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 Selling a car can be a daunting prospect, but by knowing what to expect, you can avoid being caught out by experienced hagglers, time wasters or criminals.
Test drives
Never let the buyer go out alone, there's a risk they won't come back. Check they have adequate insurance cover, otherwise you could be liable for any accidents they may have.
Let the buyers follow their own route, as many are suspicious if you dictate which roads to take. Be prepared for people to drive your car hard - but if it's a performance model and they are seriously abusing it, ask them to calm down.
NEVER leave the keys in the ignition when swapping seats. Thieves may try to engineer such situations, so you should be especially aware.
Inspections
Car buyers are now far more willing to pay for used car inspections. If you're serious about selling the car, you shouldn't have any objections. A deposit from the buyer will prove their interest, as should the fact they're spending money on checking your car.
Haggling
Buyers inevitably haggle about the price; it's all part of buying a car. You need to be firm, without being unreasonable. Set a price beforehand and keep it in your head during negotiations.
Don't refuse to take offers - this will see buyers walking away - and don't decline a sale for the matter of 50TTD or so. It'll cost you far more in re-advertising fees, time and hassle.
Handling the money
In an ideal world, you’ll be paid cash during normal office hours and be able to pay it in immediately (checking for forgeries, of course), but this won’t always be the case.
If you do receive cash, try to get it handed over to you in a bank, so you can pay it in straight away and the cashier can check for fake notes. If your buyer gives you cash outside of banking hours, pay it in as soon as possible.
A far better way is electronic transfer. It allows you to transfer funds online, but it can take a few days, so don’t release the car until the bank tells you the funds have been successfully transferred.
Cheques and bank or building society cheques can cause problems. Personal cheques can be cancelled or issued without the available funds in the account, meaning that if you’ve handed the car over, it could be the last you’ll see of it.
Despite common belief, bank or building society cheques aren’t as good as cash. With quality forgeries changing hands, don’t release the vehicle until the money has cleared.
You should ask the bank if you can draw funds against the cheque. Don’t ask the bank if the cheque has cleared as this can mean something different. If possible, go with the buyer to the bank to draw the cheque.
Ask the buyer for ID with an address and landline telephone number. If something goes wrong, you’ll know where to find them. If they are reluctant to give this information, you should be wary.
Write a receipt for both you and the buyer, stating the car is being sold and make sure you both sign it.
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Both the financial and insurance side of buying and owning a vehicle is very important, this is why our panel of experts have established some useful articles for your info to help ensure your getting the best deal, click on one of the below links for more information... |
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TTautotrader is here to help learner drivers succeed in the progression to becoming a fully qualified Trini driver, we offer assistance through both articles and an online test facility... One of our partner websites www.TTCommunity.com is a great place for learner drivers to meet and share experiences!
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