and put it on your windshield and at least some of the other windows of your vehicle. Include basic information, like the model and year, mileage and asking price. Be sure to write your phone number in large enough print for people to read as they pass by.
3. Use Online Classifieds
In today’s world, most people will look online first when searching for a used car. Take advantage of this by setting up ads on classified websites and even using social media. Any small fee will likely be worth it. Remember to take pictures and put detailed information in your classified ads. You can then search for groups on Facebook or other pages where people are buying and selling used cars in your area or just post on your page and ask your friends to share. Remember to be honest about dents and other minor damage in your ad since potential buyers will trust you mo
Meet Your Potential Buyers
1. Keep Everything on Hand
2. Screen Buyers
3. Meet Buyers
When you actually meet the buyer, pick a public place for safety, and don’t go by yourself. Bring your documents with you, be honest when showing the car, and check the buyer’slicense before a test drive. Ride with the potential buyer to avoid thieves as well as to point out your vehicle’s strengths.
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4. Test drive the vehicle
Test-driving the car with your potential buyer is a good opportunity to demonstrate all feautures and function of the car, and at the same time to discuss all questions that the client might have. Answer all of the questions honestly and do not disclose any information. Clearly explain all the benefits of the vehicle, why you personally bought it and why you would like to resell it.
Transfer the Ownership
Once you and the buyer agree, it is time to officially transfer the ownership. You will need to complete the following steps.
1. Apply for a New Title
The buyer has to apply for a title in his or her name. The buyerwill go to your local vehicle licensing office with the Bill of Sale and Certificate of Ownership/Title and pay any fees.
2. Report the Sale
As the seller, you submit a Report of Sale that means you are no longer liable for your car. There should be a Report of Sale section on the back of your title, or you can find the form online or at your vehicle licensing office.
3. Check State Regulations
Once again, make sure to check state regulations so you know that you and your buyer have done everything you need to make the sale official.