What are your responsibilities when selling a car?
From being able to sell the car to advertising it fairly, anyone selling a car has many obligations to fulfil.
· Be sure you are entitled to sell the car
· Clear any outstanding finance before you sell
· Always be truthful and fair
Are you entitled to sell your car?
It may sound obvious, but one of the most important responsibilities for any seller is to ensure they are entitled to sell the car.
If you have any outstanding finance on the car, it will need to be settled before you can sell the car and be paid. If you are selling privately, you should speak to your finance provider to see if you need to do this in advance of the sale (which is likely).
If you are selling to a dealer, they may be able to do this as part of the exchange. Remember, though, this does not apply to personal loans, as they are not secured on the car.
Whoever you sell the car to, Honesty is key. You should describe the vehicle as truthfully and fairly, both in any advert you place, and in face-to-face discussions. This should reduce the risk of future disputes or claims that you have misrepresented what you are selling.
You must not sell a car that isn’t roadworthy and must answer questions truthfully.
A clean and tidy car isn't just easier to sell, it gives you a great chance to negotiate. The first impression is everything.
Preparing your car for a sale is an important investment in time and – possibly – money. Not only could it mean you sell your car more quickly, but it might also mean you get more money for it.
· Clean the car inside and out.
· Make sure everything works.
· Be prepared and have the necessary documents ready.
Cleaning your car
The very least you should do is to make sure it’s clean and tidy inside and outside. Simple things like clearing out the glove box and door bins can make the car more attractive to a buyer.
It might be worth considering a professional valet which could save you time and be a sensible investment. After all, if a LKR 500 valet adds LKR 5,000 to the value of the car, it's definitely worth it.
Checking the electrics
Likewise, go around the car and check all the electrics work – everything from the lights and wipers outside to the stereo, air-con and displays inside. You should also check the tires (including the spare, if your car has one) are in good condition and all the mechanical bits and pieces are in good working order.
If you come across any minor problems or damage, it’s worthwhile getting them fixed.
This is not just because a clean bill of health will make the car more appealing to potential buyers, but also because any obvious problem provides the buyer with the perfect opportunity to try to beat you down on price.
Get your paperwork ready
Finally, don’t forget preparing your car involves more than just the car. Gather together all the paperwork you have for the car and details of any services or repairs you have had completed on the car.
Again, it all helps to make the car more valuable and attractive to a potential buyer, as it will help to confirm the car’s history and give the peace of mind that comes from knowing the car has been looked after.
Is it worth the cost of carrying out minor repairs?
Some repairs are worthwhile but don't feel you have to fix every little thing.
It’s never easy to decide whether or not to carry out repairs on your car when you are trying to sell it. Repairs will make your car add value and easier to sell, but there’s no guarantee you will recover the costs the repair.
When you’re dealing with a minor problem – a blown bulb, for instance – it’s certainly worth getting that sorted out. After all, think about the impression it leaves: This is important as is it sets the precedent of how you would approach the upkeep of the vehicle when the minor issues are left unattended. TLC goes a long way and this is a big decision for your buyers. Do everything to help ease the decision-making process for them.
What about major repairs?
If you’re looking at costlier maintenance or a more substantial repair, take into account not just the cost of the job, but also the age of the car.
The newer the car, the more highly we would recommend carrying out the repairs, as not only are you more likely to recoup the cost, it’s also more likely any prospective buyer can find a comparable car in better condition.
Or, look at it this way: the older a car is, the more likely the buyers will expect defects and adjustments – and be prepared to put up with wear and tear here and there.
Any questions..Please come to us and we are happy to help.