Did you know that used cars have risen by more than 40% in price?
Supply chain issues as a result of the pandemic have thrown auto sales into disarray. It’s more difficult than ever to find a car for a decent price. But if you’re looking to get a massive ROI on a vehicle you no longer need, now is the best time to get rid of it.
That said, with hard economic times come lots of scammers looking to take advantage of you. You’ll need to choose the safest way to sell a car. Taking the time and effort to protect yourself could prevent catastrophic financial loss and legal issues.
Keep reading as we discuss the best way to sell a car.
The Safest Way to Sell a Car Is With Someone You Know
The safest way to privately sell a car is with someone you already know. This might be a family member, close friend, or friend of a friend. You’ll be able to establish bona fides without the stress that someone will go back on their deal.
Ask around on social media to see if someone needs a vehicle. Ask others if they know someone who needs a car. Talk to trusted co-workers or put up a flier at your workplace.
However, don’t make the mistake of assuming that they can’t do you wrong. Those you’re familiar with can, in some instances, take advantage of your goodwill in the hopes of getting a good deal. Don’t fall for the temptation to cut a family member a steep discount if they can afford to buy the vehicle.
Also, consider doing the following:
- Don’t hand off the vehicle until you have full payment
- Find a way to assure the payment, such as drafting up a legally-binding contract
- Get all the evidence you can of the sale in case things go south
Even though this is family, be honest about what the car has–or doesn’t have. Just as it wouldn’t be fair for them to take advantage of you, don’t take advantage of them!
How to Sell a Car in Your Neighborhood
It may not seem like it, but something like Facebook Marketplace is a great way to sell a used vehicle. While these are strangers you’re dealing with, you have a few more assurances in place.
You can view their profile to get more info on them. Private messaging and private profiles mean you can avoid giving away personal information. You can set up a safe, neutral meeting place where they can take a look at the car.
However, do exercise caution when doing so. Remember the following:
- Don’t give unnecessary personal information, such as your address
- Avoid deals that seem too good to be true (they probably are)
- Don’t give in to the temptation to lower the price out of pressure from someone who likes bartering
- Don’t accept any forms of “I owe you” or monthly payments that have no legal backing
- Do not allow the person to drive the vehicle alone
- Consider bringing a friend along as backup
Be honest and forthcoming about everything concerning the vehicle. Let the buyer know if there are any issues.
Dishonesty isn’t just unethical, it could get you in trouble. A deranged or disgruntled buyer could take out their frustration on you if they stumble upon an issue later.
Be aware that while there are some protections with Facebook Marketplace, they aren’t as robust as an online site. You will be responsible for getting a read on someone and understanding if they’re trustworthy. Facebook won’t get involved in any legal action unless there was negligence to identify criminal activity on the site.
Sell My Car Online
The easiest and most convenient way to sell a vehicle is online. There are a lot of online stores that you can choose from.
Selling a car online is great because:
- The website will promote your vehicle to any interested buyers in the area
- Buyers have to verify themselves with personal information, which limits the chance of running into a scammer
- The website can give you a ballpark estimate of the average prices that you should charge
- There are seller protections in place in the event you suffer from a scam artist or similar situation
- There’s minimal work on your part once you upload the pertinent information
When you sell online, the same rules apply as with the above options. You need to give as much information about the vehicle as you possibly can. Take note of damages or idiosyncrasies so the buyer doesn’t discover a problem after the fact.
Consider insurance options. These may come in the form of a subscription or lump sum payment. These will protect you against some or all of the risks when selling the vehicle.
Options to Avoid When Selling a Vehicle
Avoid dealerships, since this is likely to give you the lowest possible price for your vehicle. Dealerships may also try to pull a fast one on people who aren’t aware of their tactics. They may turn around and sell your vehicle for a steep price hike.
Steer clear of classified ad services, such as Craigslist or other similar websites. The problem with these sites is that there are no buyer protections whatsoever for your benefit. These sites are a cesspool of scammers who prey upon good-intentioned sellers.
Sell Your Used Car Today
The safest way to sell a car is with someone you know since it’s highly unlikely that they will take advantage of you. That said, this is a lot of work on your part, just as it might be with an online marketplace. Consider an online retailer that can handle the whole process for you.
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