There's huge demand for used cars today. If it's in good condition, you should have no problem selling it to a private buyer. When selling to a private buyer – you’re cutting out the middle man, as a result you can make as much as 20-25% more money on your sale!
New cars come with a factory warranty, and owners routinely purchase extended warranties too. Understand the complete warranty coverage your car may have, and the remaining coverage term. Having a warranty is a valuable add-on and can increase the sales price for your car. If you’re unaware or lost your warranty paperwork, you may contact your dealership of purchase for details.
Gather your maintenance records to share with prospective buyers. A well maintained car shows that you took care of your car, and remedied known problems. Having the records helps buyers understand the maintenance history of the car, and helps improve the value of the car.
Is your car going to be easy to sell? Is it a hot commodity? Understand the real-time value of your car based on your geography and vehicle condition. Reputable companies such as, Kelley Blue Book & Edmunds are good places to get started.
- Wash and clean your car and consider having it detailed.
- Remove all personal items from the inside of the car. That way, when a prospective buyer goes for a test-drive, they can visualize the car as theirs.
- Always meet in a public place - Find a neutral site to meet. Most police departments will be happy to accommodate you, and they are open 24/7.
- Tell someone - Tell a trusted friend or family member what you're doing and have another trusted friend or family member accompany you to the transaction
- Always meet during the day – Try not to conduct your transactions at night.
- Payment - Do not accept cash and do not offer to accept cash. Request a cashier's check instead and make it a non-negotiable term of the transaction.
- Don't reveal personal information Remember this is a business transaction, so never reveal Social Security numbers, banking information, or other personal information not required for the transaction.
Owners may not always know their recalled vehicle still needs to be repaired. NHTSA's search tool lets you enter a Vehicle Identification Number (VIN) to quickly learn if a specific vehicle has not been repaired as part of a safety recall in the last 15 years. You should fix any open recalls – all recalls can be repaired by accredited dealers, free of charge. NHTSA’s search tool is accessible at: www.nhtsa.gov
Your Illinois vehicle title proves that you own your vehicle, and you'll need this document should you ever wish to sell the car. If you can’t find your title, you can order a new one in just a few easy steps. Apply for a duplicate title in Illinois by mail or in person at your local IL SOS office. You'll need to:
Complete the Application for Vehicle Transaction(s) (Form VSD 190) accessible at: www.cyberdriveillinois.comandregistration/pert.html
Obtain a lien payoff letter from your lender. The lien payoff is usually good for a limited period of time, so order the payoff when you’re ready to transact on your car.
To remove a lien during the duplicate title process, you must also submit:
- A lien clearance letter or a lien contract letter that says the lien has been paid in full.
You will need your title, Bill of Sale, and a payoff letter from your lender (if you have a loan). The Bill of Sale serves as a record of necessary information, including the date of sale, price, vehicle information, and names/addresses for both the seller and the buyer.