Whether you accept it or not but there will come a time when you will have to sell your car while you purchase a new one. You may be confused or feel the troublesome situation of where to sell and how to sell your Car. Maybe, like many others, you will contact a junk car buyer to sell your vehicle.
You can easily find a junk car buyer or a junkyard in your area or city. You will just have to ask around. To sell a junk car can be a difficult task for you because there are several things that you need to do before you sell your vehicle. The following contains a detail of the process you have to follow before selling your junk car:
Assemble all the details of the Car
- Put down in a diary of all aspects like model, year of manufacture or purchase and make of the vehicle.
- Gather information about registration, identification number, i.e., VIN, vehicle title of the Car.
- Apart from this, you must collect the information on the history of the vehicle. This may contain information regarding service and repairs, insurance information, etc.
Prepare a list of tasks that you should do before selling your Car
- Determine an estimated value for your car at which you want to sell your Car.
- Get your Car ready for sale so that it looks decent and in good working condition.
- Collect all the related documents for your Car and keep it in a safe place.
- Look for the interested buyers whose budget matches with your estimated value.
- Don’t forget to negotiate your sales because of its human tendency to bargain.
- Shortlist your buyer’s list so that you can get the best price.
- Finalize your buyer, and Meet them.
- Do all your legal responsibilities.
- Hurray! You Car is Sold.
Let’s understand how you can do these above-mentioned steps in detail.
Predict the correct value of the vehicle
- Most important of all, you need to determine the appropriate selling price of your Car.
- You can take the help of various websites like Kelly Blue Book, National Appraisal Guide, and Autotrader, which can assist you in calculating the correct price in which you can sell your Car.
Information to put on Ads
You can place ads on social media’s with the following information:
- Mileage of Car
- Upgrades or Enhancement in your Car
- Major Repairs of any body part
- Vehicle Identification Number
- History of Accidents or Damage in cars
- Also, Don’t forget to put your contact information so that an interested person can contact you
Information needed to fill out Bill of Sale
- Car Model
- Reading in Odometer
- Seller Registration Number
- The Full Name & Address of Seller
- Full Name & Address of Buyer
- Statement of Sale: “I (Name of Seller) do at this moment sell, convey, and transfer the above-mentioned item for (price) to (Name of Buyer) as full payment for the purchase of the said vehicle, which is sold “AS IS.” I at this moment state that the mileage of the car at the time of the sale is (odometer reading).”
- If applicable, Seller agrees to make arrangements for the delivery of the vehicle.
- Signature of Seller
- Signature of Buyer
- Date of Agreement
- Statement of the oath: “I at this moment confirm that the facts stated above are true and correct to the best of my knowledge.”
Find a buyer of junk car
- You can put up a notification on various alternatives available that you are vending your vehicle.
- You can put up an advertisement in the local newspaper or an online website. You can provide information like the condition of the Car, history of accidents or damages, upgrades or enhancements, recent repairs, and mileage.
- Also, try to make sure that they are willing to offer the right price and can be trusted. Before handing over your car to the junkyard, complete the paperwork correctly, remove license plates from the vehicle, confirm that the buyer has a proper license.
Negotiate terms with the junk car buyer
- Once the buyer is satisfied with the condition of the car, you may talk about the final price of the vehicle.
- When you have agreed to the final price of the sale you can finish the transaction by signing over the title and filling out the bill of sale
- Don’t sell your car to your first client at less rate.
- You can finalize the rate with that client and can look for more clients.
- Finalize buyer from the list of shortlisted clients
- This step will give you a better rate.
- The sale is Incomplete until the paperwork is done, So complete the paperwork after finalizing the buyer.
- Fill the Billing details.
- Recieve the payment from the buyer
- Don’t forget to take the license plates as the plate is yours.
- Handover the keys to your buyer
- Submit the necessary documents to the Department of Motor Vehicles
- If you have received the payment through cheque then, do not hand over the keys to your buyer until your payment has been cleared.
The Concluding Words
It is only after following the above steps you can complete the sale of your junk car. As mentioned above, protect yourself from any liability once you transfer the title of the vehicle to your client
To sell your car in a junkyard, you need to ensure that you have been diligent and careful and have not rushed into getting rid of your vehicle. Make sure to absolve yourself of any legal liability and do not get involved with shady buyers for a better junk price. Check details of the junk car buyers carefully to get the best deal.