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Buying a Used Vehicle (continued)
4. Once you are comfortable with the history and condition of the car, enter into negotiations. Make sure you review the negotiating and financing tips included under the “Buying New Vehicles” heading. And make sure you understand all the costs you will be incurring with the vehicle purchase.
5. Once you have negotiated a price, but before you sign a contract to purchase the vehicle, make sure you take the vehicle to a trusted mechanic to have it checked out. This may not be possible when purchasing a used vehicle “as is” from an individual other than family or friend, but most used vehicle dealers will allow you to have an inspection done. Do not let the seller tell you they have already checked out the car and that further inspection is not necessary. For whatever reasonable repairs the mechanic feels are necessary get a quote for the cost. If you still want to buy the vehicle, tell the seller that you want the cost of repairs deducted from the agreed upon price for the vehicle.
6. Make sure you get adequate title for the vehicle and that any sales taxes on the purchase are paid by the responsible party.
There are many potential purchasers for a used vehicle including family and friends,
unknown individuals (both local and far from home), and independent and dealer affiliated
used vehicle lots. You may also choose to trade-
1. The first step in selling your vehicle is to enhance its value by cleaning
the vehicle and making any necessary repairs that are a reasonable cost, given the
value of the vehicle. If the vehicle is an old clunker it probably is not worth the
effort. But if it is a nice vehicle, making necessary repairs will result in a higher
sales price or trade-
2. Next, do some research on the Internet to determine what the vehicle is worth, given its relative condition, and establish a price that you believe is both fair and attractive. As noted, Edmunds.com, the Kelley Blue Book site, KBB.com, and NADA.com are sources of this information. If you are considering selling your car or truck because it is a “gas guzzler” check the “Is It Worth trading Your Gas Guzzler?” calculator at Edmunds.com.
3. If you are not trading in your car, the easiest way (and perhaps only way) to sell a used car is with a clear title. Pay off any car loans or other liens on the title and secure a copy of a clear title.
4. To find a buyer, consider the following alternatives.
a. Talk to family and friends to see if they have any interest.
b. Visit some used vehicle dealers and see what they will pay you for the vehicle. It will probably be considerably less than you would receive in a sale to an individual, but it may be worth it to get rid of the hassle.
c. Place an advertisement in the local classifieds (including the web sites of your local papers), on CraigsList.org (if available for your area) or on the Internet at one of the sites that deals in used vehicles.
d. Park the car along the side of a busy street or in a busy parking lot, with a clearly written for sale sign with phone number.
e. Post a for sale notice and picture of the car, with phone number, on community bulletin boards.
5. If you are selling to a stranger, keep in mind the following:
a. Be careful when meeting with strangers. Always meet in a very public place during the day if at all possible, and take a friend along.
b. If the potential buyer looks legitimate, and it looks like you are in the same “ballpark” on price, you can allow them to take your vehicle on a test drive. You will probably want to accompany them on this test drive.
c. If they decide to purchase the vehicle, ask for cash, or if that is not possible, get a cashiers check before signing the over the title with the keys to the vehicle.
d. Remove the registration, insurance information and plates from the car and turn the plates into the motor vehicle department, if required by state law.
BUYING & SELLING USED CARS -
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