BAY CITY, Mich.- Have you recently
decided to sell your vehicle yourself? Or have you been thinking
about whether selling your vehicle yourself is the best option for
you? Do you know everything that is involved with selling your
vehicle on your own? It is important to consider every aspect
involved with selling your vehicle on your own, so find out right now
What To Expect When Selling Your Vehicle Yourself.
You first thought is probably that you
can make more money if you sell your vehicle yourself rather than
trade it in. While it is true that you could possibly make up to
$1,500-$3,000 more when selling your vehicle yourself, you must also
consider the costs of doing it on your own, rather than through a
dealership. First, you will probably list your vehicle on Craig’s
List, Ebay, Cars.com, Autotrader.com, or even in the newspaper. When
someone interested in your vehicle contacts you, the first thing you
will want to do is make sure that they have full coverage insurance
since they will most likely want to take the vehicle on a test drive.
This is important not only because of the possibility of a collision,
but because of liability as well. Since you still technically still
own the vehicle at this point, any liability will fall back on you.
However, depending on your state laws, some situations may still fall
back on your insurance, so make sure you are aware of your local laws
before heading out for a test drive.
The second important aspect of selling
your vehicle on your own is to make sure that you are extremely clear
that you are selling the vehicle “AS IS” and you assume no
responsibility once the title has been transferred to the new owner.
In the situation of selling your vehicle, you do not want to
encounter any miscommunication and you don’t want to be responsible
for the vehicle after the title has been transferred, so always be
upfront about the condition of the vehicle and let the interested
buyer know that you are selling the vehicle “AS IS” without any
warranty. If your vehicle has been in an accident, it is important to
disclose this information and let the interested buyer know where the
vehicle was repaired. Never try to hide this information. Should you
have a factory warranty or an extended service contract on the
vehicle, make sure the prospective buyer understands that this is
supplied by the manufacturer or the extended service contract
company. To be completely safe, the seller and the buyer should
actually sign a contract that states they both understand the vehicle
is being sold “AS IS”.
The last thing to expect when selling
your vehicle yourself is what happens when you actually sell the
vehicle. If you own your vehicle without any liens or have the
ability to pay it off before you sell the vehicle, it definitely
makes it easier to transfer the title to the owner. Things get more
complicated when you still owe money on the vehicle since you will
have to pay it off before they can buy it or you will have to work
out an agreement that they will pay you for the vehicle, and you will
then get them a clear title within 5 working days. When taking funds
from a private party make sure you only accept cash, cashiers check,
or money order, and then go directly to the bank with the buyer to
cash the funds. You never want to accept a personal check unless you
retain ownership of your vehicle until the personal check clears your
bank. Then once payment is complete both the seller and the buyer
will go to your local DMV/Secretary of State to transfer the title.
This is where it is important to have a title without a lien. A
DMV/Secretary of State won't transfer a title with a lien unless you
have permission from the lending institution.
Now that you’re
a little more familiar with What To Expect When Selling Your
Vehicle Yourself, it’s time to evaluate all of the aspects that
go into it and decide if it is the best decision for you. If you
enjoy meeting new people and have no issues negotiating or working
with the public, then it may make sense for you to sell your vehicle
yourself. Especially if you have a vehicle that will sell for less
than $8,000, since it is much easier for someone to have small amount
of money saved up for a vehicle. If the buyer needs to secure a loan,
smaller amounts are also easier to be approved for. When you get
closer to the $10,000 price point, it is tougher for the buyer to
secure a loan for the vehicle.
At Graff Bay
City, we want to help you make the best decision for you. If you need
help weighing the pros and cons of what to expect when selling your
vehicle yourself, then stop by, we’d be more than happy to help!
We’re located at
3636
Wilder Road, Bay City, MI 48706. For more information
on
Hank
Graff Chevrolet, or for any questions call us at
(989)
684-4411 or visit our website at
www.GraffBayCity.com.
Lisa Rechsteiner
General Manager
Graff Chevrolet,
Inc.
