Things To Know When Selling Your Car

[Razo]

i'm selling my 1st car. what should i know when i'm doing this. will be putting it into hitad in the nex couple of weeks. with the recent car thefts and stuff i'm abit worried. if i'm giving the car for a test drive i'm thinking it might be a good idea to ask for the persons id and give it back after the idea. wt are the dos and dont when selling your car.

[Elvis_Pil]

It would help if you can state the car model, year, Km's done, options, condition and general info on the car etc. After that I'm sure the members can come up with an fair expected price and selling advice

[Razo]

actually i didnt mean getting a qoute. rather, the procedures to follow when sellling my car. like transfering the car, and accepting the payment cash/cheque/account transfer and stuff. also bargaining tips but since u're asking these are the specs

Mitsushi Colt GLX 1981

abt 160,000 km done, 3rd owner

No 11 XXXX, CD player, AC, Alloys

in great running condition. no issues at all

[Ripper]

actually i didnt mean getting a qoute. rather, the procedures to follow when sellling my car. like transfering the car, and accepting the payment cash/cheque/account transfer and stuff. also bargaining tips but since u're asking these are the specs

Mitsushi Colt GLX 1981

abt 160,000 km done, 3rd owner

No 11 XXXX, CD player, AC, Alloys

in great running condition. no issues at all

well i've not sold a car yet but after going through many sellers few pointers would be...

Potential buyer know that the seller would be marking the price up a bit anyway cos sellers also know that buyers would always want to knockdown the price...at least a wee bit for some sort of emotional satisfaction So always mark up a little bit so when someone's really interested you can offer them a discount that they can feel good about...

Find out the market price for your ride and rides in similar range. Chances are that the buyer would be more on a set budget and not on specific car model especially since your car is a little bit old. Once you understand the buyer's needs it's easier to get into their heads and see what's the working figure and whether you're willing to accept that and close the deal.

i think relatively smaller amounts of payments are easier when used cash...When i bought mine the seller was only willing to take cash so had to go with that.

legally the present legal owner has to take steps to transfer the vehicle as he's selling it but lotsa buyers prefer not to do it for pretty obvious reasons... So it's really up to you to decide whether to put ya foot down and say it has to be transfered cos that's the safest bet for you

i'm sure others can chime in with their advices

btw chances are that your meter has been clocked back...it's nearly impossible for such an old ride to have only 160,000 on it going through 3 owners

[Ripper]

sorry repeat post!

Edited April 8, 2008 by Ripper

[Arc Angel]

true about the transfer. Play it safe. Make sure you get a letter signed preffrably with witnesses stating that the transaction was completed on the said date.

[Razo]

thanx for the pointers guys. yea its better to get it transfered. never know what ppl use cars for these days.

[Astra Fan]

If your car is in superb shape compared to others of this age - always quote more than the true market value. When people in that budget look for vehicles more or less they have seen many vehicles and usually dissapointed by the conditions and people willing to pay bit more than the market value for that condition.

Also when accepting payment you could go to the bank with the buyer and get the money and then deposit to your account or get a Bank Draft from the bank. Bank Drafts are the safest. Its more of a cheque from teh Bank so it will not bounce (unless the bank is bankrupt . Your money will get realized in 3 days.

Also remember that customers are pressurized when they hear there are others who are very interested in buying the car (in marketing i think this is called creating a sense of urgency)

[milinda]

Bank Drafts are the safest. Its more of a cheque from teh Bank so it will not bounce (unless the bank is bankrupt . Your money will get realized in 3 days.

Bank drafts are safe as long as you call the bank and verify that the bank has issued such a draft. Ive heard of fake bank drafts so be careful

[Astra Fan]

Bank drafts are safe as long as you call the bank and verify that the bank has issued such a draft. Ive heard of fake bank drafts so be careful

hmm I guess that is possible best is to go with the guy to the bank and get the bank draft there itself.

[StarScream]

hmm I guess that is possible best is to go with the guy to the bank and get the bank draft there itself.

Very true. Best bet is to go with the guy to the bank itself and do the transaction there. Once the bank draft is deposited, you can find out from the bank itself if the cash came through to your account.

Just get the transfer papers from RMV initially and have the general sections filled up. Once you have a buyer you have to put in his name/address/ID# etc in the form. you keep one particular sheet while he retains another form. (i cant quite recall which is which) But there has to be 2 witnesses signing both buyers and sellers copies.

Finally to be on the safe side, have a stamped letter ready stating that you have sold the particular car to the stated party for stated sum and get his signature on the stamp.

[AMG]

The RMV papers called MTA 6 which has 2 parts and the first part has 4 copies and the second part has 2 copies.

Part 1- Statement of change of possession of a motor vehicle.

A - has to be sent to Commissioner of Motor Traffic (RMV) by you the seller.

A1- Copy for you to keep. (for the seller)

B - Copy of the buyer.

B1- has to be submitted to Commissioner of Motor Traffic (RMV) by the buyer when he goes for the new registration.

Part 2- Application for registration of a motor vehicle on transfer.

C - has to be submitted to Commissioner of Motor Traffic (RMV) by the buyer when he goes for the new registration.

C1- Copy of the new owner. (The buyer)

Two witnesses must sign the all 4 copies of the part 1 along with the NIC numbers. Fill all the sections properly and get every one signed, just take two copies off from part 1 and give the rest to the buyer. One copy for you to keep for your future reference.

Post the other copy to Commissioner of Motor Traffic (RMV) by registered post and keep the receipt, or you can go to RMV in person and drop it.

Edited April 17, 2008 by Bharath

[Razo]

wow. sounds like a lot of stuff. but better safe than sorry . thanks for the tipps guys.

[YALA]

and be aware of kakhas or brokers...who would jus randomly drop by check out ur vehicle qoute a far less price n try to downgrade ur wheels bit jus so they can get a cut from the sale.....generaly i follow a zero tolerance level for brokers but depends wut the individual sellers opinion is....

[Razo]

yea, i got some pretty bad calls from ppl. i maybe abit paranoid bt there was a couple of people who were just interested in where the car was located at. nothing else!!! this lady from a website called asking that they will put my car for sale for free and will even take the photo of it for free and wanted to know the location of the car. i'm thinking these 3 calls were from the same person. from now on i am going to tell them to come to a public locations eg: nawam mawatha if they want to inspect the car