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Published On: Tue, Dec 17th, 2019

Things to Do Before Selling Your Old Car

It’s not easy to let go of your car, especially if it’s been with you for several years. You took care of it and made sure it worked well. You only think about letting it go when you know it’s time to buy a new car or you’re in deep financial trouble. You have to start disposing of things that you can live without, and your car might be the first to go. To ensure a smooth transaction, these are some things you need to do. 

Repair issues

It will be difficult to sell the car at a high price if it has lots of problems. You need to fix them first before you sell it. Don’t forget to check the external features since a small dent or a scratch could turn potential buyers off. 

Prepare the documents

No one wants to buy a used car if it doesn’t have complete documents. You need to have the car history report ready. It’s the document most people will look at to determine if the car is in good shape. If there were too many issues in the past, including an accident, some buyers might not pursue the transaction. A lack of documents might also make people think that they’re not getting a legitimate deal. 

Ask around 

Start asking about where you can sell your car. You will find dealers who are willing to purchase your car, but they will inspect the vehicle first. Others will agree to buy the car, but won’t give you a good price. Therefore, you need to compare options first so you can sell the vehicle at a favourable price. 

Find a new car

If you’re selling your car so you can buy a new one, you need to start looking for one now. It takes time to find the best dealer to buy a car from and to compare all the new models. If the amount you obtain from selling your old car will go to other expenses, you can choose a no deposit deal like the ones offered by car finance giant. It allows you to avoid the initial down payment, but you will pay more for your monthly payments. If the dealer that buys your old car also sells new models, you can consider a trade-in. You will then avoid going from one place to another, and you will have a smooth transaction. 

Be prepared for the monthly payments 

If you decide to finance a new car after selling the old one, you have to prepare for the monthly payments. You will spend a lot each month for the next few years. You can’t afford to have delayed payments since the charges and interest could be too high. Prepare yourself for the changes in your budget. 

Take your time deciding if selling your old car is in your best interest. You can reconsider the plan if you think the vehicle still works for you. If you need money for other expenses, you can consider other loan options instead of selling your car.

Author: Mildred Austria

photo/ Torsten Dettlaff

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