Under The Hood
Selling a used car privately to someone you know
Every few years you will find yourself wanting to sell your used car. While car selling may have seemed like a chore before, it certainly feels like one knows his or her way around the selling process in hope to get the best price while doing little. However, there’s a new challenge that you might come across when you get around to used car selling, especially when it’s someone you know you’re dealing with.
The advent of the world-wide-web has made selling cars online possible and easy, yet somehow we always end up going back to the traditional methods every once in a while. Selling cars online means meeting an absolute stranger who is interested in your vehicle and negotiating a price; so one finds a bit of relief when one discovers that someone from within the circle we know is interested in buying the car.
While this may sound ideal, there is so much that could go wrong with it. Let’s go through some pointers to ensure that you sail through the entire ordeal without losing any friends:
The Right Price
How to sell used cars for the right price? Know the estimate (current market value) of your car. Once you have the estimate, finalize a price based on the condition and vehicle history. Remember, potential buyers haggle. So add an additional 10% to the price you have in mind. This way, even if you end up having to bargain out the price, you’ll know where to stop.
Used car selling to a friend or relative means that they will want to know the breakdown of the price you are quoting to understand if your car is worth it. Keep the pointers ready. You would have done some research to reach your estimate with the help of a mechanic; tell them what you know and what the mechanic said to make them understand how you arrived at this value.
The Waiting Game
When selling used cars to a friend or relative, be clear that they have to make a decision as soon as possible. Don’t let them take advantage of the bond you share with them and stretch out the time. They may require time to think, but it’s recommended that you give them a deadline. Keeping you and your car waiting will only lead to you losing out on other prospective buyers.
No Borrowing, Only Buying
You friends or family may insist on borrowing and keeping the car with them to test it out, so be careful and be prepared. Let them take the car for a test drive, but don’t let them keep the car. Sure, you know them, but leaving your car with someone else is a risk that you’re taking.
One, Final Payment
Ensure you’re hammering out a clean deal with your family and friends. Payment in installments will only be an additional hassle for you. Tell them upfront you prefer one, full and final payment.
It all seems hunky-dory between friends and family till you try to make a deal or sell a car to one of them. Post selling the car, they may bring up issues with the car that have come up since they bought it. Beware! Make sure both, you and the buyer, are completely satisfied with the condition of the car so that nothing props up in the future to strain your relation.